The Power of Procurement: How to Source from Women-Owned businesses
Overcoming challenges facing women-owned business enterprises: The private sector can reform corporate procurement policies and practices to be more inclusive to support to overcome challenges facing women-owned businesses. Strategic sourcing practices include:
- Increasing access to information and social networks
- Streamlining the application process
- Streamlining the contracting process
- Limiting contract sizes
- Establishing appropriate award criteria
- Providing feedback
- Paying promptly
Building corporate capacity and commitment: To reach a stage where gender-responsive procurement has become an integral part of the corporate culture and practice, an organization can develop a corporate supplier development plan for women-owned businesses, identify opportunities for women-owned businesses in strategic sourcing and supply chain management, etc. There are eight guidelines for introducing best practices:
- Establish corporate policy and top corporate management support
- Develop a corporate supplier development plan for women-owned businesses
- Establish comprehensive internal and external communications
- Identify opportunities for women-owned businesses in strategic sourcing and supply chain management
- Establish comprehensive supplier development process
- Establish tracking, reporting, and goal-setting mechanisms
- Establish a continuous improvement plan
- Establish a second-tier supplier program
To access this resource and learn more, click here.