What to Consider When Working with Big Businesses
When a large company comes to your small business, it can be an exciting time. If this is the first time you’ve worked with a large business, it can also be daunting and nerve-wracking. To help you prepare, we’ve rounded up a few tips from your business consultant in Ventura County, CA.
Table of Contents:
- Look at the terms closely
- Do your research
- Be willing to walk away
- Consider all possible outcomes
- Stand your ground
Look at the terms closely
If you’re new to negotiating contracts with a big company, remember to pay close attention to the terms as well as the price. Before agreeing to a contract, make sure that you understand what is in the contract. You can also have an attorney look at the terms so they can point out any issues you may have missed.
Do your research
If you’re negotiating a contract with a large company, make sure you research the business and owners before you meet at the table. The more you know about the people you’re working with, the better prepared you’ll be for a solid negotiation.
Be willing to walk away
Even when working with a large company, remember that you can always walk away. If you’re unwilling to step away, desperation has a way of creeping into your communications, giving the large company the upper hand.
Consider all possible outcomes
Before you go into a meeting to negotiate a contract, you have to consider the impact and potential consequences on your future goals. For example, if you wanted to open up a new business, could you profit enough off of this sale to get started?
Stand your ground
It’s easy for small, young companies to be trampled over when it comes to contract negotiations with a large company. Don’t forget that this larger entity is hiring you because they need your product or service. Don’t roll over too soon – be reasonable with counter-offers and requests.
For more guidance on growing your own business, contact the Economic Development Collaborative. Conveniently located in Camarillo, California, we’re here to help.
