It was great to join the GSDA panel of business leaders discussing global supplier diversity trends during COVID. The panel members representing Canada, USA, UK, South Africa and Australia spoke about their challenges and what actions each business/region undertook to not just survive the challenging period but thrive on the other side.
What was most interesting for me were the commonalities between our regions, including:
- Pre COVID minority businesses were mostly considered smaller and riskier propositions;
- During COVID supplier diversity initiatives and procurement decisions have mostly paused while large businesses regather; and
- Post COVID we all predict that companies and large buyers in each region will shift their buying decisions inside their own countries for supply chain security and to support their economy. We are optimistic this could result in greater opportunities for minority owned businesses as companies look to buy local.
For me personally, in Australia, my pre COVID observations were that supplier diversity was being held back by “perceived” risk elements seen in the small and emerging Indigenous business sector. Supplier diversity initiatives are designed to grow minority communities, successful minority owned businesses are proven to support their own communities and help drive economic independence which is a great outcome for the whole of the country. Post COVID Australian companies who publicly commit to Indigenous outcomes can challenge the norm by looking at new ways to overcome the perceived risks by digging deeper to make it happen.
Now more than ever we can’t forget “why” we are trying to grow the Indigenous business sector, the social and economic impact of a thriving Indigenous business and community is good for the whole economy. I’m really keen to have this conversation with supplier diversity leaders.
Dwayne Good
To view the GSDA webinar see below –
