The world may be opening back up, but many businesses, especially small businesses, are still grappling with ongoing supply shortages and are looking to identify alternative suppliers. Leaders are reassessing strategies in favor of striking a balance between savings and reliability. In their search for stability, some leaders are searching closer to home for local suppliers who may have been previously passed over.
According to a recent McKinsey survey, 90% of supply-chain executives stated that they expect to pursue some degree of regionalization during the next three years. is implementing a new system to accomplish just that. They've recently created an online database to connect local suppliers with each other to strengthen the local manufacturing supply chain. While this is just one example, it underscores the benefits of local suppliers partnering with each other.
Some leaders worry that working with smaller suppliers might cost more due to their lack of scaled buying power, however any potential price increases can be offset by a variety of benefits.
● 43.2% are women-owned
● 19.4% are minority-owned
● 6.4% are veteran-owned
We have seen some of the benefits organizations can derive through purchasing from diverse, local businesses. There are various ways that you can help your local small and diverse businesses thrive through:
Next time you start thinking about ways to build a stronger supply chain, remember that part of the answer might be right down the street. Building relationships with these sellers now can help safeguard against future supply chain disruption while supporting small and diverse businesses within your community.
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