Collaborating with Small Businesses for Unique Festive Gifts

Authored by Gaurav Bhagat, Founder & Managing Director, Consortium Gifts

The holiday season is upon us, and it's time to start thinking about those all-important corporate gifts. While the traditional options—branded merchandise and gift baskets—are always popular, there's a growing trend towards more unique and meaningful presents. Collaborating with small and local businesses during this time can offer a refreshing alternative, providing unique, handcrafted gifts that add value to corporate gifting while also strengthening the supply chain.

One of the biggest advantages of collaborating with small businesses is the ability to access a wider range of unique and personalized products. These businesses often specialize in niche crafts or artisanal products that are not readily available from major suppliers. This can help companies stand out from the crowd and offer their employees and clients truly one-of-a-kind gifts.

But it's not just about the products. By partnering with local businesses, you're also contributing to the local economy. A Meta report revealed around 20% of small and medium businesses (SMBs) globally reported being closed in July 2022. The festive season is critical for small businesses. In fact, the study showed that 25% of SMB owners expect to make more than half of their annual revenue in the final months of the year. 

India's economy is a mix of public and private sectors. It's grown significantly in recent years and is now the world's 5th largest by nominal GDP. After agriculture, small businesses are the second largest employment provider in the Indian economy. Their success is key to India's goal of becoming a $5 trillion economy.

In addition to the social and economic benefits, collaborating with small businesses can also help to strengthen the supply chain. By decentralizing production and reducing reliance on major suppliers, companies can mitigate risks associated with disruptions and ensure a more sustainable and resilient supply chain. This is particularly important in today's globalized economy, where supply chain disruptions are becoming increasingly common. It also allows you to influence the areas of procurement that are most resistant to change. Collaboration further supports cost-sharing initiatives, such as joint transportation or warehousing arrangements, allowing partners to leverage economies of scale and achieve cost efficiencies. It promotes innovation and knowledge exchange to support continuous improvement and the ability to adapt to changing market dynamics.

Furthermore, working with small businesses can often lead to more flexible and personalized arrangements. These businesses are typically more willing to accommodate special requests or customize their products to meet the specific needs of the company. This can be a great advantage for companies that are looking for unique and memorable gifts.

For example, there is an online marketplace, widely based on the concept of reselling goods, where you can find over a hundred thousand beauty, fashion, and lifestyle products. Suppliers work with them to sell their products on the platform. This is a great opportunity for small businesses, especially women-owned ones, to start selling online without paying any fees. The platform itself has become very popular because it helps these small businesses succeed.

However, it is important to note that collaborating with small businesses can also present some challenges. These businesses may have limited production capacity or lack the resources to handle large orders. Therefore, it is essential for companies to plan ahead and establish clear communication channels with their small business partners.

To ensure a successful collaboration, companies should start by identifying potential partners in their local area. This can be done through online directories, social media platforms, or by attending local craft fairs and markets. Once a list of potential partners has been compiled, companies should reach out to them and discuss their needs and expectations.

It is also important to be transparent about the company's budget and timeline. This will help to ensure that both parties are on the same page and that the collaboration is mutually beneficial. Additionally, companies should be prepared to provide clear instructions and specifications for their products. This will help to avoid misunderstandings and ensure that the final products meet the company's expectations.

So, this holiday season, consider stepping outside the box and exploring the possibilities of collaborating with local businesses. Not only will you find unique and meaningful gifts, but you'll also be contributing to a stronger, more sustainable community.

 DISCLAIMER: The views expressed are solely of the author and Adgully.com does not necessarily subscribe to it.

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