This strategy focuses on sourcing from black-owned businesses and professionals, aiming to support diversity and inclusion in procurement. The first step involves identifying potential vendors by utilizing online directories, networking with minority chambers of commerce, and attending industry events. For example, subscribing to newsletters about black professionals can reveal new opportunities.
Once potential vendors are identified, the strategy emphasizes engaging with and building relationships. This can be achieved by reaching out to shortlisted vendors, discussing collaboration possibilities, and visiting their facilities. For instance, inviting these vendors to submit proposals ensures open communication.
Lastly, implementing inclusive procurement policies is crucial. This includes setting diversity goals, regularly tracking spending on diverse suppliers, and providing training on supplier diversity. Recognizing accomplishments in diversity procurement fosters a culture of inclusion.
The strategies
⛳️ Strategy 1: Identify and research potential vendors and professionals
- Compile a list of black-owned businesses, law firms, and advocates
- Utilise online directories and databases designed for diverse suppliers
- Network with business associations and minority chambers of commerce
- Attend events and expos focused on black-owned enterprises
- Subscribe to newsletters that highlight black professionals and businesses
- Contact procurement organisations that specialise in diversity
- Leverage social media to discover and engage with professionals and firms
- Research customer reviews and testimonials for potential vendors
- Request recommendations from colleagues and industry peers
- Verify certifications and credentials of identified professionals
⛳️ Strategy 2: Engage and establish relationships with black-owned entities
- Reach out to shortlisted vendors to express interest in collaboration
- Set up introductory meetings or calls to discuss potential partnerships
- Communicate your procurement needs clearly and transparently
- Offer feedback and insights to help vendors understand your requirements
- Invite vendors to submit proposals or pitches for upcoming projects
- Participate in industry networking events to build personal connections
- Visit vendor facilities to better understand their operations and capabilities
- Include vendors in corporate social responsibility initiatives
- Facilitate workshops or seminars to learn about unique industry challenges
- Create a vendor management program for ongoing communication and support
⛳️ Strategy 3: Implement inclusive procurement policies and practices
- Develop a formal policy for engaging with diverse suppliers
- Set specific, measurable goals for diversity procurement
- Allocate a portion of your budget for diversity spend
- Incorporate diversity criteria into vendor selection processes
- Track and report on diversity spending regularly
- Provide training to procurement teams on supplier diversity
- Establish a supplier diversity council within your organisation
- Include diversity goals in executive performance evaluations
- Recognise and celebrate successes in diversity procurement
- Regularly review and enhance procurement strategies and objectives
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
