Description
As an approved vendor of record, businesses can benefit from increased credibility within the industry, thereby improving their chances of generating more leads and obtaining funding. As well, becoming an approved vendor of record gives businesses access to additional opportunities for growth. This could provide opportunities for Black Owned Businesses to network with other successful companies in the same field and build relationships with key stakeholders within the industry. These contacts could provide valuable insight into new technologies or trends that could be beneficial for future business development plans.
However, the processes for becoming an approved vendor of record for a large corporation or government can be daunting and require gathering and submitting documents that enable the evaluation of the businesses’ ranking based upon a number of criteria which include financial viability, technical capabilities, and customer service practices.
BOBs Bureau provides assistance to Black Owned Businesses that wish to individually apply to corporate and government vendor of record programs. The service includes help in identifying suitable vendor of record programs and in collecting and submitting documentation to those programs.
BOBs Bureau also provides a service for Black Owned Businesses to become members of a consortium and to participate in the contract awards that the consortium obtains. However, this individual service can be obtained in addition to being a consortium member where the business also wants to tender for vendor of record contracts individually.
For the best chance at success, it is important to work with experienced professionals who have knowledge of this field to guide you through the entire process. The vendor of record services that BOBs Bureau provides is headed by a professional with around 15 years experience in developing and evaluating vendor of record programs for the Government of Ontario.
Read this helpful guide to obtain background information relating to vendor of record processes.
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