There’s an old saying in corporate America that nobody gets fired for buying IBM. Buying from the big players is viewed as a safe move. And large companies have a reputation for stability and reliability.
But there are also major advantages to buying from small suppliers. Here are some of the reasons you should take a closer look at small vendors.
Diversity isn’t just for hiring and investment portfolios anymore. Social responsibility has become part of the procurement agenda.
It’s important to note that limiting your procurement to the Fortune 500 means you are missing most companies. According to the U.S. Small Business Administration (SBA), small businesses (500 employees or fewer) account for 99 percent of all firms and 41 percent of private-sector payroll. In 2012, there were over 240,000 small firms in the high tech sector, according to the SBA, and there are likely even more today.