Leading companies spend billions to engage small and diverse suppliers every year. Here’s how you can position your business to tap into these lucrative opportunities.

Diversifying supply chains to enhance resilience is a priority for modern businesses, offering significant opportunities for businesses owned by underrepresented groups. Becoming a supplier to a Fortune 500 company can fuel growth and lead to broader market exposure. Here are five strategies to help you succeed:

1. Do your homework

Before you step into a meeting with a potential merchant, learn as much as you can about the company. A quality product may get you in the door, but it won’t automatically land you the contract. Having the desire and aspiration to succeed is commendable, but it's even more important to be well-prepared and fully understand the business landscape you're entering. 

It's crucial to extend your research to include the merchant's customers. By analyzing data on customer behavior and product performance, you can tailor your approach to meet the specific needs of the retailer and their shoppers. This collaborative effort can lead to mutual success and stronger partnerships.

2. Put your best foot forward

The key to unlocking further business opportunities is to position yourself for continued success. This could mean getting certified and coming prepared with detailed plans for nationwide growth over the next few years.  

You can also lean on your existing vendor relationships to prime your company for the next step. Development is a big piece of the puzzle, and building an ecosystem of support can help bring corporate suppliers from good to great. This includes providing tools needed for success, such as mentorship, one-on-one training, workshops, panel discussions, podcasts, and webinars.

3. Be patient, but be primed

Don’t rush into making a consequential decision. Take the time to carefully assess the opportunity and what you as a business need to do to capitalize. Sometimes that means taking the long-term view and being patient—but also being ready to move quickly when appropriate.

As Frederick Royall III, National Head of Diverse Businesses, JPMorganChase Commercial Banking, says, "It’s a marathon, not a sprint," emphasizing that securing a deal isn't like flipping a light switch where you get the business the next day. And remember, don’t be discouraged if things don’t go precisely according to plan. No one’s journey is a straight line.

4. Ensure you’re ready to deliver

By the time your customer is nearing a decision, make sure you’re capable of delivering on your promises. If you sense a gap, be honest about it: Most merchants are more than happy to invest in small and diverse suppliers through resources, mentorship and capacity building. But they likely won’t be as thrilled if you come up short because you weren’t transparent.

It's important to remember that high expectations are common, and businesses move quickly, requiring partners to keep pace. Don't be shy—every question is a good question, and you must be courageous enough to ask them. When people admit they can’t achieve what is being asked, it often inspires more faith and confidence in their capabilities.

5. Work your connections for opportunities

If you already have a relationship with a Fortune 500 company, use that to your advantage when sourcing business opportunities. If you have existing connections with large companies, use these relationships to explore additional avenues for growth. Stay engaged with the teams you work with, as they can be instrumental in identifying new opportunities and supporting your success.

Don't hesitate to tap into your network for guidance and support. Effective networking involves advising, advocating, and advancing together, creating a collaborative environment where all businesses can thrive.