Ram Tumuluri “5 Tips For Working With Big Companies”
Ram Tumuluri “For a small business, landing a large corporate client can seem like the pinnacle of achievements. Big organisations promise more sales, which could boost the smaller firm’s visibility and promote further growth. It’s also a tool to keep workers involved and inspired. However, there are disadvantages to dealing with large clients: they can be more demanding, take longer to pay their bills, and have large bureaucracies that delay decision-making. Although the idea of taking on a corporate client may sound daunting, here are five tips for a small business to ensure a successful partnership.”
In this article
Know the Capabilities of Your Company
Be Flexible and Ready to Adapt to New Systems
Communicate Effectively and Frequently
Cash Flow Management
Patience is Key
Know the Capabilities of Your Company
You can have an amazing product at an unbeatable price, but one thing is certain: if you make a promise you can’t keep, your client will walk away. Only you are aware of your company’s capabilities. Don’t overextend yourself or make promises that you won’t be able to keep. Does this mean that you should refrain from making promises to your customers? Not in the least. However, it does suggest that you must follow through with the promises you do make. It also means concentrating on what the organisation excels at to offer the highest quality outcome.
Be Flexible and Ready to Adapt to New Systems
This could involve adhering to the client’s communication style, as well as the software and computer network and bill-paying processes. It’s also important to consider the client’s culture to do all of these things. You want to keep your clients happy, but you also need to maintain better business boundaries in order to remain profitable.
Communicate Effectively and Frequently
There are many ways to communicate with clients today. However, not every method is suitable for every client or situation. If you choose the wrong communication strategy, you risk alienating important clients. It’s also important to keep your clients updated about the status of all projects in a manner that they are comfortable with. Frequent contact shows your contribution to the project. Also, don’t be afraid to propose suggestions that go beyond the reach of the current project in your communications.
Cash Flow Management
Big businesses have their own system of compensating vendors. Although the contract promises a new source of income, payments can take longer than you would like. This will trigger cash flow problems at first, necessitating outside funding before you can adapt to the new payment schedule.
Patience is Key
Getting things done with a large organisation takes time. Most people know this, but they also blame it on the fact that big organisations have more procedures, approval layers, lawyers involved, and so on. However, the more fundamental reason is that big businesses care much less about the business deal you’re negotiating than you do. Of course, it’s frustrating for the startup because that deal might make or break the company. Since most strategies can come off as a gimmick, it’s important to recognise this fact and plan accordingly.