I recently read an article from Instinct Magazine concerning how brands can support LGBTQ businesses in 2018. An interesting read and I’d suggest everyone check it out if they can. It’s short and includes an interview with one of its LGBTQ companies that sells popcorn. In it they discuss the importance of brand support for LGBTQ suppliers in 2018.
But I want to expand that. While support for 2018 is necessary, it is important for organizations to not simply stop there but continue their support their well defined strategy for future procurement opportunities. I have stated numerous times how important it is to create a strategy that includes small and diverse suppliers and now is the time. As we look forward to 2019, there will be many changing procurement strategies with an evolving economy and new policy emphasis with a new Democrat led House.
It is important for all companies to understand that demographics are changing. From a government that is more diverse its ever been, there is much talk about how long the Republican party can continue on its course. This message must be taken up by corporations as well and a new strategy around sourcing from businesses throughout the country must take place.
Supporting the next generation of businesses is no longer the right thing to do. It is necessary to continue an organization’s an economy’s growth.