Engaging with Small & Diverse Businesses: Best Practices for Corporates

While many companies are committed to Supplier Diversity and Inclusion, it should be important for them as well to understand how to effectively collaborate with diverse and small suppliers. Here are key considerations to keep in mind:

• Prioritize Favorable Payment Terms: Support cash flow for small businesses with max 30 days payment terms

• Implement Short Onboarding Procedures: Provide easy onboarding for smaller & low-risk contracts
• Ensure Clear Communication: Set expectations upfront to avoid misunderstandings
• Stick to Deliverables: Avoid adding extra requests that may strain resources from small businesses or adjust contracts based on needs
• Adjust Contracts for Low-Value/Low Risk Agreements: Facilitate participation without overwhelming administrative burdens

To genuinely commit to Supplier Diversity and Inclusion, corporates should look into adopting these practices. In implementing these practices, both parties can benefit from a fruitful and strong partnership and contribute to a more inclusive economy.

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