There are 14 million women-owned small businesses in the United States. Proudly, ImageThink is one of them. Diversity means different things to different people – minority, ability, and veteran-owned. Because of this, ImageThink has had the privilege to expand our network, and learn about the unique strengths and perspectives diverse business owners bring to the businesses they run, the clients they help, and the employees they support.
Since 2012, we’ve been a member of the WBENC. Within the last few years, we’ve obtained our M/WBE certification and partnered with organizations like the Diversity Alliance for Science to draw attention to the critical importance, and outsized impact of diverse suppliers. By celebrating our unique status, we’ve been fortunate to have made incredible connections with diverse businesses and larger organizations who embrace diversity.
Exploring and embracing our status as a diverse business has not been without its challenges; but it has also been incredibly rewarding, offering a number of great lessons that we believe translate to you and your business.
The value of visibility
Visibility is a vital component for overcoming systemic barriers and achieving long-term success as a diverse supplier. Yes, the same is true for any business owner, but only in recent year has the wider business world begun to acknowledge the higher degree of difficulty non-white, non-male, and non-traditional founders face. Lack of visibility means lack of access to business opportunities.
For diverse suppliers, this challenge is perhaps felt more heavily, due to the fact decisions in procurement and vendor selection are influenced by established relationships and networks. In other words, in rooms and through connections that have been traditionally inaccessible for diverse suppliers. According to a study by Omnicom’s GDS&M, 46% of diverse-owned vendors reported that insufficient relationships with agencies severely restricted their ability to win contracts and grow their business.
The first step to fostering relationships? Get in the room. New platforms and social media are great for broadcast, but relationships are still largely built face-to-face, in person, and with a handshake. Go, physically, to where your clients are, and make yourself consistently visible.
A great place to start is through diverse organizations within your industry or your target client’s industry. ImageThink has found an incredible network of peers, clients, and advocates through our work with DA4S. These platforms create a space to showcase your offerings, along with the distinct value you bring to the table. Continued visibility in such spaces establishes trust and credibility in the industry that creates real connections and valuable strategic partnerships.
Embrace your identity as a diverse supplier
Year after year, companies continue to prioritize diversity in their business ecosystem. Statistics show that companies who commit to supplier diversity generate a 133% greater return on procurement investments than their counterparts. These figures affirm the investment global organizations – like our clients – are willing to make to diversify their vendors and partners.
In fact, there’s often an incentive for procurement teams to recommend diverse suppliers, often making the onboarding or proposal process more friendly to businesses who enjoy this status. Which isn’t to say it’s easy. There is extra legwork in achieving and maintaining diverse status, and many companies have their own – sometimes byzantine – portals for identifying these suppliers. Those barriers are quickly offset, in our experience, by the expedited bid process, smoother contracting and expedited payment terms.
By owning your status as a diverse supplier, you can actually level the playing field, and compete with much larger, more established organization, that have whole divisions devoted to winning your potential clients. These advantages don’t just help small businesses like ImageThink either. They help teams and leaders who are trying to accomplish goals within massive organizations and can save critical time and effort jumping through their own hoops. Put more directly, think of diversity status less as a label and more as a skeleton key. It will open countless doors; but you still need to get the key and have it in your pocket.
Find your community
Committing to connect with other entrepreneurs and industry leaders is the key to the knowledge, resources, and support that will propel your business forward. This shared repository of learnings is one of the few ways that small businesses can stay in the game against huge multi-nationals with seemingly endless resources. The unique, reciprocal relationships you establish with individuals and groups provides a space where you can share best practices, gain valuable insights, and stay informed about industry trends that directly impact your business.
Whether by leveraging social media platforms like LinkedIn, attending networking or industry events, or by engaging in community initiatives, the opportunities to expand your network of peers and leaders is plentiful. Occasionally, you’ll form a connection with a fellow diverse supplier who offers a complimentary service to your own; suddenly, there’s two teams marketing your services. Additionally, achieving diversity status can open the door to officially supported corporate mentorship opportunities, where experienced leaders can offer personalized guidance to help you navigate challenges, and make strategic decisions.
All in all, embracing your status and joining the ranks of diverse suppliers isn’t just about networking or checking a box – it’s about creating a support system that drives your business forward. By investing time in building and nurturing your support system, you create a community that ensures you’re never alone in your entrepreneurial journey.
