Relationships are the key to any successful business, but what happens when one party in the relationship has all the power? The power dynamics of big companies and corporations often put smaller suppliers in a precarious position. Big companies can use their financial clout to demand more and more from suppliers, driving down the supplier’s profit margin. Consumers are beginning to hold companies to a higher standard and demand that they treat everyone in the supply chain ethically. So what code of conduct should big companies be held to in order to demonstrate respect for their suppliers?
Today, we flip the script on big companies and suggest a code of conduct they should adopt to treat their suppliers ethically. We discuss the unspoken rules of corporate culture suppliers must be aware of before entering into a contract with any business. We examine the RFP process and underline how it affects competitiveness between suppliers. We emphasize the need for respect and communication between companies and suppliers and how large companies can use mentorship programs to support small and diverse companies. We also discuss how small suppliers can kickstart change by uniting with other small suppliers.
This week on Breaking Barriers:
- How to set the ground rules for a buyer’s code of conduct
- Why you need to understand the unspoken rules and culture of the companies you’re doing business with
- How to find information about an organization’s code of conduct
- How suppliers can use skip meetings to their advantage
- The importance of transparency in the RFP process
- How companies can support small and diverse suppliers
- How mentoring programs help small and large companies
- Why small suppliers need to understand compliance requirements
- The importance of low-risk projects for small suppliers
- The negative impact of payment terms on small businesses
This podcast is brought to you by Hire Ground
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
For more information on getting started please visit us @ hireground.io today!
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