A recent survey of certified MWBEs revealed that one of the biggest challenges facing small, minority and women owned businesses is the perception that their firm is too small. The reality of the situation is that many small business owners start out as sole proprietors with limited resources. So, how do we convince buyers and potential clients to do business with us? Here are my top strategies:
- Get comfortable with where you are right now: when communicating with buyers and prospects, be clear about where you are right now and what clients can expect from your firm. As an example, in my firm, when marketing to government agencies we are very specific about our size, capacity and the benefits for working a small firm. We exclusively market to agencies and buyers that want to do business with small firms.
- Maximize Opportunities through Certification: use your certification as a small, minority, veteran, and women owned business to seek out projects that are designated to increase opportunities in your group. Look at federal set-aside programs, corporate supplier diversity programs and participation goals for MWBEs.
- Identify Resources to Increase Capacity/Experience: many small firms struggle with past performance, capacity and experience. Consider teaming/sub-contracting, mentor protégé and strategic alliances as a way to increase capacity. In our firm, we’ve recently developed strategic alliances with an accounting firm, a law firm and HR Consultancy all bringing tremendous resources, past performance and expertise to our clients and prospects. This action has created a number of opportunities for us with the government, as they know they rely on my firm to bring in the right resources to meet their demands. It’s a win/win for all involved.
- Focus on Developing and Maintaining Relationships: look for ways to connect with buyers and demonstrating your professionalism and expertise on a regular and consistent basis. Even though your firm may be small, if clients believe that they can trust you and that you can deliver results they are more likely to work with you. In our firm, we demonstrate our expertise by giving back, staying in touch with clients and prospects and delivering on our promises. We are also known for our follow-up and being on time, simple little things that endear clients to us and remind them of the benefit of working with a small firm.
- Act as if: you already have the success that you want and behave accordingly. It’s not so much about the money, it’s about who you become in the process. Think about how you would treat clients, employees, and prospects and think about things that you might do right now to invite that success in. For us, when we just started out, “acting as if” meant having a virtual office with a live assistant that answered the phone, it meant a professional logo, website and domain name. Today, as we continue to grow “acting as if” has morphed into better time management, and an increased use of technology to expand our reach and automate marketing functions.
Yes, size matters but it’s really up to you to decide how your company is perceived and what type of clients you want.
