7 WAYS PARTNERING WITH A DIVERSE SUPPLIER CAN BENEFIT YOUR COMPANY

embrace

OPPORTUNITY

embrace

OPPORTUNITYnoun | op·por·tu·ni·ty | \ˌä-pər-ˈtü-nə-tē, -ˈtyü-\

: a favorable juncture of circumstances

: a good chance for advancement or progress

gain

INSIGHT

gain

INSIGHT: the ability to understand people and situations in a very clear way

: an understanding of the true nature of something

noun | in·sight | \ˈin-ˌsīt\

profit from

COMPETITION

profit from

COMPETITIONnoun | com·pe·ti·tion | \ˌkäm-pə-ˈti-shən\

: the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms

: the act or process of trying to get or win something that someone else is also trying to get or win

It’s a basic law of business that competition drives down cost and increases quality. If there are more

suppliers competing for your contracts, the price you pay

will go down. Likewise, quality of service or

products should improve.

Rod Robinson (Founder & CEO, ConnXus Inc.)

see new

PERSPECTIVE

see new

PERSPECTIVEnoun | per·spec·tive | \pər-ˈspek-tiv\

: the capacity to view things in their true relations or relative importance

: a mental view or prospect to get or win

promote

GROWTH

promote

GROWTHnoun | growth | \ˈgrōth\

: progressive development

: a natural process of increasing in size or developing

expand

NETWORKING

expand

NETWORKINGnoun | net·work·ing | \ˈnet-ˌwərk-kiŋ\

: the exchange of information or services among individuals, groups, or institutions

: the cultivation of productive relationships for employment or business

Organizations implementing supplier diversity programs are

more likely to penetrate new markets and gain new customers. As you reach out to more and more suppliers, you will become privy to each of their business networks

and certification networks.

Kerri McMurray (SciQuest)

avoid

GROUPTHINK

avoid

GROUPTHINKnoun | group·think | \ˈgrüp-ˌthiŋk\

: the practice of thinking or making decisions as a group in a way that discourages creativity or individual responsibility.

: a pattern of thought characterized by self-deception, forced manufacture of consent, and conformity to group values and ethics

No matter the size or industry of your organization, there are always benefits to partnering with a diverse supplier. Head over to

our website to learn more on the topic and check out the many services that Levy Marketing + Awards can offer!

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