It’s no question that having supplier diversity can elevate a company’s financial growth—especially if more companies actively pursue supplier diversity. In fact, CVS Health reported their supplier diversity program contributed an astounding $5.5 billion to the US economy in 2018. This shows supplier diversity isn’t just a trend or a fad businesses can ride until it loses its luster. Supplier diversity improves your company’s relationships with minority-led and LGBT-led companies and lets you cast a wider net, which can result in more significant profits.
Today, we discuss why supplier diversity is more than just a trend and its critical role in the economy. We explain how supplier diversity programs can be essential in mergers and acquisitions and when dealing with other suppliers. We describe the potential losses a company would incur if they don’t have a supplier diversity program. We also share some of the ways businesses can strike while the supplier diversity iron is still hot.
“Supplier diversity is crucial to the vitality of the company” – Adam Moore
This week on Breaking Barriers:
- Why supplier diversity is crucial for the longevity of a company
- How supplier diversity can be a significant factor in mergers and acquisitions
- How supplier diversity communicates your intent to different communities
- How much money supplier diversity generates for the economy
- The cost of not giving diverse suppliers opportunities
- Why putting someone in an RFP can be profitable
- Diverse suppliers working with other diverse suppliers
- How to take advantage of the impact of supplier diversity on our economy
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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