Advice & Lessons Learned for Diverse-owned Suppliers

During the course of the LinkedIn Creator Accelerator, I’ve had the opportunity to speak with some extraordinary - and diverse - business owners. They have been honest and open with their advice, and the time I have spent with them has left me with little doubt about why they are so successful.

We talk about diversity because our goal is to recognize and celebrate our differences and unique capabilities, but what makes diverse-owned businesses is successful is one common thing: the indomitable spirit and dedication of their owners.

In this article, I’ve pulled together some of the best advice I have heard - but by no means is this comprehensive. It also isn't just advice for diverse business owners, but anyone who wants to be uniquely successful.

1. As Lisa S. Jones explained, the goal is to lead with your value proposition, convince corporate clients to invest in themselves by working with you, and then follow with your certification(s). Being a diverse-owned business can be a differentiator, but it is typically not enough to get a company to contract with you. The best, most effective differentiator you have is YOU!
2. Find strength in numbers. Leverage the insight, resources, and events made available by the certifying organizations that apply to your business - and if you qualify and have the bandwidth, consider pursuing multiple certifications to stand out further.
3. Prepare to play a long game. You’re ready to close the deal and grow TODAY, but corporations move a lot slower than that. With 2-3 year contract cycles being common, you may have to wait until the product or service you provide to come back up in the sourcing cycle.?
4. Build a relationship first. If you are pursuing more than a transactional relationship with your corporate customers, see if they are willing and able to work that way - and if they aren’t, move on… being able to check a box for them isn’t the opportunity you’re looking for.
5. Do your homework and figure out the supplier diversity program’s “Why.’ Programs vary in terms of focus, intensity, speed, and commitment. Invest your time and energy in the programs that have a clear vision and are willing to do the work to expand their impact.
6. Invest in yourself and your company’s competitive advantage. As Lenwood Ross pointed out , “The minority business community would be better served by real talk about entrepreneurship than specialized coaching based on their diversity status.” An owner’s race, gender, disability, etc. may be a differentiator, but it does not equate to a competitive advantage. Use everything about yourself to build an edge that no one can ignore.

One of my greatest realizations from these conversations came from an interview with Heather Fotch, Founder and ‘Toner Queen’ at Quality Imaging Solutions . She made a great point about self-advocacy needing to continue, even once the contract is on a supplier’s desk.

The lesson there? Speak up and insist upon what makes sense for your business. It is better to lose the wrong contract than to win it at great cost to yourself and your team.

When diverse-owned businesses are also small businesses, their challenges are similar to those any entrepreneur faces... but if they are savvy and make the most of the opportunity associated with securing and maintaining one or more diversity certifications, they can edge out the competition and continue to grow.

What additional advice would you offer… as a supplier diversity program manager or a diverse business owner? Share it in the comments so we can continue the conversation.?