Big Opportunities Friend Or Foe?
By Eric Gilboord
Have you ever thought, if I could land a big order I’d be set for life. Many working and many more would-be entrepreneurs have at one time or another fantasized about the big score. The one incredible order that will solve all their cash flow problems and put them on easy street. After all that’s why you went into business in the first place, isn’t it?
What’s wrong with having a dream, going for the big one or raising your sights a little higher? You know what they say - if you don’t ask you don’t get. How can ambition be a bad thing? Didn’t they teach you in school to try harder. Straight A’s, 4.0 average and getting on the Deans’ list were drummed into our heads.
Every day I read about another new startup, particularly in high tech, where they get a big contract and all of a sudden the company grows to a staff of 300 with millions of dollars of orders. Well weren’t they a small business like you?
A fallacy surrounding big opportunities is the belief that a big name customer automatically looks good on your client list. It could impress some, but turn others off. Smaller customers may ask themselves, if he’s busy with customer ‘Big Bucks’ will he have time for me?
Another mistake is to turn down small orders in case you get the big one. I continually hear small business owners fret about marketing their products and services too aggressively because they don’t want to be too busy. On the surface this is not a totally wrong way of thinking until you realize that you are holding back so much you have zero sales while you’re waiting for the big one.
Don’t become distracted by the notion of a big opportunity, letting smaller, safer, easier sales slip through your fingers into the eager hands of your competitors. Customers rarely understand when you come back with your tail between your legs asking for their business back. Missing a deadline and offering a “sorry it won’t happen again” just doesn’t cut it.
Think about your target group and your marketing plan. Did you plan for this occurrence? Is it the right time? Are you prepared should you receive the big order? Do you want to allow one customer to run your life i.e all your eggs in one basket?
Not every big opportunity is bad, just don’t assume it is guaranteed to be good. I’ve had substantial sized orders while operating as a small business. I have also expended many dollars and a considerable amount of time chasing the big score only to end up with a great presentation and a thanks for your effort but no thank you.
Crawl before you walk. Enjoy a series of small victories. Learn from small mistakes and successes to make bigger opportunities better. Gradually gear up for larger and more lucrative jobs. If you are not equipped, you could blow the big opportunity when it comes. Partner with other companies to go for a larger customer sharing the opportunity and the responsibility.
If you’re fortunate to land a large order, examine why you got it. Was it because you had a personal relationship with the decision-maker? I’m not saying don’t do it, just be honest with yourself, this may or may not be duplicable.
Prepare by doing your homework. Investigate the opportunity, make sure you know who the decision-makers are, on what basis they will evaluate your presentation/proposal and exactly what is expected of your company. Find out who you are competing with. Go to the bank in advance and discuss financing the order if needed.
Practice with as many objective associates as you can find. Have them look for holes in your proposal and make sure you know your presentation without referring to a written helper. Know it well enough so you can look at the audience and watch for any signs of how you are doing. Good signs or bad you need to read the audience not your proposal. Be prepared to ask and answer any potential questions your audience may ask. There is always some need you were not aware of. Shorter delivery times, smaller margins, longer payment terms etc. Know when to stop. Don’t sell past the YES.
Pray a little. Big opportunities have been known to turn an entrepreneur religious. Small business owners need all the help they can get.
And that's According 2 Eric