Supplier Diversity And What It Means For You
Supplier Diversity centers on companies intentionally diversifying their supply chain by purchasing from women-owned, veteran-owned, minority-owned or small businesses. These processes help to transform the supply chains of large corporations and expand their influence throughout the community.
Organizations are constantly searching for new businesses to partner with; by positioning yourself as a woman-owned business, you provide another avenue of access to your company. As a WBENC-certified company ourselves, LMA knows about the advantages of being a diverse supplier. 97% of Fortune 500 companies have a supplier diversity initiative. Take advantage of this business edge by becoming a certified diverse supplier!
If you are wanting to gain certification, look into the WBENC website and attending the National Conference & Business Fair with other women entrepreneurs (you’ll see us there as part of the Host Committee!).
Do your research and see which businesses you’re currently partnered with and which ones you want to do business with have a diverse supplier initiative; next time you pitch to them, try positioning yourself with this added benefit.
Supplier diversity is another way for you to yield your power as a consumer. Support organizations that align with your values, whether that be veteran-owned, women-owned or environmentally-friendly businesses, remember you have the power to support areas that you truly believe in!
By seeking out women-owned and diverse suppliers, you are supporting your local community and most likely supporting small to medium sized businesses. You are not only supporting that business owner, but their workers as well; diverse suppliers have been proven to hire more underrepresented employees than their counterparts, making the purchase come full circle.
Intentional Kate is a great resource for discovering new women-owned businesses. Her goal for 2016 is to only purchase from women-owned businesses! There’s so many purchases you make daily that you don’t even think twice about, start being more intentional in your daily interactions. An easy way to identify products is through the women-owned logo. Start checking the back of product boxes and you’ll be surprised where it pops up (for instance, Ken Paves is actually a women-owned product).
By thinking twice about your purchases, you’ll discover new brands and new companies that you’ll be happy to support.
Does your company have a supplier diversity initiative? Talk to your team about establishing one or ask them for advice how you can incorporate it into your everyday life.