“Everyone has an opportunity to serve each other right now. If we can go out and serve the suppliers who are in need, we will have more robust relationships with them in the long term.”
Now that procurement professionals and organizations have absorbed the initial impact of the COVID-19 pandemic, we are stable enough footing to start to serve others – including our suppliers.
Many of the programs procurement has put in place in recent years have incentives partnering with small, diverse businesses. Those disruptive companies are now at high risk of being disrupted by the pandemic, in some cases permanently.
Amanda Prochaska is a long time procurement leader, working for companies like the Kellogg Company, Kraft Heinz, and MGM Resorts International. In 2019, Amanda founded HPP, a company that specializes in helping companies of all sizes achieve operational excellence by supporting the performance of their key suppliers.
HPP has set up a Recovery Program to help suppliers take advantage of assistance from the Small Business Administration (SBA):
- [4:20] Special steps being taken by the SBA, with backing from the US Treasury, to help small businesses affected by the COVID-19 pandemic
- [5:33] Government eligibility requirements for SBA loans and how the funds need to be used
- [7:47] The types of product and service suppliers that procurement may want to share this information with (i.e. facilities maintenance providers for buildings that have been closed down temporarily)