The power of local sourcing
In today’s business landscape, the emphasis on “local content” has become increasingly prevalent, with many Australian companies setting targets to increase their procurement from local suppliers. While this focus on local sourcing is commendable, it’s imperative to ensure that it transcends mere tokenism and evolves into a genuine commitment to support genuine Australian owned businesses.
Who owns the companies you’re doing business with?
Recent events in the business world serve as poignant reminders of the vulnerability of Australian companies to offshore interests. Instances where iconic Australian firms have been acquired by foreign buyers underscore the need for a steadfast commitment to supporting local businesses. As these acquisitions occur, there is a risk that the unique expertise and talent that underpin these businesses will be eroded or overlooked. Are your procurement teams keeping track of ownership changes within your supplier networks?
Upholding ethical standards
Today’s consumers are increasingly discerning, choosing to support companies that align with their values. This trend extends beyond consumer choices to the businesses themselves and the partners they engage with. Reputations are now intrinsically linked, highlighting the risks associated with collaborating with entities that lack integrity. Recent ethical lapses at major consultancies serve as a stark reminder of these perils. In light of these corporate scandals and evolving stakeholder expectations, the relationship between suppliers and companies is under intensified scrutiny.
Buying local
It is imperative for organisations to prioritise partnerships with locally based and values-driven businesses. Not only does this shield companies from reputational harm, but it also demonstrates a commitment to meeting the ethical standards demanded by today’s discerning consumers and shareholders. As the business landscape continues to evolve, ethical collaboration emerges as a fundamental aspect of sustainable supply chain management. Is your procurement team conducting the right checks before onboarding new suppliers?
The strategic advantage of local partnerships
Authentic support for local businesses is not just a value-based imperative but also a strategic advantage for companies seeking to build resilient and sustainable supply chains. By partnering with local suppliers, companies can harness the wealth of local knowledge and expertise available, reduce their environmental impact, and cultivate stronger ties with the communities in which they operate. In an era of increasing geopolitical conflicts and climate change-induced disruptions to transport, reliance on vulnerable global supply chains poses significant risks to business continuity. By investing in local talent and resources, companies can enhance their agility and adaptability, ensuring their long-term viability in an uncertain and rapidly changing world.
Critical Input’s commitment to local businesses
At Critical Input, we recognise the significance of supporting local businesses and the pivotal role they play in driving economic growth and fostering community development across Australia. As a 100 per cent Australian-owned company, with 50 per cent Indigenous Australian ownership, we are deeply committed to empowering local businesses and enhancing our clients’ supply chain operations.