Welcome to Day 3 of Construction Inclusion Week, where the daily theme is Supplier Diversity.

Supplier diversity is a business practice that refers to the inclusion of businesses owned by diverse individuals or groups in the procurement of goods and services. A diverse supplier is generally defined as a business that's at least 51% owned and operated by an individual that's part of a traditionally underrepresented or underserved group. Common classifications are minority-owned business enterprises (MBEs), woman-owned business enterprises (WBEs), and small-business enterprises (SBEs). Businesses owned by other minority groups, such as LGBTQ+, veterans, and persons with disabilities, may also be considered diverse suppliers.

Many companies now recognize that a diverse vendor pool can bring business benefits such as greater competition between suppliers, new procurement channels and innovation --- and contribute to the local economy. As your company deepens its commitment to diversifying its supply chain, being a true ally to, mentor of, and partner with diverse business will be essential.

Some things to consider as you expand your supplier diversity program to include concepts related to allyship, mentorship, and partnership include:

1.) Benchmark where you stand relative to industry peers. Utilize resources such as DiversityInc, the National Minority Supplier Development Council (NMSDC), the Minority Business Development Agency (MBDA), and others to set targets. Locally, the National Association of Minority Contractors (NAMC) would also be a helpful organization to work with as they have local chapters in Minnesota (Minneapolis) and Wisconsin (Milwaukee).

2.) As you work toward your goals, reach out to regional and national business councils, municipal agencies, chambers of commerce, and diverse trade organizations to let them know you're seeking such relationships.

3.) Host your own open house, matchmaking, or networking session to identify small and diverse businesses that your organization can support as an ally, mentor or partner.

4.) Beyond providing advice and technical support, you can depend your relationship with suppliers by sharing opportunities to create new solutions for your company.

5.) Access to capital is a key component to sustainability and ensuring that diverse businesses can continue to thrive. Consider rethinking your payment and retainage procedures to ensure that small and diverse businesses have the cash flow to respond to your needs and build their capacity and infrastructure.

Being a real ally means not only providing access to opportunities, but also includes offering advice on how to build capacity, sharing technical knowledge, helping mitigate risks, and providing prompt payments to strengthen a small/diverse business' financial position.

Allyship, mentorship, and partnership will improve the success of your supplier diversity program and help you expand your pipeline of firms that can meet your needs and grow with you.

5 HELPFUL LINKS
1.) VIDEO: Mutual Opportunities - A Conversation Between a National Prime Firm and Diverse Supplier via Construction Inclusion Week
2.) Key Terms Used in the Supplier Diversity Area via Construction Inclusion Week (the included definitions are provided as a reference and also a starting point for acquainting oneself with supplier diversity.)
3.) 15 Black-Owned Small Business Directories via US Chamber
4.) How to Get Certified as a Minority-Owned Business in Minnesota via Minnesota Unified Certification Program (MNUCP)
5.) The 'Why' and 'How' of Diverse Suppliers in Construction via Construction Executive 

Learn more and find additional resources at www.constructioninclusionweek.com.