Dealing with Giants by Claudine Halpern
How smaller, entrepreneurial companies can position themselves to win business from the largest, best-established companies -- How to get inside, and stay inside.
In this new column we will look at how a small and mid-sized entrepreneurial business can do business with the largest and best-established firms (known in this column as the Big Boys, no offense to my female readers) to the entrepreneurs benefit. We will also take specific business problems from you, my readers, and answer your questions to help you accomplish your business goals.
Why do business with the Big Boys?
The Big Boy business can make or break a small or mid sized entrepreneurial business. The Big Boys have deep pockets. If done right, the Big Boys can support the growth of the business, can keep the business firmly monetized, can bring on more business and can be a great source of financing, partnerships, credibility and references for other potential customers, to name just a few advantages.
What are the disadvantages to doing business with the Big Boys?
The big boys have deep pockets, and don’t always know how to spend that money; they also may be working with a whole slew of other firms looking for the same product/service that you are selling without you knowing it. They may be looking to see what the marketplace has so they can knock it off. They can spend a ton of cash in analyzing and analyzing and analyzing, and in each of these iterations they will need something from you. The big boys take a really long time to make a decision, but when they do, they expect you to produce in an instant. They both change constantly and never change.
What are your goals?
It is critical to understand your business goals in your potential relationship with the Big Boys before you start. Are you looking to make money (of course) and create an ongoing relationship, or are you looking for something else altogether? You must manage the relationship or you will find yourself swinging on vines overlooking the abyss while your Big Boy business partner takes his helicopter elsewhere.
Why is this so important?
When an entrepreneur wants to do business with a large corporation, that entrepreneur will need to put substantial resources against that effort. While the entrepreneurial company is spending money on creating this relationship, it is spending money with the hope, but without the knowledge of return. Those resources need to be managed and targeted for success, the Big Boys have very deep pockets, they have no problem spending a whole load of dough in order to say no to you, you have a limited budget and need to have the best return on your investment.
Knowing the language and the Lingo
The language of business is like no other; it takes its form as a hodgepodge of multiple languages, punctuated by buzzwords that run the gamut from silly to insightful. When an entrepreneur is determined to capture the business of the largest and best-established companies there is a need for that entrepreneur to speak, and more importantly, understand, the nuances and underlying meanings of this language.
This language is not taught anywhere; you must learn it in the bosom of the motherland, within the large business. It also is not only words, like most communication it is a combination of words, intonation, innuendo, participants, body language of the participants during the conversations, and follow up actions.
Knowing who your dealing with:
There are so many layers upon layers of executives within the Big Boys that you never know if you’re talking to a potential decision maker or not. I have met people who work within the Big Boys who have a game they play when they get bored; they call in entrepreneurial firms and line up product demos. They play with them like a cat plays with a mouse before the feast. Many times these people do not have the responsibility, authority, or even interest in making a deal with you, but they will keep you on a leash for their amusement until they are busy with something else and then you will never hear from them again. Know the people that you’re dealing with.
This column will address all the subjects related to how smaller and mid-sized entrepreneurial companies can position themselves to win business from the largest, best-established companies -- How to get inside, and stay inside.
Please send your questions and business situations to chalpern@theychgroup.com.
The YCH Group, Inc.
The YCH Group, Inc. makes things work. We have a proven track record in delivering projects to a successful end state on time and within budget. We work with on site management to improve deliverables and control costs to primary and secondary firms in the financial sector and across a broad span of business sectors, domestically and internationally.
Claudine Y. Halpern, President
Claudine Halpern is a chameleon, she has worked in many different situations during her more than twenty five years in business; as a management consultant, Claudine advised many of the major brokerage, insurance, and financial houses, completing more than fifteen major corporate initiatives during the past ten years. As a crisis manager for major corporations, Claudine successfully brought in projects and products that other firms would not touch. As a specialist in business and management consultancy, Claudine consults to emerging businesses across the spectrum.
www.linkedin.com/in/claudinehalpern
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