About NJDBAC
Welcome to the NJ Diverse Business Advisory Council – where diversity, innovation, and economic growth converge. As advocates for a vibrant business ecosystem, we firmly believe in the power of small and diverse businesses to drive positive change in the state of New Jersey. The NJ Diverse Business Advisory Council Advocates for Increased Procurement with Small & Diverse Businesses.
Our Mission
We are a group of individual chambers and advocacy groups who have come together to advocate for and facilitate increased procurement opportunities for small and diverse businesses across New Jersey. Through collaboration with government agencies, corporations, and community partners, we strive to create a procurement landscape that reflects the diversity and potential of our great state.
Why Small & Diverse Businesses Matter
Fueling Economic Growth: Small and diverse businesses are the backbone of our economy. By increasing procurement with these businesses, we not only stimulate economic growth but also create job opportunities that benefit local communities.
Fostering Innovation: Diversity fosters innovation. Small and diverse businesses bring unique perspectives, ideas, and solutions to the table, driving creativity and pushing boundaries. Supporting them in procurement initiatives ensures a continuous stream of fresh and inventive approaches.
Building Resilient Communities: Procuring from small and diverse businesses directly contributes to building resilient and self-sustaining communities. By empowering entrepreneurs from various backgrounds, we create a more inclusive and dynamic business environment.
Key Initiatives
Advocacy: We actively engage with policymakers to promote policies that encourage and prioritize procurement with small and diverse businesses. By shaping legislation and regulations, we aim to create an environment that is conducive to their success.
Education and Resources: The NJ Diverse Business Advisory Council is committed to providing educational resources and support to small and diverse businesses. From workshops to mentorship programs, we empower entrepreneurs to navigate the procurement process effectively.
Collaboration: We foster collaboration between businesses, government entities, and corporations. By creating partnerships, we amplify the impact of small and diverse businesses, leading to mutually beneficial outcomes for all stakeholders.
How You Can Support
Ways you can support the NJDBAC
Become a Partner: Join us in our mission by becoming a partner. Collaborate with us to create procurement opportunities that benefit both your organization and small, diverse businesses.
Stay Informed: Stay updated on our initiatives, events, and success stories. Knowledge is key to driving positive change, and your support matters.
Advocate for Diversity in Procurement: Spread the word about the importance of diversity in procurement. Encourage others to support small and diverse businesses, fostering an environment of inclusivity and growth.
The NJ Diverse Business Advisory Council envisions a future where small and diverse businesses thrive, contributing significantly to the prosperity of New Jersey. Join us in this journey towards a more inclusive and economically robust state.
Procurement in the Public & Private Sectors
The importance of procuring with small & diverse businesses
Procuring with small and diverse businesses holds significant importance for both states and private companies. Here are several reasons highlighting the importance of engaging with small and diverse businesses in procurement:
Economic Growth and Job Creation:
· States: Supporting small and diverse businesses stimulates economic growth at the local and state levels. It creates job opportunities, bolsters entrepreneurship, and contributes to a more robust and diversified economy.
· Private Companies: Engaging with small and diverse businesses can lead to the creation of new jobs and economic opportunities. This, in turn, contributes to the overall growth and sustainability of private companies.
Innovation and Creativity:
· States: Small and diverse businesses bring fresh perspectives and innovative ideas to the table. Inclusive procurement practices foster creativity and innovation in solving challenges faced by government agencies.
· Private Companies: Collaborating with small and diverse businesses enhances innovation within private companies. Diverse teams are known to generate a wider range of ideas and solutions, fostering a culture of continuous improvement.
Community Development:
· States: Procuring with small and diverse businesses supports community development. These businesses are often rooted in local communities, and their success directly contributes to the overall well-being of those communities.
· Private Companies: Engaging with small and diverse businesses demonstrates a commitment to corporate social responsibility. This fosters positive relationships with local communities and contributes to a company's reputation as a responsible and caring corporate citizen.
Diversity and Inclusivity:
· States: Inclusive procurement practices reflect the diversity of the state's population. It promotes equal opportunities and ensures that a wide range of businesses, including those owned by minorities, women, veterans, and other underrepresented groups, can participate in economic activities.
· Private Companies: Procuring with small and diverse businesses contributes to building a more inclusive supply chain. This not only aligns with ethical business practices but also enhances a company's reputation by showcasing a commitment to diversity.
Risk Mitigation:
· States: Diversifying the supplier base reduces dependency on a limited number of large vendors, thereby mitigating the risks associated with supply chain disruptions.
· Private Companies: Engaging with a diverse set of suppliers helps private companies manage risks by creating a more resilient and adaptable supply chain. This is especially crucial in the face of unforeseen challenges and market fluctuations.
Compliance and Regulations:
· States: Many states have regulations and policies in place that encourage or mandate the inclusion of small and diverse businesses in government contracts. Complying with these regulations is essential for adherence to legal requirements.
· Private Companies: Adhering to diversity and inclusion requirements in procurement is increasingly becoming a standard practice. It ensures alignment with regulatory frameworks, enhances corporate governance, and minimizes legal risks.
Competitive Advantage:
· States: Embracing diverse suppliers can give states a competitive edge by fostering a dynamic and competitive marketplace. This can lead to cost savings, increased efficiency, and better value for taxpayers.
· Private Companies: Engaging with diverse suppliers can provide a competitive advantage by tapping into unique skill sets, technologies, and market insights. It positions companies to adapt more effectively to changing market demands.
The importance of procuring with small and diverse businesses lies in the positive impact on economic development, innovation, community well-being, diversity, risk management, compliance, and overall competitiveness for both states and private companies. It is a strategic and ethical approach that benefits all stakeholders involved.
