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Procurement Partnering with Diverse Small Businesses — for the Win!

Published on
August 8, 2023 at 1:00:00 PM PDT August 8, 2023 at 1:00:00 PM PDTth, August 8, 2023 at 1:00:00 PM PDT

In our last blog in July, we discussed the importance of strategic over transactional partnerships and the many benefits they can bring to your organization — and your bottom line. This time, we’ll show you how creating a procurement partnering program that features a team of diverse small businesses can really dial in the advantages.

The Importance of Diverse Small Businesses in Your Supply Chain

Small businesses play a pivotal role in maintaining a balanced and robust supply chain. They bring diversity in terms of the raw materials, services, and products they offer, which helps in maintaining a competitive market. Moreover, they are often more flexible and agile than larger organizations, capable of innovating quickly in response to changing market conditions. This agility fosters resilience in local economies and national supply chains.

Additionally, these smaller businesses often have a more intimate understanding of their local markets, enabling them to meet specific community needs that larger corporations might overlook. Their economic contributions, therefore, are both direct, through job creation and investment, and indirect, through the stimulation of innovation and resilience in the broader economy. Diversity within the small business sector brings forth a multitude of benefits for businesses, including:

Fostering Healthy Competition

It’s no surprise that competition drives everyone to reach higher. A strong, competitive environment can promote technological advancements, product and service improvements, and innovation that produces a strong return on investment. Partnering with small businesses of diverse backgrounds can significantly augment your company's bottom line. Such partnerships can unlock access to competitive pricing as these smaller entities often have lesser overhead costs and greater flexibility in their pricing structures. 

Small businesses are also known for their innovative capabilities. This can lead to the development of inventive solutions aimed at rectifying persistent inefficiencies within your own operations or in the market at large. Furthermore, small businesses consistently prioritize product quality and customer service, which can enhance your own offerings. They are often more attuned to their customers' needs and can respond more quickly and effectively, providing superior service. Therefore, by embracing symbiotic relationships with these diverse small businesses, your company can realize significant benefits, from cost savings and efficiencies to improved products and customer experiences.

Increasing Adaptability and Resilience

By diversifying your supplier base, you can tap into a wider range of capabilities, resources, and perspectives that can help your business navigate challenges and seize opportunities.

Flexibility is enhanced when you engage with diverse suppliers who offer different products or services. Having multiple options allows you to quickly adjust your sourcing strategy in response to changing market conditions or unexpected disruptions. Diverse suppliers often bring unique expertise and innovative solutions that can help you adapt to evolving customer demands.

Resilience is strengthened by incorporating diverse suppliers into your supply chain. By spreading risk across a variety of suppliers, you reduce the vulnerability associated with relying too heavily on a single source. Diverse suppliers may operate in different geographic regions or have alternative production methods, providing an added layer of protection against disruptions such as natural disasters or geopolitical events.

Adaptability is fostered through the inclusion of diverse suppliers who bring fresh perspectives and ideas to the table. Their varied backgrounds and experiences can challenge conventional thinking within your organization, leading to creative problem-solving and improved decision-making. Additionally, diverse suppliers may have access to new markets or customer segments that can expand your business opportunities.

Boosting Your Brand’s Profile

Introducing supplier diversity programs and partnering with diverse suppliers can have a significant impact on your organization's reputation. By actively seeking out and collaborating with diverse suppliers, companies can demonstrate their commitment to inclusivity and equality.

Supplier diversity is not just about having a large pool of partners — it refers to the practice of including businesses owned by underrepresented groups in the procurement process. These groups may include women-owned enterprises, minority-owned businesses, veteran-owned companies, LGBTQ+ entrepreneurs, and disabled individuals.

By implementing supplier diversity programs and inclusive procurement practices, organizations can tap into a wider pool of talent and resources. This not only fosters economic growth within marginalized communities but also brings fresh perspectives and innovative solutions to the table.

Ready to Win? Partner with QIS!

At Quality Imaging Solutions, we embrace sustainability, quality control, and innovation — all things that help us provide our clients with the products and services they need at the best prices possible. In addition, we are a state and federally-certified Woman-Owned Small Business Enterprise (WBE) and a Disadvantaged Small Business Enterprise (DBE).

QIS also holds GreenCircle certifications for our sustainable remanufactured inkjet and toner cartridge products with respect to our closed-loop processes and our proven percentage of recycled content. Our certifications help us contribute even more to our strategic partners by helping them meet their DE&I and ESG goals. To find out more about partnering with us, simply contact us today.