The Advantages of Minority-Owned Businesses & Diversity Spend in Commercial Printing
More companies are establishing procurement and supply chain objectives to improve supplier diversity by finding ways to meet their needs through minority-owned businesses. Developing a diverse supplier program adds tremendous value to a procuring company’s operations and creates new opportunities for minority-owned enterprises to thrive in an increasingly competitive global market.
Businesses from middle market enterprises to Fortune 500 companies can explore commercial printing and mailing as one effective avenue for diversifying their supplier lineups.
Defining Supplier Diversity & Its Importance
What is a supplier diversity program?
A supplier diversity program is a business plan that takes a proactive approach to creating a robust base of suppliers for the procurement of goods and services that includes businesses owned by diverse groups that are traditionally underserved or underrepresented, such as minorities, women, and veterans.
Fulfilling print procurement through a minority business enterprise can be a win–win endeavor. The disadvantaged business enterprise gains increased revenue and new customers, while the procuring company demonstrates its commitment to diversity through its actions. Studies have shown that companies that earmark 20% or more of their spending to diversity suppliers report a 10–15% increase in their annual sales. As they continue to boost their diversity spending, these companies also grow their market share. Through continued support as a trusted supplier, minority-owned businesses gain access to the resources needed to stay in business, create new jobs, and contribute to their local economy and surrounding community.
Meeting Commercial Printing and Direct Mail Diversity Spend Goals
It’s not always easy to meet diversity spend goals. In the pharma industry, for example, it can be extremely challenging to find a diversity supplier for certain types of products and services, especially when a company has large-scale needs.
The same is true in commercial print and direct mail. There are many small, minority-owned companies that can meet sheetfed and digital printing needs but very few that can manage large-scale projects or produce products that require specialized equipment. Major corporations and organizations looking to increase their print and direct mail supplier diversity may have difficulty finding vendors that can meet and exceed their needs as a tier one diversity supplier.
Print partners that check boxes in diversity and service range do exist, and the Phoenix Group of Companies is proof. Made up of several minority and veteran-owned businesses, the Phoenix Group is a tier one diversity supplier able to handle commercial printing and mailing projects of all sizes and scopes. This allows corporate clients to find everything they need from one provider in terms of deliverables while accomplishing business-critical diversity spend objectives.
Are you interested in working with Phoenix? To learn more about our capabilities and experience, contact us today. Reach out to your Phoenix Group representative for answers to any questions you may have about diversity in commercial printing and our status as a tier one supplier.