In today’s society, being a socially conscious company is essential to building an inclusive atmosphere. One way to work towards this vision is by designing and launching a Supplier Diversity Program – one where businesses encourage the use of minority-owned businesses as suppliers.
Being a women-owned firm, supplier diversity is a basic pillar of our business principles. Time and again, the incredible value these programs bring not only to our own growth, but also to our communities, is priceless. That’s why we’re spreading the word and highlighting what we believe are the top 5 benefits of incorporating these programs into your own company’s infrastructure.
Benefits of a Supplier Diversity Program
1. It creates economic opportunities for disadvantaged communities. Engaging in and promoting the success of your community is one of the greatest benefits of a Supplier Diversity Program. These programs encourage economic growth for minority businesses and allow for minority entrepreneurs to contribute to the economy; thus creating more jobs and increasing consumption of goods. By implementing a Supplier Diversity Program, your company aids in the success of your community.
2. It widens your pool of potential suppliers, which means increase in quality and decrease in costs. Supplier Diversity Programs are a great way to bolster your local economy. Encouraging your company to bring in more suppliers creates more diversity in the goods and services that are able to be supplied. This creates a chain reaction where competition increases in the market, thus making the quality of these goods and services much higher while maintaining a decrease in cost.
3. It stimulates new ideas and perspectives. By giving opportunities to diverse pools of business, your company will be exposed to higher volumes of innovation and unique ideas. This gives your company an opportunity to collaborate and set itself apart from its competitors by utilizing the creativity that minority-owned businesses can bring to the table. As a woman-owned business ourselves, we think it is essential to surround yourself with different backgrounds and life experiences so your company can better understand cultural communities outside of their own.
4. It creates new avenues for networking and gaining new clients. Supplier Diversity Programs make it possible for your company to reach audiences and access new markets, clients, and suppliers. If you are looking to build new partnerships, expanding support to a more diverse pool of businesses will open your network and establish connections with unique talent that you otherwise might have missed.
5. It shows your company’s commitment to ethics. Showing your company’s commitment to diversity and humanitarian actions leads to an increased company favorability and support. Often consumers enjoy supporting companies which give back to causes they believe in, which will lead to increased interest and loyalty from your clientele. Above all, it establishes that your company cares about giving back to the community which supports it and creates a standard of altruism that can be nurtured going forward.
Incorporating Supplier Diversity Programs into your company is a great way to show your community you care. We here at Atrium encourage you to see these benefits for yourself and diversify your supplier pool. It’s never too late to help grow your local community and support minority-owned businesses!
