7 Strategies to Drive Success in Your Supplier Relationship Management that Draws Maximum Value from Your Diverse Suppliers through Innovation and Collaboration

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Let’s make it clear up front—top companies recognize that they need good reliable suppliers. When you find one, which often can be a task in and of itself, you should treat them like gold! A good rule of thumb is to work as hard at building a good supplier relationship as you do building a good relationship with your customers or your fellow colleagues. Supplier Relationship Management (SRM) although a current trend that many companies are recently focusing on is not a new fad or business theory. The focus of SRM is to develop two-way, mutually beneficial relationships with strategic supply partners to deliver greater levels of innovation and competitive advantage than could be achieved by operating independently or through a traditional, transactional purchasing arrangement. So how do you create and nurture a solid relationship with your diverse suppliers? At Supplier Diversity Academy we have worked with hundreds of MWBEs preparing them to meet the aggressive demands of their corporate clients. We have also worked hand in hand with top corporations and supplier diversity executives to improve the performance of their supplier diversity initiatives and the relationships and development of their suppliers. This free report is designed to provide you with some practical strategies you can implement right away to drive innovation and collaboration within your supply chain. The expectation is that implementing and developing SRM will lead to the engagement of business leaders with suppliers in a way that enhances the brand, identifies opportunities for growth and strengthens your company’s market performance. Successful SRM can improve operational performance within the business and strengthen brand image externally. Let’s get started… 1. Craft a vision that Creates Clarity. Begin by developing a relationship vision and SRM team that is responsible for developing a clear, measurable value proposition for why your supplier diversity program exists in the first place. Doing this first will create a greater impact in your supplier relationship management efforts. The supplier relationship team should focus on these key areas: A. Establish final key performance indicators for a strategy to measure the objectives of your SRM program. B. Develop a system for metrics to instill discipline in the SRM program. C. Consult with suppliers to establish metrics in order to set a positive tone for change management. 2. Avoid the Supplier Diversity Silo. Many corporations have a tendency to develop their major strategic suppliers and diverse suppliers separately and in different ways. In doing so you prevent diverse suppliers from ever having the opportunity to become major suppliers. It is far more effective to develop all suppliers together under the same program. Also consider tasking the major

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suppliers to create opportunities for smaller diverse suppliers. These ideas create win-win situations for everyone involved, not to mention that the MWBE supplier population is growing, active and ready to assume leadership status. The working relationships formed now will influence success later. Use Media and Promotion to Increase Collaboration. In today’s sophisticated and intelligent marketplace, advertising a symbiotic relationship formed in SRM can build customer loyalty. Successful use of traditional and online advertising promotes a positive brand image and informs the market which is exactly why it should be a component of SRM programs. Consider the following tips to effectively use media to strengthen your program: A. Use a variety of mediums to advertise your networking and matchmaking events outside of the limited circle of councils and organizations. B. Utilize traditional print, press releases, forums, blogs and social media to freely share information. MWBEs sharing their success stories can inspire other diverse suppliers to pursue bidding opportunities. Large buyers sharing their success stories give customers a glimpse of the story that supports the success of their brand. Promote Self-Development. In order to meet the demands of your supplier diversity program MWBEs must be committed to continuous growth and development. Some of our clients have had success with incentivizing their suppliers to improve largely on their own. To do so consider the following strategies: A. When possible increase order volumes if improvement occurs within a specific time. B. Hold annual award ceremonies to recognize your best suppliers. C. Send quarterly reports to suppliers to let them know where they stand regarding quality, delivery, price, etc. Communicate Openly. One of the key principles of SRM is that buyers and sellers must be willing to freely share information through effective communication. MWBEs that have been successfully included in the SRM process get many of the same advantages they would get through mentoring programs including an insider’s view of corporate operations. Additionally, it is critical to the success of your SRM program to gain feedback from your suppliers and give them an opportunity to provide input into your program. Many MWBEs are strong CEOs. Show you value you them by inviting them to a focus group to exchange best practices and provide valuable feedback to your SRM team. Most importantly, your SRM team should be willing to change behavior and modify strategies based on the results of the focus group. Assume Nothing. Provide supplier diversity awareness training to your diverse suppliers to enhance understanding of supplier diversity and why it’s important. After the training assist suppliers in developing innovative approaches for meeting your specific supplier diversity objectives. A creative way to pull this off is by offering a contest to develop innovative ideas and approaches.

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7. Pick Up the Phone. In today’s world of email, technology and busyness we forget how effective AND appreciated direct human contact can be. Supplier relationship management is increasingly being accepted and implemented. Its effectiveness relies on your company effectively developing strategies to engage and develop your diverse suppliers and the willingness to change behaviors of those involved. You can think of SRM as a behavioral modification strategy as much as a procurement process. The above 7 strategies will definitely get you started in the right direction toward a successful program that increases innovation and collaboration. Should you need additional support and guidance, our SRM consulting services brings an experienced supplier perspective to drive improvements that enhance the initiatives of your overall program. If you would like a free discovery session to determine how we can help you drive success in your program by creating effective strategies or developing a plan to implement them, email [email protected] and we will contact you right away. As a bonus for downloading this report, you will also receive a FREE subscription to our email newsletter, Insights, where you will receive tips, tools, and strategies to improve the performance of your supplier diversity department and relations with your suppliers. We are here to help you Discover Possibilities, Enhance Performance, and Maximize Profits.

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Who We Are Supplier Diversity Academy specializes in diversity performance. We empower Minority and Women Business Owners (MWBEs) and Supplier Diversity to work together more effectively and profitably. Doing so results in economic development and increased vitality of communities at large. Our services help MWBEs to become stronger suppliers, enhance the leadership skills, productivity, and overall effectiveness of Supplier Diversity Executives, and improve Supplier Relationship Management. Additionally, we provide opportunities for MWBEs and corporations to connect and do business. Our knowledge of business development and capacity building forms our ability to understand our clients’ needs. We go beyond “off-the-shelf” training and customize our programs to exceed the expectations of those we serve and to ensure desired results are achieved. By exploring greater possibilities and putting the emphasis on people and performance, our clients are able to maximize profitability. Our mission is simple—to transform the way small business enterprises and corporations collaborate.

Our CEO

The Ultimate Connector Between Small Businesses and Corporate America Diversity Business Strategist and Corporate Marketplace Mentor Shayna Rattler is quickly becoming recognized as a highly acclaimed authority in minority business development and the ultimate connector between minority and woman-owned businesses and Corporate America. She helps these small businesses and corporations cultivate leadership skills and achieve greater success through business development and

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organizational excellence. Ultimately, she empowers the two to work together more effectively and profitably. Shayna Has Cracked the Code to Collaboration, Connection and Community Development Small businesses desire to do business with corporations and many corporations are committed to doing business with small businesses. Doing so effectively has proven to be a challenge for many. Creating powerful connections and successful partnerships through effective communication and collaboration leads to greater profits and ultimately economic development and increased vitality of the community at large. Whether engaging Shayna as a coach to navigate the corporate contract maze that boosts revenue in your small business, as a consultant to strengthen your supplier diversity department, or to speak to your audience, avail yourself to her relevant and abundant resources and knowledge. As a result, you will be better equipped to step through the door of opportunity for enhanced performance and greater profits than ever before. She is the person to turn to if you want to grow your small business by working with corporate clients because she has done so herself. This experience has also given her tremendous insight into supplier diversity and purchasing. Now she also provides support and guidance to large corporations to drive improvements in supplier relationship management and to advance the organization as a whole. By exploring greater possibilities and putting the emphasis on people and performance, her clients are able to maximize profitability. If you are a woman or minority business owner looking to do business in the corporate marketplace or a corporation seeking improved supplier relations and access to a constant pipeline of great talent, Shayna Rattler is the missing link. Her passion, vision, wisdom, and “get-it-done” attitude are the keys to your success. How Shayna’s Journey Serves You Fresh out of college, Shayna began her journey as an entrepreneur. By the age of 28, as a single mother, she created two successful businesses, making her an obvious go-to for business and life advice. She has over 13 years of business and management experience that she draws on to share with clients those essential elements that comprise her vision of entrepreneurial success, leadership, vision, and life. Over the years through her training and keynotes Shayna has empowered thousands to enhance performance, and to connect and do business for greater impact and profits. As a coach, author, and speaker she focuses on leveraging her expertise to positively impact the success of small businesses and the leadership of corporations. She shares the very strategies and methods she used to grow her own business and develop her as a leader. She developed a proprietary F.O.C.U.S. System™ she uses with clients to maximize their

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success. By combining knowledge and experience Shayna has built a reputation based on results. Her natural qualities as a leader are demonstrated in her service to the business community. She serves on several boards of directors and is active in Executive Women International, National Association of Professional Women, National Association of Women Business Owners, and Women Speakers Association. Shayna has been featured in several print publications and has been interviewed numerous times on television and radio. She has a BS from the University of Tennessee and is a certified Diversity and Inclusion facilitator. She received a certificate in the Strategic Mindset Process in 2011. Shayna is also the published author of Higher: 5 Powerful Principles for Entrepreneurs to Reinvent Themselves and Redefine Success to Earn More. She believes giving is a fundamental principle of business and life success and donates a portion of all company proceeds to Big Brother Big Sister of America and St. Jude Hospital.

Shayna was chosen as the National Association of Professional Women 2012 Woman of the Year for her industry.

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