Breaking Through to New Heights: Compliance

For mid-sized businesses, becoming a supplier or contractor to a large corporation is an exciting opportunity that promises growth, credibility, and long-term partnerships. However, the journey is not without its challenges. From meeting stringent compliance requirements and managing operational scaling to navigating complex procurement processes and aligning with corporate expectations, the path can feel daunting. Our Blog on Breaking Through to the Big Leagues, shares insights on the most common bridges to cross.

Today’s topic is focused on compliance.

Compliance and Qualifications Requirements

• Industry Standards: Large organizations often require suppliers to adhere to strict industry standards, certifications, or regulatory compliance (e.g., certifications, quality, environmental or safety regulations).

• Quality Assurance: Businesses may struggle to meet the high-quality standards expected by larger companies. 

• Policies Complexity: Large organizations often require complex compliance with terms that can be difficult for small businesses to understand or implement. For example, compliance with Anti-Money Laundering, Modern Slavery, Anti-Bribery or Environmental reporting.

• Adaptability: Businesses might struggle with the formal processes, procedures, and pace of large organizations, especially in areas like reporting, contracts management, and compliance.

• Communication Barriers: Differences in communication style, expectations, and processes can make it challenging to align reporting with large organizations.

To effectively address compliance requirements when working with large organizations, businesses should focus on these top three steps:

1. Understand Compliance Requirements Thoroughly

• Action: Research and document all compliance requirements from the large organization, including industry-specific regulations, quality standards, safety protocols, and certifications (e.g., standards, data protection regulations).

• Tip: Engage with the large organization’s procurement or compliance teams to clarify expectations and ensure no requirements are overlooked.

2. Develop and Implement Internal Policies and Procedures

• Action: Establish or enhance internal policies that align with the compliance standards, such as quality control processes, data security measures, and health and safety protocols.

• Tip: Partner with consultants or third-party auditors who specialize in preparing businesses for specific certifications and audits.

3. Invest in Training and Certification

• Action: Provide staff with training on compliance requirements and, if necessary, obtain certifications that demonstrate your business meets industry and client standards (e.g., environmental or safety certifications).

• Tip: Create a compliance management system to monitor adherence, conduct internal audits, and address gaps proactively.

By focusing on understanding requirements, aligning internal policies, and building a knowledgeable, certified workforce, businesses can effectively meet the compliance expectations of large organizations.

Tip: This is where our expertise comes in. With tailored strategies and hands-on support, we help businesses overcome these hurdles, preparing them to successfully step into the role of a trusted partner to industry giants.