In today’s global market, political and economic instability can catalyze market turbulence all too often. On top of this, changing trade laws and disruptive policy developments are beginning to perpetuate the business world. As a result of these unstable times, businesses are encouraged to enforce well-defined procurement processes in order to better manage their supply chain and any associated risks.
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Partnering Up with SMBs and Building Your Business' Success
In the case of a strategic business partnership, bigger isn’t always better. In fact, opting to support small-medium-businesses (SMBs) could lead to the success of both your company and your new partnership. The reasoning behind this has been succinctly described by Business Tech Africa as when an entity grows beyond a particular size, it runs the risk of becoming slower in adapting to change.
Buying from local mining suppliers is full of benefits for both the organizations in charge as well as the communities that the projects take place in. Local spending on goods and services, notably, leads to an increase in job creation as well as income generation. On the other hand, organizations can reap the benefits that come from easily obtaining a social licence in order to operate, decreasing costs in the long run and for achieving a prosperous bottom line.
Infrastructure projects should have the potential to provide notable opportunities for local communities. Often these opportunities lead to the creation of new jobs, long term investments and thereby, increases the chances of strong, long term economic growth. With this in mind, local governments are increasingly looking for policy tools to help promote socio-economic impacts, thus requiring infrastructure businesses to source locally, a policy referred to in North America and the UK for instance, as Community Benefit Agreements (CBA).