How To Work a Minority Business Trade Show (Part I) - An MBE Perspective

In roughly six weeks, one of the nation's largest minority business trade shows will take place in New Orleans. The event is put on annually by the National Minority Supplier Development Council and detailed information about the conference and trade show is available at http://www.nmsdconline.com. There will be over 850 corporate and minority business booths and I estimate more than seven thousand attendees, representing the premier corporations and minority businesses in America.

This is a wonderful opportunity for MBEs to get their goods and services in front of major corporations. It is also an opportunity for MBEs to network, form strategic alliances and to do business with each other. Having attended many of these conferences, however, I also know that it can be overwhelming. From the opening welcome reception to the gala night, there are thousands of individuals coursing through the show and you can easily get lost in the shuffle. So with only a few weeks before the conference, I thought I'd share a few strategies with you about how you can effectively work a NMSDC (or any other trade show).

Make a Plan

The first part of your strategy occurs before you even attend the trade show. This involves sitting down and developing a strategy for what you hope to achieve from the event. What are your goals? Which attendees are must sees for you? How can you isolate and get face time with your best prospects? There are answers to all of these questions, but you must spend the time to think clearly about your aims. Trade shows are an investment of time and capital and so to just "show up" without a plan is a bad idea. Some people argue that trade shows are ineffective, but these are probably some of the folks who fail to approach the matter with a well thought out plan.

Reach out to Your Targets Beforehand

It is also a great idea to reach out to as many of your targets in advance, if possible. Let them know that you will be there and do your best to arrange one on one appointments. Depending on your relationship with the target you may be able to schedule a sit down meeting or even a meal outside of the din and fray of the trade show. The NMSDC trade show occurs over the course of four days. Within that time, there are plenty of opportunities to reach out to your best prospects away from the crowd. This allows you to get to know your targets on a more personal level and can set the table for future exploration.

Purchase a Booth if You Can But Don't Let That Prevent You From Participating

You do not have to display at the trade show in order to be effective. If purchasing a booth is within your budget then having a well put together booth with good signage and plenty of marketing materials can be a good way of establishing your presence. And of course, what is a trade show without all those giveaway items? But if you are not in a position to have a booth, or afford 1000 doodads, you can do well without one.

First, the name of the game is making quality contacts with quality people. That is why making a plan and reaching out in advance is so important. Having a booth does not guarantee that this will happen. Further, most of your contacts aren't interested in one more glossy marketing folder. It is far more effective to simply get a business card and place the info in a pda device under a folder designated for the show. Once you are back at the office, this facilitates easy follow up through emails, telephone calls, etc. In our new, greener economy, it's better to save the paper and send the marketing materials digitally.

These simple suggestions alone will help you to get immeasurably more out of your trade show experience. But in the weeks ahead, I will continue to share some of the strategies that I and other successful entrepreneurs have used to get the very best from our trade show output.

Stay tuned!

It's not the critic that counts

One of my favorite quotes is from former president Teddy Roosevelt. The quote is as follows:

"It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasm, the great devotions, who spends himself for a worthy cause; who at best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory or defeat."

Stop for a moment and think about those words. Reread them before you move on. It is a great piece of wisdom and particularly applicable to small business owners. The entrepreneur is the "man who is actually in the arena, whose face is marred by dust and sweat and blood..." The entrepreneur "strives valiantly" and "spends himself" on his chosen field of dreams. The entrepreneur represents what is great about our nation.

It seems that some in the public eye have forgotten or have ignored this powerful message. I cut short my usual perusal of the various cable news channels this evening sickened by a never ending stream of critics, naysayers and attack dogs, who offer no solutions, but only harsh criticism of their opponents. I am a registered Independent. I have voted for Republicans and Democrats, depending on where they stood on the issues. Thus, I have no political horse in the nasty dialogue.

Something inside me however shouts that we are better than this. We are better than the constant bickering and partisan labeling without thought; without give and take. When did we become a nation of critics? When did we forget that it's not the critic that counts?

You Should Have Been There

This past Friday I had the pleasure of participating in the largest and best minority business conference in the Southeast United States. Among the numerous highlights and tremendous business opportunities flourishing (even within our troubled economy) was my interaction with four of the region's fast rising minority business entrepreneurs. The session entitled "Titans Share Their Business Secrets and Successes," was worth the price of admission. We were treated to a cadre of business insights and strategies for what companies must do to thrive in any economy.

Calvin Harris of the Harris Food group taught several principles that bear repeating. The first such principle is that entrepreneurs cannot afford to take no for an answer. He recounted the story of how he lobbied a national chain to sell a line of products that he created. Obstacles were placed in his way because it had never been done that way before. He had to persevere and convince the chain that his product was a must have. Today his products are featured in thousands of locations.

He also shared that you must surround yourself with the best people possible. In the real world, we know that this is easier said than done. There is always the temptation to settle, whether for budgetary reasons, expediency or other factors. The excellent entrepreneur, however, understands that the business will rise or fall on the strength of its people and invests accordingly.

Finally, he shared that the successful entrepreneur must build his business strategically. In short, you need a game plan. This is one of the points that I highlight in Tales My Grandma Told Me. A game plan allows you to plot a course and to properly focus energy and resources. The great thing about a game plan, however, is that it can be adjusted to account for market shifts or other factors that arise. It is up to the entrepreneur to be aware of what is going on around him and sensitive to what lies ahead in order to make the required adjustments.

George Abadie of Seacoast Construction highlighted that point. When the real estate market went south, he and his partners did not panic. They adjusted their game plan to focus on providing services to the distressed market. By doing so, they were able to create a niche business and will more than survive the economic downturn.

These are simple but powerful truths. The featured entrepreneurs all demonstrated ways in which they were thriving within a down economy. There was much taught, but on balance, much too few minority entrepreneurs on hand to learn.

The Economic Stimulus Package and You

Recently, I had the pleasure of attending an excellent seminar regarding opportunities for minority businesses within the American Recovery and Reinvestment Act or as it is more widely recognized, the federal Economic Stimulus Package. The event was organized by the Florida Regional Minority Business Council and facilitated by Dr. Fred McKinney, an economist who served on President Obama's transition team. This article will not provide an exhaustive treatment on the opportunities available under the Stimulus
Package.

However, there are several key take-aways from the discussion that I believe are extremely important to minority businesses. The take-aways are derived from three basic questions posed by Dr. McKinney at the outset of the event. Every minority-owned business enterprise (MBE) that is interested in profiting from the Stimulus Package should ask itself and then answer the questions. They are: (1) In three words or less, what goods and services do you market and sell? (2) What industries do you supply/sell to? (3) Do you have a written strategic plan?

These three questions are at the heart of the Economic Stimulus Package and You. In my January 2009 blogpost, I advised you to go to the White House website in order to educate yourselves on where the Stimulus spending will occur. You should also be aware of www.Recovery.gov and www.Stimuluswatch.org, but more importantly, you should research and gain understanding about state and industry-specific websites that detail how state Stimulus dollars will be spent. For example, information about Stimulus spending in the state of Florida may be accessed at www.Flarecovery.com.

Once you can determine where Stimulus spending will occur, then you will know, based on Question #1, whether you provide goods or services that will be purchased with Stimulus dollars. If you do not directly provide those goods and services, say, construction services, for example, you should then ask yourself Question #2. That is, do you supply or sell to any industries that will benefit from the Stimulus Package. Maybe you know nothing about construction or alternative energy, but perhaps you may provide staffing or other services to those industries that will directly benefit from Stimulus spending.

If the answer to Question #2 is no, then you may want to revisit or create a strategic plan for your business that includes targeting Stimulus industries. The federal deficit is predicted to be 1.8 trillion dollars. It isn't easy to fathom that number, but you may think of it loosely as the number of dollars the federal government intends to (over)spend. It would seriously behoove all minority businesses to spend some time figuring out where the dollars are going and how they can meaningfully participate.

One of the best ways to do this is to certify your business as minority-owned at both the corporate and government level and pay attention to what is going on in the local news, national news, the Internet, government and the Minority Business Councils. Log on to the websites mentioned and www.nmsdcus.org and follow what fellow MBEs are doing. You may also read up on the certification process and its benefits in my book, Tales My Grandma Told Me, a Business Diversity Fable. However, be aware that time is of the essence.

As Dr. McKinney put it, "Don't wait until you see the cranes going up" before you begin your work. By then, my friend, it will be too late.

Has the Change that Minority Businesses Hoped for Finally Come?

Just over one week ago Barack Obama once again made history. Raising his right hand in front of a worldwide audience, he swore the solemn oath and became the 44th president of the United States of America. The significance of the moment cannot be overstated. His election meant far more than the obvious political ramifications. For some, he stood and raised his right hand for generations past and generations to come, the embodiment of the hopes and dreams of millions around the globe. Change had indeed come in a sweeping and emotional leveling of the playing field.

The election of Barack Obama meant that our cherished American ideals are in fact a reality. The American brag that in our country, anyone can become anything if you're willing to work hard for it was settled forever. But what, if anything, did this historic election mean for the millions of minority, woman-owned and other disadvantaged businesses? How would this president's economic approach differ from the previous administration or from the Democratic Party platforms of the past? Barack Obama won 96% of the Black vote, 66% of the Hispanic vote and 56% of women's votes. Minorities had the audacity to hope. Will that hope be realized?

One answer to that question may be found in the president's recent actions to stimulate our sagging economy. Today, the House of Representatives passed his proposed 819 billion dollar economic stimulus plan. According to http://www.whitehouse.gov/ the president has put forth an American Recovery and Reinvestment Plan to "jumpstart job creation and long-term growth by":

*Doubling the production of alternative energy in the next three years.
*Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
*Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
*Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
*Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
*Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.

What does this mean for minority businesses? For one, many of the proposed projects will be federal work that will expressly require minority contractors and/or subcontractors. The massive investment in technology and construction, in particular, will open significant opportunities for small and minority businesses that supply or are directly involved in those industries. Time will tell whether this legislation becomes enacted as envisioned and whether it will provide the needed boost for small businesses and the economy at large. Here is what we do know: President Obama has placed a significant opportunity on the table. Will you be there?