Supplier Diversity Vetted Bench Program
In 2020, U.S. small businesses were hit hard due to the pandemic. Data suggest that minority and women-owned small businesses have been disproportionately impacted by the pandemic, facing higher rates of closures, weaker cash positions, weaker bank relationships, and the preexisting funding gaps left their firms with little cushion entering the crisis: even the healthiest of diverse firms were financially disadvantaged at the onset of COVID-19. These businesses would benefit from targeted training and technical resources to help them weather the economic downturn and strengthen their ability to grow, scale and succeed.
What is the Supplier Diversity Vetted Bench Program?
Our model approach positions corporations and diverse suppliers to have a pathway to mutually beneficial relationships. It allows for qualified/vetted, diverse suppliers to access business opportunities they may not have otherwise.
What is the Vetted Bench Boot Camp?
The Vetted Bench Boot Camp was designed to assess and determine the business readiness of a diverse supplier to be on the Vetted Bench and access the ability to be: solid, profitable, scalable, sustainable, competitive, competent, capacity flexible and certified.
The Vetted Bench Benefits
What are the benefits to small/diverse businesses?
- Access to corporate supplier diversity leaders who understand your business and the products/services you provide.
- Many federal, state and local government contracts require that a percent of business goes to minority and woman-owned businesses; the same goes for corporations.
- Access to a national network of coaches, advisors, industry specific subject matter experts
- An opportunity for a business owner to work on the business rather than in the business.
- Sharpen certain skill sets, and how to navigate inside corporate entities.
- Assistance aligning your core competencies to what is needed in the ever-changing marketplace while increasing profitability and generating positive measurable change.
What are the benefits to corporations?
- An inclusive procurement strategy that widens the pool of potential vetted suppliers.
- Local and national suppliers that are certified and have gone through a vetting process.
- Promotes competition in the supply base, which can improve product quality and drive down costs.
- Reduces the risk of onboarding new suppliers.
- Promotes innovation through the introduction of value-added products and services and cost effective solutions.
- Integral part of business planning and reporting.To seek out diverse businesses that meet your products/services requirements, you need to perform due diligence up front. Supplier Diversity should never mean sacrificing quality. Rather, diverse businesses should be considered just an added benefit to its unique value proposition.
Industry Best Practice