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A business roundtable is a tool that allows companies to arrange planned and predetermined meetings, in places where supply and demand meet, either from other companies or individuals seeking, in an appropriate environment, to do business and establish commercial contacts for the short, medium or long term.
Characteristics of the business roundtables
- They are a tool for direct participation, used by entrepreneurs, organizations and institutions.
- are efficientbecause they prioritize the products and services to be negotiated.
- Consist in the performance of business interviews ranging between 20 and 30 minutes, depending on the type of event.
- It reduces costs for the participants, because in the same space, it can generate multiple contactswithout incurring in transportation, lodging, travel time or other expenses that would imply several visits.
- Businessmen, consultants, civil servants, from different economic sectors, regardless of their size and nationality, who meet the requirements of the organizing entity, may participate.
Types of business rounds:
For several years, I have had the opportunity to participate in various international business meetings, both in Latin America, touring Bolivia, Ecuador, Brazil, Peru, Chile, Paraguay, Puerto Rico, Costa Rica, Panama, etc. until reaching Istanbul and China and I have found that the business meetings are a very efficient tool to offer and buy various products and services, so as a result of this experience, I leave below, some steps that I consider are important for their participation effectively, which I describe as follows:
Planning Stage.
At this stage, I recommend the following actions:
- Study the business culture, according to the buyers with whom you are going to negotiate.
- To know international prices, according to INCOTERMS.
- Review the supplier's production capacity or its production capacity in case it participates as an exporter.
- Define the profile of the local buyer to know the requirements for packaging, containers, packaging, etc.
- Define the purchase or sales channel, as you may find boutiques, medium-sized stores, chain stores, etc., whose demand is different.
- Define product purchase logistics, risks, necessary documentation to import.
- Make sure that your website, telephone and mail are working properly, in order to offer security to the counterparty.
- Prepare samples, business cards, flyers and other relevant documents to make the buyer's decision easier.
- To have the design of a contract, commercial invoice, purchase order, that can be the support of a transaction in case of business closing.
- Always go with the best attitude, willing to listen, learn and show the best of your company.
Execution Stage.
During the business roundtable, I suggest taking into account these aspects:
- Always have an excellent personal presentation, according to the country you are visiting.
- Describe in a precise, clear and concrete way the product and/or service you are going to offer, remember that you have 20 to 30 minutes to generate the best impression.
- Ensure that the buyers or bidders presenting the product or service are qualified in the technical, commercial and decision-making aspects, so that the results are more efficient.
- Request international prices in dollars as this is the most traded currency in several countries.
- Be empathetic and kind.
- Always ask about issues such as: warranty, packaging, labels, place of delivery for import, etc., these aspects will give security to the buyer, knowing these details.
- Provide samples and supporting documents from your company.
- Do not answer YES to everything, because in many occasions you must analyze costs, demand, contracting, etc. before committing to an export.
Follow-up stage
After the end of the business roundtable, I suggest:
- Analyze quotations received, send samples, and respond to emails and commitments on the dates agreed with the potential buyer, this clearly projects confidence in your organization.
- After sending mailings, in a reasonable amount of time, get back in touch with your customer or supplier and ask for feedback on the information sent.
Finally, please keep in mind that business meetings are a tool to present your product or service, in short meetings, in which you must be very clear about your offer or demand and that these spaces usually do not allow you to close business deals, these are generated later in the short and medium term.
These tools not only allow you to have buyers or suppliers, but also to meet strategic allies who can join your company as partners, representatives, and you can know the market activity and adjust your products or services, so that they are always at the forefront of market needs.
Take advantage of every moment of the event to make friends, converse with different people during lunch, during the break or perhaps at dinner; do not stay only in the company of your colleague from the company that accompanies you to the event, rather, take advantage of both of you to contact as many people as possible.
Make a difference by thanking your buyers and/or suppliers for the time they received it, either via email or a phone call.
And finally, always review each participation in the events, to detect which aspects can be improved, which were very effective and of course, if the results met your expectations and review the next one you want to participate in.
