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WANT TO GROW FAST? FISH FOR FORTUNE 500 COMPANIES.

"I want to scale and work with Fortune 500 companies, but I'm not sure how to land a big fish." It's a question I get a lot from aspiring Latino entrepreneurs. I love being an advocate for Latino and female-owned companies, to help them break through and realize their full potential in the marketplace. But even though people tell me they want to grow big, they're still thinking small.

While it's understandably common to stick with small company deals, their limited budgets and resources can only take you so far: low risk, low reward. To seriously increase sales and impact, you need a whale of a client.

So how do you catch a whale of a client, a Fortune 500 company that will finally give you the challenge you need to break the glass ceiling and shatter even your own expectations? Get your gear ready, because I have personally tested these business tips to send you fishing for that key client that can be your key to explosive growth.

Tip #1. Start on Tier Two. Being a prime supplier to these Fortune 500 companies also means taking on a lot of risk overnight that can be challenging if you are not ready. There are a lot of penalties, owner risks, and compliance issues when you are big-game fishing. On top of that, you need to raise substantial capital to help keep you afloat and secure.

My first tip is to start off as a Tier Two supplier--that's selling into one of the existing suppliers instead of directly to the corporation. That way, you're protected from some of that risk. To me, it didn't matter whether the money was coming directly from the corporation or whether it was from a prime supplier. So I'd hunker down in Tier Two, learning the supply chain, how the company's procurement process works and how to add value while meeting my financial goals.

Tip #2. Reinvest Aggressively. Take your earnings and put them back into the business. Reinvesting into the company, especially at the early stage, is critical and massive if you want to scale. Fast growth can kill you if you don't reinvest in infrastructure.

If you do want to do business with a Fortune 500 company, they'll ask for your financials to verify that your financial integrity is beyond reproach. If they see that you're not investing, they'll think you don't believe in yourself and your company.

I know it can be daunting to figure out how you are going to raise the capital to prove your company is not only wonderfully innovative, but also financially secure to swim with the big fish. So how do you reel in this vital capital?

Tip #3. Connect with a Community. GLO has reinvented the "business association" concept, leveraging a dynamic digital platform to breathe new life into the business of finding capital. You can get started risk-free and explore how qualified business owners can get easier access to funding outside the usual channels. Plus, with in-person, local and virtual meeting points, GLO provides the perfect platform for Hispanic entrepreneurs to make an impact, including local chapters where members interact firsthand.

By joining an otganization like GLO, (www.GlobalLeadersOig.com) Latino business owners-and all entrepreneurs-can come together to build our businesses by landing that Fortune 500 "whale of a client," find the resources to scale, and increase our impact in the world.

GLO

Global Leaders Organization represents a community breakthrough for business owners and entrepreneurs. Designed for business owners with a minimum of $250,000 of annual revenue, GLO provides a peer platform for networking, expanding markets, and raising capital. Business owners organize into communities by industry, demographic and local city chapters. With an aggressive plan for a global footprint to recognize global marketplace, GLO is committed to meeting the unique challenges of small businesses into today's economy.

BUSINESS BARRIERS

Latino business leaders report that raising capital is one of the most challenging aspects to the growth of their business. Traditional barriers that small business owners experience are even more challenging with the lack of familiarity with business banking, private securities, and financing systems. This is why Global Leader's Organization is building a network of investment portals for GLO members to raise capital.

ABOUT NINA G. VACA:

Nina G. Vaca is an award-winning entrepreneur, philanthropist and civic leader. She is best known as the Chairman and CEO of Pinnacle Group, which was named the Fastest-Growing Women-Owned Business in the United States In 2015. Vaca is the Chairman Emeritus of the United States Hispanic Chamber of Commerce (following her service as Chair from 2010-2012), as well as Chairman of the USHCC Foundation. She currently sits on the boards of three publicly-traded companies.
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Title Annotation:COMMUNITY
Author:Vaca, Nina G.
Publication:Latino Leaders
Date:Nov 1, 2018
Words:785
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