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Supplier Diversity: The Key to Success

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No matter the size of your organization or your industry, partnering with a diverse supplier will strengthen your business. Read our 7 tips for partnering with a diverse supplier from other industry experts.

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Supplier Diversity: The Key to Success

  1. 1. 7 WAYS PARTNERING WITH A DIVERSE SUPPLIER CAN BENEFIT YOUR COMPANY
  2. 2. embrace OPPORTUNITY
  3. 3. embrace OPPORTUNITY noun | op·por·tu·ni·ty | ˌä-pər-ˈtü-nə-tē, -ˈtyü- : a favorable juncture of circumstances : a good chance for advancement or progress
  4. 4. gain INSIGHT
  5. 5. 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
  6. 6. profit from COMPETITION
  7. 7. profit from COMPETITION noun | 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
  8. 8. 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.)
  9. 9. see new PERSPECTIVE
  10. 10. see new PERSPECTIVE noun | 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
  11. 11. promote GROWTH
  12. 12. promote GROWTH noun | growth | ˈgrōth : progressive development : a natural process of increasing in size or developing
  13. 13. expand NETWORKING
  14. 14. expand NETWORKING noun | 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
  15. 15. 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)
  16. 16. avoid GROUPTHINK
  17. 17. avoid GROUPTHINK noun | 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
  18. 18. 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! visit website

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