How to do Business with Corporations

HOW TO DO BUSINESS WITH CORPORATIONS

Adding a lucrative revenue channel is a proven strategy to ensure your business’s sustainability. Securing corporate contracts can be lucrative and long-term; it is a process worth undertaking.

Join the National Minority Supplier Diversity Council (NMSDC)

The NMSDC is a 50-year-old organization whose mission is to bring small businesses together with procurement officials of their member corporations. This organization has partnered with over 500 corporations who are dedicated to finding small businesses to provide them with a myriad of products and services.

Small business owners must be certified as Minority Business Enterprises (MBEs) either through the Small Business Administration (at no cost), an SBA-authorized private company (for a fee,) or through the NMSDC (for a fee of $300-$500, depending on your company’s revenue.)

Once you are certified, then you become eligible for membership in the NMSDC; the membership fee is based on your business revenue; a small business with high revenue can be charged upward of $1,000 annually. (On the flip side,
corporations seeking membership to connect with minority suppliers can pay up to $20,000 per year based on their revenues.

As a supplier member you receive:

Direct access to the 500+ corporate members who have purchasing responsibilities at their companies.
A profile in the NMSDC directory that corporate members utilize to find minority suppliers.
Invitations to NMSDC’s popular matchmaking events where you meet one-on-one with corporate members.
Networking events to meet other small business owners for mentorship and partnership opportunities.
Educational workshops.

To join the NMSDC (please click below), business owners in New York and New Jersey must work through the NMSDC regional chapter, the NY-NJ Minority Supplier Diversity Council.

NYNJMSDC | Minority Supplier Development Council

Work Directly with Large Corporations

Another route to secure corporate contracts is the direct one; making appointments to get in front of the corporation’s purchasing or procurement officer. Often, these corporations are eager to work with small businesses to establish good will in the community in which their stores are located. Find the contact information for the purchasing department and inquire about their process; follow the steps exactly as instructed.

While WBE, MWBE, and other certifications may not be required, you can stand out from the crowd by being certified. It signals to the purchasing officer that you are a professional and serious about your business.

Owners of small service firms have as good a chance of securing corporate contracts as those who sell tangible goods (food and beverage, furniture and lighting, interior décor, etc.) Corporations have supply needs that you can supply such as event planning and photography, training curriculum and instructors for staff development, architectural and renovations, interior decoration planning, health and wellness instructors as well as fitness equipment and trainers for staffers, for example.

You will be submitting RFPs so spend the requisite time preparing to show off your capabilities on paper. Don’t over promise but if the opportunity presents itself, explore bringing in another small business partner to fill in any gap in the corporation’s needs. And of course, be transparent. Read the contracts carefully and overdeliver when you can. Contracting with corporations can be a very viable, additional revenue stream for both owners of goods and services.

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