Rich Talk with Jamie Crump

Rich Talk with Jamie Crump

Rich Talk with Jamie Crump by Jamie Crump, Lead Consultant, Supplier Diversity, WBE Canada | President, The Richwell Group. Originally published in WBE Canada Magazine; Issue 11. Read our full magazine HERE.

Welcome to my inaugural column in the WBE Canada Magazine.

As we kick off the New Year, I thought I’d share a few tips for corporates and WBEs to get supplier diversity off and running in 2024.

Corporate Tip: If your company runs on a calendar year then you have a fresh, new budget. Pay for as much of your annual fees in Q1 as you can. As the years roll on, we all fall victim to cost-cutting measures. Pay for memberships, services, and expenses now that you know you need for the year, so they are paid for when your CFO comes calling. Talk to your controller/finance manager about how to space the expense out (or report the gap) for annual fees that are due at the beginning of the year.

WBE Tip: If your discipline around the use of a CRM system is not top-notch, put some practices into place to improve on that. A CRM is for more than a contact or lead list. This is where you keep all knowledge about contacts of all types. One thing I do is keep a recording app on the home page of my phone. It allows me to quickly capture everything from an upcoming milestone event to something I promised in a conversation. This is especially useful at an event where you are meeting a lot of people. Then listen to that app and capture everything in your CRM and calendar. You will remember key things about prospects when you see them next and never miss a promised deadline.

Corporate Tip: Add one non-spend metric this year. How many RFx did your company send out last year? How many were through Procurement? How many diverse-owned businesses were invited? How many responded? How many made it to the shortlist? How many contracts were awarded? How many got renewals? How many got a scope expansion over the life of the contract? These are all data points that can show where additional work may be needed. You wouldn’t roll out a major strategy without milestone metrics, this business strategy is no different. You don’t have to do them all right now, but you need to begin somewhere. If you already have some of these, add another and ensure you are doing something constructive with the data you are already gathering.

WBE Tip: Review the events you participated in last year and determine what value you received from each. Break them down to how many people/companies you met for the first time, how many you have met before but reconnected with, how many you had follow-up correspondence and/or calls with, meetings, and bid requests. Know where your success rate begins to decline the fastest in your sales process. Then go work on that piece. Come into the New Year with a bang – and ride that groove through the quarter. Remember if you have questions about how to proceed, WBE Canada is here to help.

Til next time –

Jamie Crump,
President of The Richwell Group

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Jamie Crump

Jamie Crump

Lead Consultant, Supplier Diversity, WBE Canada | President, The Richwell Group

Jamie Crump has focused her career in strategic sourcing and supplier diversity across a variety of industries including: banking, catastrophic insurance, heavy equipment rental, IT, pharmaceuticals, telecommunications, and welding and medical supply. A frequent speaker at sourcing, supplier diversity and leadership events across the U.S. and Canada, Jamie has also been responsible for strategic sourcing, business services and operations, software development, capacity provisioning, and supplier diversity over the course of her career. Crump is the author of Backstage Pass: Pulling the Curtain Back on the Business of Supplier Diversity, that takes a look at how supplier diversity interacts with other areas of business or cast members. Termed the missing business strategy, she shows how a supplier diversity business strategy makes a company more competitive and profitable.