Supplier Diversity programs are bigger than mortal and ethical standards, it should be a CORE business practice. Grown from a deep desire to be more inclusive and do what is right, many companies have found the benefit of diverse partnerships.
Inclusive affiliations in fostering entrepreneurship in highly impacted minority groups widen your pool of potential suppliers, collaborations, alliances, and associations, along with offering fair competition in competitive markets to keep costs down.
The “feel-good” factor associated with diversity programs can also be great for branding, but an issue that needs to be addressed is accountability. It is important that companies bring their relationships with minority companies to the main stage. Tell the story and be proud of your affiliation with minority companies.
In addition to working with a diverse pool of suppliers, companies can expand relations with ancillary companies, enhance opportunities for capital investment, and offer management education.
Cannas Capital Insurance Firm is a minority-owned insurance agency that prides itself on premium business practices and supreme relationship building. Give us a call to discuss how we can aid in your ESG (Environmental, Social, and Governance) Plan.