There are a plethora of buzzwords and industry terms in the supplier diversity world. As a professional industry, we tend to throw around terms and concepts that could be overwhelming not only for seasoned supplier diversity professionals but also for business owners who are new to supplier diversity practices. We can also expect new concepts and terminologies to emerge as the industry continues to evolve. Whether you’re a veteran supplier diversity professional brushing up on your supplier diversity terms or a new business owner trying to implement supplier diversity programs, you’re in the right place.
In this episode, we define supplier diversity terms both old and new. We discuss common myths and misconceptions about diverse and small businesses. We explore set-aside programs and how they’re taking hold in the private sector. We reveal the number one risk to any business today. We also highlight what diverse spending is and how it can impact the generational wealth gap and explain why every small business needs to reach out to their local SBA office.
This week on Breaking Barriers:
- What ESG means in business and supply chain
- Understanding supplier diversity
- Diverse suppliers and what could be considered a diverse business
- Inclusive procurement and putting intentionality behind the sourcing process
- What it means to be certified by the Small Business Administration
- Set-aside programs and how they can help small and diverse businesses
- Tier 2 programs in the supplier diversity world
- Supplier relationship management
- Diverse spend and its impact on alleviating the generational wealth gap
- Direct and indirect spend
- Certifications and organizations
- National Minority Supplier Development Council
- National Veteran-Owned Business Association
- Disabled Veteran Business Alliance
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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