Why Developing Strategic Partnerships Is A Must
As the head of a minority-owned business enterprise (MBE), you likely have an outstanding product or service to offer, as well as a professional website for eCommerce and an active social media presence. But where do you go from there? Getting a leg up on the competition can be difficult, and many entrepreneurs struggle to widen their reach and build a stronger customer base. Thankfully, there are strategic ways to set yourself up for success, including certification through a local affiliate of the National Minority Supplier Development Council (NMSDC). The Eastern Minority Supplier Development Council (EMSDC) certifies and connects minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware with member corporations and offers valuable resources to help businesses grow and succeed. Here are some reasons why developing strategic partnerships is a must for MBEs.
Strategic partnerships have mutual benefits and can lead to long-term profits.
According to a recent article published by business.com, “strategic partnerships have mutual benefits and can lead to long-term profits,” through access to new customers and an opportunity to reach new markets, the ability to provide added value, and as an outlet to build greater brand awareness and trust. Last fall, NMSDC-certified MBE Phoenix Lifestyle Marketing Group shared how strategic partnerships can elevate both brands participating in the partnership. This insightful article can be accessed here via the NMSDC website.
Finding the right partners is the key to success.
The idea of developing strategic partnerships has been around for a long time and can take on many forms, but the key to success is finding the right partner (or partners). Phoenix Lifestyle Marketing Group notes that, “If you want to increase brand presence in your niche market and access new markets, this will be your most important decision.” Their advice is to, “make sure values, shared purpose, and strengths align” in any type of joint venture. Certification through EMSDC or the national organization provides a means for MBEs to network and connect on a personal level with not only each other, but also with member corporations committed to supplier diversity and development.
2023 Partnership Packages
EMSDC is one of 23 affiliates of the National Minority Supplier Development Council, a membership organization that is committed to supplier diversity and the success of minority businesses. As a critically important part of the network, EMSDC provides a vital connection and local touchpoint that brings together the mutually beneficial interests of both certified MBEs and the corporations that collaborate with them. Click here to learn more about our 2023 Partnership Packages, including sponsorship opportunities and assists, our wide array of programs, and more. And for additional information on the benefits of certification and corporate membership, as well as upcoming events, visit us at emsdc.org today!
The Eastern Minority Supplier Development Council (EMSDC), a 501(c) (3) non-profit organization, is an affiliate of the National Minority Supplier Development Council (NMSDC). We certify and connect minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware with member corporations that want to purchase their products, services and solutions. Our mission is to stimulate and support the economic development of minority-owned businesses and to better align them with corporations in an effort to initiate growth and opportunity through Supplier Diversity channels.