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.
THE OMX BLOG
Procurement opportunities, insights, and market intelligence
OMX is the world's most powerful procurement database and platform. We connect buyers and sellers in global supply chains and ensure that you have access to the best and most relevant opportunities.
Latest posts in local-spend
Partnering Up with SMBs and Building Your Business' Success
Why Diversity & Buying Local is Key for Small Businesses
Buying local isn’t solely reserved for the final consumer or for big businesses. Although big business is an essential factor for social accountability, as per the Economist, small businesses are key in leading by example and practising what they preach too. While outsourcing globally may be convenient in terms of supply and economic reserve, spending locally can create a ripple effect in support of the primary community with an increased ROI as well.
Sourcing local is often mandated in order to receive approvals in the energy or mining sector, or to win government bids in infrastructure, transportation or the defense/aerospace sectors. It is also increasingly performed by companies who are wanting to put their best foot forward in demonstrating their commitment to the local community and to maximizing socio-economic impacts or meet their environmental, social and governance (ESG) goals. Assessing your local expenditure throughout your supply chain can provide you with an accurate assessment of your business’s potential performance in a more strategic socio-economic sphere.
Nigeria emphasizes local spend in N$1 trillion construction industry - leads sustainable development efforts among African countries
Earlier this month, AICCON estimated Nigeria's construction industry at N$1 trillion (USD$2.7bn or CAD$3.5bn) - with over 20% of that coming from the federal Ministry of Power, Works, and Housing.