Association of Female Executives of Trinidad and Tobago

In expanding their markets to capitalize on the numerous business opportunities the international business community is now offering, Small and Medium Sized Enterprises (SMEs) will often find themselves competing against giants – large multinationals and conglomerates with seemingly unlimited resources and influence. Here are some thoughts on how SMEs can take part in the ‘dance’ without getting squashed.

Getting Invited
The only way you can gather the information you need to make a decision about the opportunities is to show up – which means being invited. SME managers must network with the giants constantly to ensure they are invited to the right gatherings and business seminars, keeping abreast of the opportunities presenting themselves. Even if there are only crumbs of information from the giant’s table, these can be enough to start dialogue about where your SME could position itself.

Wearing the Right Outfit
Ever shown up to a function in the wrong outfit? Not only is it embarrassing but also everyone realizes that you were unprepared for the occasion. If you are invited to participate in talks with a prospective client or business partner but have not done your homework, you will be unable to make a meaningful contribution or ask the right questions. Do your research and focus not just on what your firm can offer and what your client is looking for, but also what competitors will bring to the table.

Write the Music
Once you have identified the opportunities that your firm is best suited to tackle, analyse your strengths and competencies and develop a targeted marketing approach for that particular client / opportunity. Avoid being too generic and include business references and testimonials from business leaders if possible.

Pick your Dance Partner
Don’t wait to be asked to dance but approach the companies that you know are in talks for international deals, and offer to support them with your firms’ area of expertise. Ideally you will already have a solid business relationships with the large local organizations involved, so leveraging that for global deals is a logical step forward. Partnering with giants is often the only effective way SMEs can get a foot in the door, so don’t dance alone but bravely ask a giant to dance.

Learn the Steps
You may not get a contract at your first attempt, but keep going to the dances. Each one is an opportunity to learn how others succeed, so eventually you will get the steps right and lead your SME profitably into the global marketplace.

Lara Quentrall-Thomas
January 26, 2005