Innovation in business can be described as a catalyst to growth. Innovation requires forward thinking organisations to implement positive change by doing things in a different way, in order to engage new markets and ultimately realise success.
In this edition we explore innovative ways to do business in supplier diversity. Our articles cover topics including: Scalability, Entrepreneurial Thinking, 2nd tiering and Collaboration.
One of the differentiating factors between entrepreneurs and business people is imagination and an ability to visualise the bigger picture. Typically a business person is focused on the accounting, inventory, human resources and other mechanics of running a company.
Supplier diversity is enjoying growing recognition and the trickle down benefits to the business community and the greater Australian community are evident. Supporting Indigenous economic development is an admirable way to demonstrate good corporate citizenship and social responsibility. It pays dividends, building your companys reputation among competitors, with stakeholders and customers. At its best, it can give your business an extraordinary competitive edge.
The day has come. Youve received a huge order, larger in scale than you ever thought was possible. First will come the excitement and celebrations. Were that good! Finally, the recognition we deserve!, You dance around the office in fits of joy. Then reality hits. We cant possibly do it! We dont have the equipment, the staff or the time.
2nd tiering is an excellent option for Supply Nation Members who wish to do business with Certified Indigenous Suppliers. Without it, Indigenous businesses, due to their size, might not be sufficiently equipped to handle the contract. This could be for financial reasons, with regard to workforce or in terms of output capacity. Supply Nation aims to encourage its Members to introduce their 1st tier, or prime suppliers, to Certified Indigenous Suppliers.