What is Supplier Diversity?
Supplier diversity refers to support for and use of diversely owned and operated businesses. These are small businesses, women-owned businesses, minority-owned businesses, etc. Any business that is owned and operated by underrepresented or underprivileged people is considered a diverse business.
These businesses may have their own diversity certifications to verify that they are diverse businesses. For example, there is a certification for LGBT-owned businesses to be recognized as such. These businesses are recognized through the National Gay and Lesbian Chamber of Commerce as LGBT Business Enterprises (LGBTBE). LGBTBE are businesses that are at least 51% owned, operated, and controlled by LGBT people.
There are other national-level organizations that certify different businesses, such as the National Minority Supplier Diversity Council (NMSDC) and the Women’s Business Enterprise National Council (WBENC). Businesses that are certified by these organizations are the easiest to identify as a diverse business and those that you would want to work with to increase your supplier diversity.
Why is it important to PYP?
Publish Your Purpose is a certified LGBTBE, with a majority of our employees being women. We are committed to supplier diversity and supporting other diversely owned businesses. We are a small publishing house and we know the importance of not only networking with other businesses and business owners but also supporting one another. A high tide raises all boats; through supporting one another we are able to uplift other businesses by referring people, using their services, or promoting them through networking and vice versa.
We also recognize the work that diversely owned businesses do for their communities and the importance of giving back to underrepresented communities, whether that giving back is through donations, sponsoring local events, or uplifting a community. Diversely owned businesses are usually the ones that give back the most and community impact is something that we strive to ensure we are encompassing in our work.
PYP also strives to help give a voice to marginalized communities. We work with authors who are striving to make a difference in their communities and in the world. It is our mission and purpose to seek out these authors and provide a platform for marginalized people to tell their stories. These authors are oftentimes the owners of their own diversely owned businesses and through helping them publish their book and their story, we are able to provide them a platform to speak. By publishing their book, we are able to support and actively promote not only their book but also their business. Through networking and word of mouth, we are able to continue to grow the amount of authors that we have helped and pursue our mission to help publish people’s purpose.
How can it help your business?
Supplier diversity is important to PYP for a number of reasons, and supplier diversity can help you and your business for those same reasons. For one, the networking that comes from using multiple diverse businesses. Many diverse businesses are small businesses and they communicate with one another sharing their recommendations for businesses and services to use. Showing that you and your business are working to increase your supplier diversity and supporting local diverse businesses will have a positive impact on your business and generate you more business through networking and word of mouth.
Through supplier diversity, you are able to showcase your support to local diverse communities and in turn they will support you and your business. By working closely and in tandem with diverse businesses, it’s a mutually beneficial situation where you both support each other and are making an impact in local communities. Having you and your business in different communities’ minds as someone who supports them, they will choose your business above others because they recognize you as someone supportive in the community.
An important note about supplier diversity, however, is that you need to make a commitment to it. Being supportive of a community and using diverse businesses is good practice but it’s important that there is an intention to be committed to diversity and communities. Being vain about diversity and your commitment to it will be noticed by community members and it will create the opposite effect of what you want. If you are committing to supplier diversity then you need to commit to diversity and increasing diversity in your business.
If you’d like to learn more about PYP and the work that we do click here.