Written by Deborah Levine, Editor

Your small businesses can connect large companies to women and minority customers who spend billions of dollars every year.  They are huge markets today and even bigger markets tomorrow.  Small businesses owned by women and minorities are a rapidly growing sector of the economy. 

·                     Own 4.1 million firms  

·                     Generate $ 694.1 billion in revenues

·                     Employ 4.8 million workers

 

 Research roughly shows that our multicultural environment will change even more by the year 2050:

·                       Caucasians will make up 54% of Americans, down from 75% in 1990.

·                       Latinos who were 9% of Americans in 1990, will be 23%

·                       Asians who were 2.7% of Americans in 1990 will be 11%

·                       African-Americans who were 11.7% of Americans in 1990, will be 13%  (11.7% in 1990)

 

As for women. . . They now own more than 6 million businesses that generate over $950 billion dollars in revenue and those numbers are increasing every year.  The way you position yourselves now will shape your company and your ability to enter new markets.  I am here today to help your business become part of the diverse supply chains that are developing even as we speak. 

What are diverse supply chains?  They are contractors and subcontractors with diverse ownership and employees who are linked to large corporations and agencies.  Today’s economic trends reinforce the development of diverse supply programs.  These programs win points in competitive bidding for government contracts and can mean the difference between winning and also ran. For example . . .  Your diverse workforce and subcontracting skills can be the winning element in corporate proposals.  Recently, I was contracted by a woman-owned small business and their Fortune 500 counterpart to help them partner together for federal contracts.  The Fortune 500 company was exploring the advantages of creating a diversity supply program.  The small business was exploring possibilities as both a subcontractor and a prime contractor.  Together, they asked me to shape a marketing plan where both partners would be in the position to win lucrative government contracts.

The advantages of diverse supply chains are more than a competitive edge in winning government contracts.  These programs allow large companies to support the expansion of small businesses and themselves into emerging markets.  Yet, there is a challenge with small business partnerships.  Many small businesses are not yet positioned to comply with the needs of a supplier diversity program. And that is a major reason why you need to focus on making your case successfully.

Let’s begin with how to effectively make your case to large companies and agencies. 

Here are 4 basic rules for making your case:

1.                   Be Memorable

2.                   Be Upbeat

3.                   Be Interactive

4.                   Be Valuable

 1.      BE MEMORABLE 

The first step to being memorable is self awareness:

·                                             Be Aware of yourself

·                                             Be Aware of your prospective client

·                                             Be Aware of your environment

 2.      BE UPBEAT

 Body language should show:

·                                             Interest

·                                             Confidence

·                                             Friendliness

·                                             Competence

 Body language should avoid:

·                                             Fidgeting

·                                             Bad handshakes

·                                             Crowding personal space

·                                             Staring

·                                             Unprofessional Appearance

 3.      BE INTERACTIVE

Make on-going contact easy

·                                             Keep business cards on you at all times

·                                             Check voice mail/answering machine

·                                             Computerize list of potential clients

·                                             Follow up – keep in touch

Basic contact requirements

·                                             Phone number

·                                             Cell phone number

·                                             Address

·                                             Fax

·                                             E-mail

·                                             Website

·                                             Dunns number & other registrations/certifications

Make your “Elevator” speech clear & appealing. Develop several versions:

·                                             30 seconds

·                                             1 minute

·                                             5 minutes

Tips:

—   Use active words for your services/products

—   Keep sentences short – no longer than 17 words

—   Use few modifiers (adjectives, adverbs)

 4.      BE VALUABLE

·                                             Stress diversity of ownership & employees

·                                             Show your creativity & innovation

·                                             Quick turn-around & response time

·                                             Personal attention to problem-solving

·                                             Competitive pricing

·                                             Expansion capability & sustainability

Follow these 4 tips and you will improve your communication skills and make your case more effectively.  Remember, nothing stays the same so reassess your information every 3-6 months. Tweak your presentation skills as often as possible to make your case more memorable.