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What Can Corporates Do To Engage More Diverse Owned Businesses? – fips consulting 1-Minute Readings
You don’t have time to read multiple pages to understand a topic. Find a series of 1-Minute Readings on the topic of Supplier Diversity & Inclusion here.
CORPORATES CAN TAKE SOME ACTIONS TO REMOVE BARRIERS FOR DIVERSE OWNED BUSINESSES
RATHER DO…
Favoring PAYMENT TERMS for small businesses
Short ONBOARDING procedures
Invite DIFFERENT SUPPLIERS suppliers to RFx opportunities
Verify that ALL REQUESTED CERTIFICATES ARE REQUIRED for an opportunity (e.g. ISO, Social & environmental, etc.)
Ensure Clear Communication: Set expectations upfront to avoid misunderstandings and stick to them
RATHER NOT DO…
Millions of EUR in LIABILITY CLAUSES in contracts
Run GLOBAL or MULTI-COUNTRY tenders
LENGTHY CONTRACTS for each assignment
Asking for MULTIPLE YEARS of healthy BALANCE SHEETS
Don’t Stick to Deliverables: Avoid adding extra requests that may strain resources from small businesses or adjust deliverables and contract based on needs
HOW TO START? ASK YOURSELF FOLLOWING QUESTIONS:
Can we adjust our payment terms for small & diverse owned businesses?
Is there a short track onboarding process we can implement?
Can we implement policies to include more diverse-owned suppliers in RFx’s?
What do we want to achieve?
WHAT DOES fips consulting DO?
fips consulting’s core competencies
If you want to make your supply chain more inclusive; contact@fipsconsulting.com
For a pdf version of this information; contact
Check out my earlier blog about what corporates can do to help diverse-owned businesses succeed by avoiding practices that can contribute to their failure. Tips for Better Collaboration with Diverse-Owned Businesses;
