Why Diversity In Your Supply Chain Matters

Julie Starr • June 10, 2021

In today’s economy, many businesses are identifying diversity as a key priority for their future growth. Alongside other initiatives and corporate social responsibility (CSR), customer increasingly expects the companies they do business with to reflect their own priorities when it comes to ethical, diverse and sustainable business practices.

Your company might be making huge steps towards improving diversity and inclusion within your own workplace, but how far does that extend into your supply chain?

With the wealth of information and transparency available on the internet, potential clients will be able to tell if you don’t practice what you preach. So why does ensuring diversity in the supply chain matter?

Customer expectations

If you think that choosing suppliers comes down solely to price, you’re in for a shock in the future. Consumers have high expectations of the companies they do business with. Younger generations in particular have far less brand loyalty than seen previously. They aren’t afraid to vote with their feet and take their business elsewhere. Focussing on diversity and inclusion only in the context of your own organization is only a superficial fix.

Companies such as Walmart and IBM have made public commitments to spend a significant portion of their budgets with diverse businesses and those who meet certain sustainability criteria. This is becoming a common company policy in organizations across the world, which recognize the multitude of benefits it can have.

Using a multitude of consumer research and data enrichment services, you will be able to identify exactly what matters to your target market.

Talent retention

The battle to find and retain good employees is one faced by most companies. Yet recent research has shown that employees would consider leaving a company that did not reflect their own personal set of values. Since high employee turnover is indicative of low employee engagement, it’s an issue that needs to be addressed. Better, more engaged employees directly contribute to the success of a company. If you have a diverse supply chain policy in place, make sure that this is communicated to existing employees and stakeholders.

Profit growth

A growing, diverse population means that companies now actively target minority demographics as potential customers. Additionally, more and more businesses are now set up and run by a more diverse cross-section of people. This economic growth can filter through the supply chain, making businesses more profitable.

Many organizations are investing in working with diverse suppliers as they realize that they can provide exceptional returns.

Competitive edge

Diversifying your supply chain can develop its competitive advantage by developing new target audiences. Millennials and Genz comprise the most diverse generations in history and they value diversity in the companies they buy from.

Fostering innovation

Diverse, smaller suppliers, working with larger organizations, often find it easier to innovate and adapt to changes rapidly. This kind of market agility leads to an innovative culture. Innovation pushes markets forward and opens up new opportunities for everyone involved in the process.

Key points

By embracing diversity and inclusion beyond your own company can be the foundation of success for your company. Using diverse suppliers can boost profits, open up new target markets to your company. It’s also great for stakeholder management and employee engagement too.

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Simple Steps To Make Your Office Space More Eco-Friendly

By Julie Starr • 07 Oct, 2024

Becoming more eco-friendly and running a greener business is a responsibility that business owners really need to think more about. The good news is that if you spend a lot of time in your office, there are plenty of ways to make it more eco-friendly without having to overhaul everything and start again (which isn’t just disruptive, but expensive too). So, if you’re ready to get started, here are some simple steps to make your office space more eco-friendly; read on to find out more. Use Energy-Efficient Lighting This idea is a simple one that you can do no matter what else might be on your list of tasks - it’s quick, easy, and really makes a difference; change your light bulbs to something more energy efficient. If you’re still using traditional fluorescent bulbs, it’s time to upgrade to LED which doesn’t just last longer, but also uses a lot less energy. They’re easy to install and they’ll help you cut down on your office’s energy usage almost instantly. If possible, you should make the most of natural light too, so think about rearranging your workspace to let in more sunlight, which saves energy and can boost your mood - it’s a win-win that you can do right away. Prioritize Air Quality The air you breathe matters, and keeping it clean can do wonders for your health and the planet. One way to improve air quality is by adding plants to your workspace because plants are natural air purifiers, and as a bonus, they’ll make your office feel more inviting. Another great idea is to make sure your office’s HVAC system is working efficiently, and having air duct cleaning done by professionals is an easy step you can take to improve air quality and ensure your heating and cooling systems aren’t wasting energy. Clean air ducts mean cleaner air, less strain on your system, and even lower energy bills, so it’s a simple but really effective thing to do. Switch To Reusable Products If your office is still stocking up on single-use plastic items, it’s time for a change - swap your disposable cups, utensils, and plates for reusable ones and you’ll be surprised at how much waste to eliminate. And what about encouraging people to bring their own mugs and water bottles to work? Give them tea, coffee, and water to refill everything with, and you’ll be doing your bit to help the planet and have less waste to deal with as well. And don’t stop with these things either - there are loads of reusable products that could be useful in your office. You could have refillable pens and ink cartridges for your printer, for example. Go Paperless Speaking of your printer, is that an office machine you actually need? If you were to go digital and aim for a paperless office , you might be able to do away with the printer, which means less money spent on ink and paper, and less energy used altogether. You should be able to set up a system where documents can be shared online and stored electronically, and there are plenty of tools around to help you do exactly that (and much more). If you don’t need to print something and you don’t need a physical copy of a document, don’t make one - just use the digital version instead and you’ll be a lot more eco-friendly.

3 Most Unsustainable Industries & What They're Doing To Be More Eco-Conscious

By Julie Starr • 04 Oct, 2024

Sustainability often gets pushed on the common person. Joe Public is told to be more sustainable with their daily habits as the government pushes for more eco-friendly measures. This is all well and good - but does it really matter when 71% of greenhouse gas emissions come from just 100 companies around the world? Small business owners are desperate to prove their sustainability, but what are bigger companies in some of the most polluting industries doing to help? We’ve taken three of the least sustainable sectors on the planet and explored the unique ways they’re trying to cut down on emissions and be more eco-friendly. Mining Any industry revolving around drilling underground will not be very environmentally friendly! Mining causes a lot of pollution, but its unsustainability often comes from the way it damages local environments and ecosystems. So, what is this industry doing to change things? It’s largely focusing on more responsible mining practices to reduce waste and mitigate the impact on local environments. This is done through mining dust suppression systems to prevent airborne pollution, reforesting mining sites when they’re no longer in use, and recycling as many materials as possible. Is it perfect? No, but it’s a step in the right direction. Fossil Fuels Shock horror; the fossil fuels industry is the most damaging to our environment. Finding ways to change the scope of this sector is the key to ensuring a better future for all. Some companies in this industry are trying to do this through carbon capture and storage. This is a technique where CO2 emissions are captured before they’re released into the atmosphere and stored underground. Realistically, the main thing fossil fuel companies should be doing is pushing for more renewable energy sources. Many are doing this - though reports suggest they’re not investing as much as they should. If fossil fuel companies dumped more money into developing biofuels and other renewable sources, pollution from this industry would drop dramatically. Fashion The most unbelievable stat to take from this post is that the fashion industry is responsible for 10% of our global carbon footprint . That’s remarkable (and worrying), considering how most of us don’t view it as a “dangerous” industry. Fast fashion is the main problem; poorly-made goods are pumped out at a rapid rate, and consumers constantly buy new things. Fashion companies are trying their best to resolve this. Most big brands will now have sustainable lines using recyclable materials. Consumers also hold the key to solving this problem: stop buying new clothes all the time and wear yours for longer. Or buy pre-owned clothes to slow down the fashion production line. Companies can still do more as well: they are trying to adopt more eco-friendly production processes that use less water and energy. The moral of this post is that everyone can do their bit to fight for a more sustainable future. Keep this in mind for your small business . It doesn’t matter what industry you’re in; there will always be ways to promote eco-friendly practices.