Supplier Diversity: Accessing New Market Opportunities

Strategic alliances can lead to business growth when business owners rally to achieve a mutually beneficial outcome.  One recent tourism industry success story is of sixteen operators downtown Nanaimo that came together under the banner of the Painted Turtle Guesthouse’s ‘Stay & Save’ program to increase overall visitor numbers, increase local visitor spending, and increase average length of visitor stays in Nanaimo.

How do you successfully build up a team of like-minded businesses who share a common vision?

1.  Be patient.  Plan to be self-sufficient throughout business start-up, but have a vision of where you want to be in your community.  Work your strategic alliances over time by developing trusted & valued business partnerships.

2. Listen & learn.  Listen to what other businesses are doing & learn what their business goals are.  Be aware of the positive impact your business is having on their business.

3.  Be open.  Share your business vision and culture with others.  Tell potential partners who your markets are; who you are servicing.  Alliances will only be formed when you share vision, culture, core values and/or markets.

4. Take action.  Now that you’ve got trusted business partners and share something in common, take the lead.  Develop an enterprise that you can all implement relatively easily, offers value, & is easy to measure.  The team will be easily rallied!

It takes a champion to bring together a band of business partners for profitable growth.

Kath Britton

Kath Britton is a Contract Business Advisor for Women’s Enterprise Centre. Kath assesses loan applications and works directly with women business owners to provide one-on-one complimentary business guidance.

See all posts by Kath

Leave a Reply

Your email address will not be published. Required fields are marked *