Chrysler Group Outlines Steps For Minority Suppliers In Today’s Economy.

Minority suppliers can survive a downturn in the economy by returning to the basics of business, said Jethro Joseph, Chrysler Group Senior Manager Diversity Supplier Development, during a recent automotive symposium in Detroit, Michigan. Speaking to an audience of manufacturers, suppliers, and business leaders, Joseph outlined strategies that minority suppliers might consider in today’s economic environment. According to Joseph, a supplier’s ability to quickly assess and react to the changing business environment may be a key barometer for success.

“Minority suppliers must shield their businesses from the stresses of the economy,” Joseph said. “One way to achieve this is by partnering with larger firms and majority companies. In this way, both can reduce their overhead and capitalize from the other’s expertise.”

For some independent suppliers, Joseph believes that the key to success in a troubled economy may be the company’s ability to deliver full-service quality. “Rather than sourcing to many suppliers, companies are viewing one-stop shopping as a more viable way to achieve cost-savings. Thus, many larger companies are looking for partners who can perform multiple functions.”

Additionally, minority suppliers must make continuous improvement a cornerstone of their operations. “It is apparent that companies favor those that place a high standard on quality,” Joseph said. “Companies that deliver quality products at competitive prices are better positioned to survive swings in the economic pendulum.”

According to Joseph, it is in the best interest of majority companies and the U.S. economy for minority suppliers to succeed. “At Chrysler Group, we want our supply base to reflect our customer base. We can help initiate that by helping minority suppliers grow and sustain their businesses.”

As an example, Chrysler Group has implemented the Minority Enterprise Initiative to support minority companies. This mentoring program provides minority suppliers with comprehensive business assessments to help them improve their current processes and become better poised for new business opportunities.

“Chrysler Group as well as other companies can demonstrate a long-term commitment to minority supplier success by offering mentoring programs that help develop and nurture existing and emerging suppliers,” Joseph said.

Joseph’s comments were made at the 2nd Annual Automotive Symposium sponsored by the Detroit Bureau of the Rainbow/PUSH Coalition.