Suppliers play an essential role in keeping businesses operational, and for small businesses, contracting with larger companies that need their products and services, strong supplier relationships provide mutual benefit for businesses on both ends of the spectrum. However, those relationships can be challenging to establish for both purchasing and supplying organizations.
On average, corporations spend just 7.5% with small business suppliers. A McKinsey study found that in the business ecosystems of many companies, not all players are direct.
Maintaining supplier diversity guarantees a varied base, therefore helping to broaden supply chains. Harvard Business Review highlights, “an inclusive procurement strategy widens the pool of potential suppliers and promotes competition in the supply base, which can improve product quality and drive down costs. And by providing more sourcing options, inclusiveness can make supply chains more resilient and agile.”
At the CLT Alliance Foundation, we believe increasing the amount of small, veteran-, minority- or women-owned business enterprises that compete for these opportunities will unlock additional value, increase innovation, competition, and resilience. Through our supplier marketplace, we connect businesses to buyers and suppliers, which boosts the visibility of contracting opportunities with large companies that are committed to doing business with small suppliers to strengthen economic impact.
“We are living up to the promise that we’ve made to this community to leverage our relationship and unique partnerships with the CLT Alliance and businesses across the region,” Nate Hogan, president of CLT Alliance Foundation, said. “We are committed to amplifying our impact and driving real change for small businesses and business leaders across this community.”
Albemarle Corporation is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. They are among the initial major companies committed to supporting diversity in the supplier marketplace. Albemarle has an established global supplier diversity initiative, which reflects the manufacturing company’s desire to support and participate in spending with local and diverse businesses everywhere Albemarle operates.
“Our goal is to create one of the industry’s most reliable, responsible, and diverse supply chains. We want to identify and create meaningful opportunities for underrepresented groups near our Charlotte and Kings Mountain locations,” Patricia Brown, Albemarle’s supplier diversity coordinator, said. “If you are a small or diverse business, please connect with us at supplierdiversity@albemarle.com.”
The CLT Alliance Foundation’s vision is to catalyze transformative growth in the Charlotte region, where dynamic small businesses and business leaders thrive.
To learn more or to get involved, visit cltalliancefoundation.net.
