Compiled by Felicia Persaud
E-commerce or using the Internet to conduct business has exploded and become big news today. Everyone is online and even supplier diversity programs can be applied for with just the click of a mouse. All major corporations and even smaller companies are now online, making the term ‘global village’ more applicable now than 10 years ago. Globalization is upon us and entrepreneurs must be ready to take part in the global, e-village or face extinction, say experts.
But making a success of taking your business online takes research, planning and partnerships with the right people, who can help grow your business and carve out its own niche in the global marketplace, says Carmen Castillo, president, founder and CEO of Superior Design International, Inc., a full service staffing and business solutions organization.
“In our experience, the best way for minority businesses to enter the ‘Business-to-Business’ marketplace, is by partnership,” said Castillo at a recent conference hosted by the National Minority Supplier Development Council. “Partner with other minority suppliers and even some customers to grow your business.”
Research is also important. “Do your research to find partnerships that fit,” says Castillo. “Those businesses that are already developed in the areas you are developing are the best places to start.”
Another decision that must be made is deciding whom to hire to help your business set up shop on-line. Castillo advises that you search out IT professionals that can help provide the service you require but at a competitive price that fits your budget.
"Design an operation that will allow you to handle your customer’s requests at a competitive price,” said the SDI president. But most importantly, it is important to work with your customers to ensure you meet their specific needs.
“Every customer is different,” said the head of the million-dollar Florida-based company. “But you should put in place systems so customers can track the order from the time it is placed to the time it is shipped and delivered.”
Castillo recommends payment through the financial EDI process, or the Electronic Data Interchange of a variety of monetary businesses, including money collection, payment, or financial services that are transferred in forms of international standard through computer links.
Keeping abreast and informed of technology is also very important, says Castillo. “Always stay ahead of the curve. Be proactive,” she said, adding that it is always best to partner with companies with a presence globally so you can eventually become a global supplier. “Bringing automation to your line of business allows you as an MB to carve out a larger portion of the market.”
“Minority businesses can do it,” added Castillo. “But be creative, invest and partner. And remember, if you cannot compete with a non-minority corporation, your chances (for success) are very slim.”
According to Castillo, business-to-business e-commerce will rise to a $4 billion marketplace by next year. “Many customers are going this way and many of the bigger corporations are taking this route” so the time to get involved is now,” added the CEO of the 10-year-old operation.
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