The Power of Women-Owned Companies and Supplier Diversity
The big picture: As a woman-owned and certified firm, two of Croixstone’s leaders (Patti Weber, CEO and Lisa Cahill, Senior Talent Leader) are joining more than 4,000 fellow participants at the annual WBENC National Conference taking place this week in Nashville. The conference is the largest event of its kind for women business owners, welcoming thousands of women entrepreneurs and corporate executives ready to make connections and do business.
A quick look back: In 2020, Croixstone celebrated a milestone moment in achieving national certification as a WBE (Women’s Business Enterprise by the Greater Women’s Business Council, a regional certifying partner of the Women’s Enterprise National Council (WBENC).
The power of women: According to Fundera, the USA has 12.3 million women-owned businesses, with 40% of all US businesses being owned by women. Businesses owned by women general $1.8 trillion a year to the US economy. Women are starting new businesses in droves – – they started a net total of 1,821 new businesses every day last year.
The benefits of supplier diversity: Croixstone actively promotes the benefits that come with robust supplier diversity programs. As Harvard Business Review shared in its August 2020 article entitled “Why You Need a Supplier Diversity Program”, there are sound commercial reasons for creating supplier diversity programs. These reasons include:
• Inclusiveness is great for innovation. Diverse suppliers bring diverse ideas, viewpoints, backgrounds and knowledge to companies.
• Inclusive procurement strategies widen the pool of potential suppliers and promotes competition in the supply base, which can improve product quality and drive down costs.
• By providing more sourcing options, inclusiveness can make supply chains more resilient and agile.
• Supplier diversity delivers numerous channels from which a business is able to acquire goods and services.
• Inclusiveness allows a business to benefit from new prospects from business growth with the rise of new customer requirements based upon shifting demographic certainties.
• The “feel good” factor associated with supplier diversity programs can also reflect positively on brands.
Yes, but: There are several common obstacles that challenge companies in building and sustaining robust supplier diversity programs. Common challenges include:
• Supplier diversity professionals find it challenging to secure cross-functional buy-in from managers and senior-level executives.
• Capacity. According to one study, 54% of corporations dedicate one staff person or less to supplier diversity.
• A lack of supplier diversity data and insights.
• Difficulties in identifying suppliers who also meet procurement criteria.
• Challenges and/or inability to verify supplier diversity claims.
Moving forward: Croixstone is committed to promoting the benefits of supplier diversity, and to helping corporate America navigate the ongoing challenges and obstacles that face corporate supplier diversity professionals.
Let’s talk: To learn more about the benefits of supplier diversity and how Croixstone can help, contact our CEO, Patti Weber, at email@example.com.