Do you know what you’d do if your most important vendor suddenly stopped meeting your demands? Are you prepared to launch a new product with the suppliers you have in place? If you aren’t sure, you should start by examining your supplier relationship management strategies.
Any good supply chain strategy requires the most accurate and up-to-date information. Without a deep understanding of which suppliers are most important to your company’s success and without a way to evaluate them, you could be in trouble. Similar to how accounting software helps you know where your business’s money is, functional SRM provides an overview of your supplier’s risks and strengths.
Ready to learn how the process works and how you’ll benefit from it? Let’s jump in.
The supplier relationship management process
There are two kinds of SRM: reactionary and strategic. Most businesses won’t prioritize SRM until something bad happens, and they need to take a closer look at how their suppliers function. This is reactionary SRM. If you have to use reactionary SRM, you should continue to examine and improve these systems to avoid problems in the future.
Strategic SRM is when you optimize processes involving vendors before problems arise. While this might not be possible for everyone, if you’re getting ready to expand into a new market, launch a new product, or you’re trying to figure out the most accurate inventory forecasting possible, you could begin thinking strategically to anticipate and fix issues.
Whatever kind of SRM process you’re in, the overall structure of it remains the same.
Segmentation
Segmentation is the process of examining your suppliers and figuring out which ones are most important to your business. Once you build these segments out, you can prioritize the most important ones. Focus on the suppliers and segments that are critical to the success of your business and those most likely to cause problems.
Set objectives
Setting objectives is one of the most critical parts of this process because it helps your company decide where to focus efforts, down to the most minute details. Once you set these objectives, you can measure supplier performance against them.
Establishing your objectives can be a long process, but there are a few good places to start:
- Start with the problem and work backward: If late deliveries are the problem, set a benchmark that you’d like to see the supplier meet. Then look back at the process and identify any areas that could indicate earlier delay. You can set an objective saying you want to receive a status report every two weeks before shipping to ensure things are on schedule.
- Read the contracts you’ve signed with the supplier: Your contracts should lay out expectations and what happens if those expectations aren’t met. If a service level agreement (SLA) doesn’t work for your business now, change them during an upcoming renewal.
Your objectives should include exactly how you will measure and evaluate your suppliers. These KPIs should help your team calculate how and where suppliers succeed or fall short. Using a scale is usually more helpful than a simple pass-fail system (though some metrics may be that clear), so work with your team to find a spectrum to place suppliers on.
Measure supplier performance
Now that you have your objectives, it’s time to look at your suppliers and see how they perform. If you’re in a reactionary SRM cycle, you’re probably seeing a lot of problems (or at least one big one). That’s OK – it’s why you’re doing this.
To get the clearest picture of vendor performance, you’ll probably need to talk to stakeholders in your own company and your supplier points of contact. Get all of the information you need to accurately compare vendor performance based on your newly developed objectives.
You may need to delegate performance tracking to team members who understand those vendors best. This might mean extra training to help them understand what supply chain KPIs they’re measuring and how you want that information formatted and delivered.
Measuring performance can be one of the most complex parts of SRM because of the number of factors that contribute to how a vendor performs. The better you understand how, where, and why a supplier is failing to live up to expectations, the better your governance and engagement plan will be.
Create a governance and engagement plan for suppliers
This part of the SRM is both internal and external. The internal part helps your team develop standards and processes for ensuring that deviations (late shipments, lower-than-promised quality) are properly tracked and reported. With specific and measurable standards, problems will be identified (and corrected) sooner than if you waited for an issue to bring production to a halt.
The governance plan is the external-facing set of guidelines your organization creates to ensure that a supplier meets the expectations agreed upon in conversations and contracts. This should include:
- Changing or updating contractual terms and conditions, including SLAs, to align with your company’s objectives. You should anticipate some back and forth with your vendors to hammer out an agreement.
- Talking to your suppliers more frequently to find ways to mutually improve the relationship. Remember, your main suppliers rely on your business just like you rely on it.
- Flexibility within the plan. Use supplier feedback to help make changes that set everyone up for success while keeping everyone accountable.
An engagement plan means optimizing communication with your supplier and finding ways to learn more about your supplier to better understand how their process works in regard to your business. Regular supplier surveys and interviews can help you learn more about how they function, what their priorities are, and how your company can better interact with them.
Great SRM means you’ll experience many benefits, including saving money and being better equipped to weather potential supply chain or distribution challenges. Here are more examples of how vendor relationship management can help.
Better relationships with suppliers: Everyone benefits when you and your suppliers are on the same page and working together. Better relationships can mean better prices or priority over others.
Reduced supplier risks: Knowing how risky working with a supplier is means you’ll make better decisions about who to work with now and in the future. Your SRM can help current vendors improve their business, thereby improving your business.
Better overall value chain: SRM can help you find areas of improvement in your overall value chain. This keeps costs low and efficiency high.
Improved scalability: Knowing what your vendors can handle will make scaling easier. Knowing where the pain points in your supply chain are before expansion will save money, time, and frustration.
Improved brand image: When every step in your production and distribution process works efficiently, your brand improves. Reliability and predictability are two significant factors for retention and earning new clients.
Faster time to market: No matter what industry you work in, another company will always be ready to take your market share. With an optimized SRM, you can get to market sooner and maintain your customer base.
Managing supplier relationships isn’t completely straightforward or even easy, though. There are challenges to overcome along the way.
Supplier relationship management challenges
Managing professional relationships can be difficult, but those problems can grow when each business has clear objectives. Remember that you may not be your supplier’s most important client, even if they’re vital to your success. But that isn’t the only challenge that SRM can present:
- Lack of supplier transparency: Not all suppliers will be willing to share all the information you may need to set objectives, gauge their work, and develop a new strategy for improvement. If you notice a lack of visibility, try explaining the benefits for their company and yours.
- Difficulty aligning with suppliers: Some suppliers may not be willing to make the changes you would like. This might be because they prioritize other clients or don’t want to take on extra work. You may need to begin searching for other vendors willing to work with you.
- Focusing only on cost reduction: Reducing costs is one of the big perks of SRM, but it shouldn’t be your sole focus. If you look for the lowest prices, you won’t end up with the best products. Try balancing cost with reliability and quality to find vendors that deliver on more than price.
- Unclear objectives and measurement systems: No SRM system is perfect, and it is easy to not be exact enough, especially when you’re getting started. For every objective, look for ways to bring cost, time, defect rate, and other tangible factors into the equation. The same goes for measuring success – if no number is attached, it isn’t specific enough.
Over time, your SRM practice will improve, especially when it comes to your internal criteria.
Supplier relationship management tools and best practices
There are several tools and supplier relationship management best practices that will make the process more successful, including:
- Supplier relationship management software: SRM software consolidates all relevant information in one place. That makes it ideal if you have multiple people on an SRM team or several stakeholders adding and accessing information separately.
- Creating an SRM position or department: The scope of SRM is big enough that you may need a dedicated SRM manager or even an entire department to get the most value out of the process.
- Value mapping: This practice evaluates vendor risk and growth potential to see the true benefits (or drawbacks) of using a supplier.
One of the best practices is to regularly evaluate supplier relationships and your company’s SRM process. It’s a balancing act ensuring your requirements are being met while still fostering good working relationships with the companies that are an integral part of your supply chain.
Optimize and strengthen your supply chain
Examining and optimizing your supplier relationship management practices is an important part of your supply chain management. Another part of it? Using job costing to determine just how profitable your products are and whether they could become profitable with a different supplier.
This article originally appeared on the QuickBooks Resource Center and was syndicated by MediaFeed.org.
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18 loans for Hispanic-owned businesses
There are nearly 5 million Hispanic-owned businesses in the U.S., making this the fastest-growing segment of U.S. small businesses, according to the U.S. Small Business Administration (SBA). Yet, despite these big numbers, Hispanic and Latinx business owners frequently face challenges accessing capital and, as a result, often can’t successfully scale their businesses.
Fortunately, a number of organizations and government agencies in the U.S. are stepping up to address this unmet need, offering loans, grants, and other financing options to Hispanic and other minority entrepreneurs. These minority business loans may have lower interest rates and be easier to qualify for than some traditional loans. Here are 18 financing options that are worth checking out.
(Learn more: Personal Loan Calculator)
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To qualify as a Hispanic-owned business, more than 50% of the company must be owned by people of Mexican, Puerto Rican, Cuban, or other Hispanic origin. Currently, nearly one in four businesses are Hispanic-owned.
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A minority business loan is a small business loan designed to provide financing options for underserved communities. While minorities are free to apply for any business loan, minority business loans may offer more competitive rates and have less stringent qualification requirements.
Groups that are considered minorities in the U.S. include African Americans, Asian Americans, Hispanic Americans, and Native Americans. Women are also considered minorities for many types of loans, as well.
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The following lenders offer different types of small business loans to Hispanic and minority entrepreneurs and were chosen based on our analysis of search volume.
1. Accion
Accion is a nonprofit financial institution that invests in underserved communities and offers low-cost lending opportunities to Hispanic- and minority-owned businesses. The Accion Opportunity Fund provides loan amounts from $5,000 to $100,000, and is quick and easy to apply for online.
Accion offers two types of small business loans — the Southern Opportunity and Resilience (SOAR) Fund and the Small Business Progress Loan. SOAR is geared toward those in the south and southeast who experienced economic hardship from the COVID-19 pandemic and have been in business since September 2019 or earlier. The Small Business Progress Loan, on the other hand, is open to all minority-owned businesses and women entrepreneurs, and is partnered with American Express.
Accion also offers online resources, events, and networking opportunities (in Spanish and English) to help minority business owners learn and grow their companies.
(Learn more at: Home Affordability Calculator)
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The Community Development Financial Institutions Fund (CDFI Fund), which is part of the U.S. Treasury, gives funds to companies and organizations that help underserved people and communities. Minority business owners can reach out to local banks and nonprofit groups that have received CDFI funds to discuss and apply for low-cost business loans.
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The owners of Camino Financial were inspired to start their lending business in order to help people like their mother, who lost her Mexican restaurant business when they were children. To that end, they offer simple and affordable loans to small businesses who find it difficult to borrow through banks. They offer bad credit loans, secured and unsecured loans, microloans, and working capital loans up to $35,000. To qualify, your business must have been in operation for at least nine months and generate annual sales of $30,000 or $2,500 a month.
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The U.S. Small Business Administration (SBA) offers several financing programs that can help minority-owned businesses get access to the funding they need. Here are two programs you may want to check out to find a Hispanic small business loan:
Microloans
The SBA microloan program is administered by an intermediary network of nonprofit community-based lenders, rather than traditional banks. Through these lenders, the SBA aims to reach lower-income communities and minority-owned businesses that are often overlooked by traditional lenders. These loans come with low interest rates, six-year terms. and loan amounts up to $50,000.
Community Advantage Loans
The SBA’s Community Advantage loan program provides up to $350,000 in capital and is specifically designed to meet the needs of business owners in underserved communities. To qualify for an SBA community advantage loan, business owners need to have good credit and a strong business plan. However, the business’s balance sheet and amount of collateral will not affect eligibility.
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By offering crowdfunded loans with 0% interest, nonprofit Kiva is working to lift barriers to capital often faced by entrepreneurs from underserved communities. To apply, you need to market your Hispanic business to the community of 1.9 million individual lenders. These lenders can then choose to lend your company as much as $15,000 and you’ll have up to three years to repay them.
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CDC Small Business Finance is a nonprofit whose mission is to provide access to affordable and responsible capital to underserved entrepreneurs, including minority, veteran, and hispanic business owners. CDC offers loan amounts of $20,000 to $350,000 with five- to 10-year terms. They also offer SBA 504 commercial real estate loans of $250,000 to $40 million.If you are looking for advice to rebuild your credit, develop your business strategy, or manage financial reports, you’ll appreciate having access to small business advisors through CDC.
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Grameen America strives to achieve racial and gender equity by providing microloans of up to $2,000 to female and minority business owners. As part of their program, borrowers can open free savings accounts with commercial banks and build personal credit as they pay off their microloans. Grameen also offers training and support to women who want to start businesses and rise out of poverty.
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The Latino Economic Development Center (LEDC) offers Hispanic small business loans of $500 to $250,000 that can be used to purchase equipment, expand a business, hire staff, or purchase inventory. The three types of loans offered by the LEDC are as follows:
- LEDC Growth Loan: Loan amounts up to $250,000 for established small businesses that have been in operation for a minimum of two years.
- LEDC Startup Loan: Loan amounts up to $20,000 for new businesses with less than two years of business history.
- LEDC Seed Loan: Loan amounts up to $5,000 for businesses with less than one year of experience and with plans to launch a company within three months of funding.
LEDC also offers free business advice and credit-building services, as well as a directory of latino-owned small businesses.
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The National Association of Latino and Community Asset Builders (NALCAB) provides funding to a network of over 200 nonprofit organizations that serve diverse Latino communities throughout the U.S. With NALCAB support, these partner organizations offer Hispanic loans, grants, professional training, and support.
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Hispanic small business loans aren’t the only way for your business to get funding. There are also minority business grants that can provide capital that you don’t have to repay. These grants are offered by federal and local government agencies, corporations, and nonprofits.
10. Grants.gov
Grants.gov is the largest database of federal grant opportunities. While most grants are not specifically targeted to Hispanic small business owners, awards are available for all types of entrepreneurs, especially those focused on healthcare, U.S. defense, and environmental protection.
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digitalundivided’s BREAKTHROUGH Program (powered by JPMorgan Chase’s Advancing Black Pathways) offers $5,000 grants to Black and Hispanic women in the Dallas, Texas area. digitalundivided also provides training and resources to help businesses understand their customers, find financing, and choose the right business model.
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The National Association of the Self-Employed (NASE) works to provide resources for all self-employed individuals, including Hispanic business owners. They offer Growth Grants of $4,000, which can be used for a variety of business expenses, including marketing, advertising, hiring employees, and expanding facilities.
Besides access to grants, becoming a NASE member allows you to connect with experts who can advise you on subjects like finance, healthcare, strategy, law, and marketing. NASE membership also gives you access to discounts on healthcare, software, tax filing, and business travel.
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Hispanic businesses located in rural areas that have fewer than 50 employees and less than $1 million in gross revenue may want to consider applying for a Rural Development Grant from the USDA. Grants vary in size and can be used for a variety of projects that aid business development in rural areas, including training, technical assistance, acquisition or development of land, building construction or renovations, equipment purchases, and pollution control.
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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are government grants from five different federal government agencies. These competitive grants are focused around tech and science and offer up to $1 million in capital (divided into two phases) to qualified small businesses.
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You may be able to find funding for your Hispanic small business through Candid.org’s Foundation Directory Online, which contains information on over 240,000 grantmakers in the U.S. Access to the directory requires buying a monthly subscription, but you can cancel at any time.
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Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is a grant designed for businesses that were hit hardest by COVID-19. The grant is worth $5,000 and is given to small business owners hoping to expand and recover from the effects of the pandemic. Awards go to those looking to uplift their communities with a focus on diversity, inclusion, and community investment.
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The Entrepreneurial Spirit Fund by SIA Scotch Whiskey awards $10,000 in grants to small businesses owned by people of color in the food and beverage industry. Created by Hispanic entrepreneur Carin Luna-Ostaseskis, one of SIA’s goals is to provide funding, mentorship, and community to small businesses.
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If you’re a woman entrepreneur, consider applying for the Amber Grant, named after Amber Wigdahl, who passed at the age of 19 and never got to fulfill her business dreams. Each month, at least $30,000 is given in Amber Grant money. Applying takes just a few minutes and winners are announced by the 23rd of the following month.
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In addition to the grants and loans, there are organizations that can provide technical assistance, training, workshops, and networking opportunities to Hispanic businesses. Below are some you may want to check out.
digitalundivided
With a focus on assisting Black female and Latinx business owners, digitalundivided offers virtual training and a fellowship program for entrepreneurs. It also offers a pre-accelerator program for tech-enabled startup founders who have already begun to build their startup, are pre-revenue, and need assistance in developing their business model, marketing, and strategy.
Minority Business Development Agency
The Minority Business Development Agency is an advocate for Hispanic and other minority-owned businesses, and offers research, conferences, and resources to help entrepreneurs. Its Enterprising Women of Color Initiative is aimed to help minority women succeed in business through various offerings.
USHCC
The United States Hispanic Chamber of Commerce actively promotes the economic growth, development, and interests of Hispanic-owned businesses. Members have access to events and business resources to support them in their growth. In addition, members get listed in the Chamber’s online Hispanic business directory.
SCORE
SCORE is a national organization that connects business owners to free mentors to help them learn and grow their companies. SCORE also offers free workshops and a robust online database of useful business content.
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Looking for — and applying for — a Hispanic business loan can feel like an overwhelming task. Here are some ways to simplify the process.
Consider Your Options
Before applying for a small business loan, it’s a good idea to take a look at your credit profile and business financials, as this will give you an idea of what type of loan you might qualify for. If you have excellent credit, solid revenue, and have been in business at least two years, you may be able to qualify for a long-term, low interest loan from a bank or SBA lender. If not, you may want to look into financing offered by lenders and grantmakers listed above, as well as online lenders (who often have less strict qualification requirements for loans).
Determine How Much Money You Need
To figure out how much of a loan you need to start or grow your Hispanic business, consider how you would like to use the funds from a loan, then create a detailed budget for your project, adding in some padding to account for unexpected expenses.
Consider the Best Location for Your Business
If you haven’t yet launched your business, consider what might be the best environment for doing so. You may want to explore the best metros for minority businesses, since they may have established communities of hispanic business owners and resources to help you.
Gather All Your Paperwork
Whatever type of funding you decide to pursue, you will likely need to supply an extensive amount of information about your business in order to apply. This often includes:
- Business EIN
- Industry
- Entity type
- Business license and permits
- Annual business revenue and profit
- Bank account statements (personal and business)
- Personal and business tax returns
- Balance sheet
- Proof of collateral
- Accounts receivable and payable reports
- Existing debt
- Commercial lease
- Purpose of the loan/grant
- Business plan
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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