By Andy Alexander
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The 2007 “Best Corporations for Veteran-Owned Businesses (VOB)” understand the sound business case in using VOB suppliers. Corporate America represents an estimated $80 billion-plus annual opportunity for VOB suppliers. Unlike the federal government and its prime contractors, the vast majority of these companies are not mandated by law to use veteran suppliers, but some still do. They do so not because it is the “right thing” to do, but because it makes great business sense – they “get it.”
More and more corporations are quickly realizing that working with veteran-owned businesses is a “win-win” for both sides; companies get highly-proficient suppliers to meet their supplier diversity goals while veterans get to prove their mettle once again on the corporate battlefields and continue to grow their companies.
Currently only an estimated 10 percent of the Fortune 1000 has written VOBs into its supplier diversity policies, but that number is rapidly growing. The vast majority of the Fortune 1000 companies do not have a 3 percent mandate; if they all volunteered to hit a 3 percent goal, it would yield a massive $80 billion opportunity to VOBs.
Veterans Business Journal(VJB) recently recognized the efforts of the companies that “get it” by naming them as members of the prestigious 2007 “Best Corporations for Veteran-Owned Businesses.” From some of the largest corporations in the world to mid-sized firms, these 10 feature dedicated teams of supplier diversity professionals, many with top-down mandate from their executive leaders to engage the veteran business community.
The VBJ Top 10 realize their business case is not wrapped in government mandates, but it is demonstrated in capable suppliers that have a positive outcome on their bottom lines. Military experience and training provides VOBs with a competitive advantage over non-VOBs by showing people that the “stuff” that makes them veterans happens to be the same “stuff” that makes them great business owners. These companies “Buy Veteran” primarily for that reason, and not just out of some sympathetic notion of God and country.
The military teaches leadership, teamwork, integrity, resolve and ingenuity. These also happen to be the most important ingredients for success in running a business. These intangibles constitute what makes corporate America want to hire veterans as employees, and are the essence of what makes corporate America want veterans as suppliers. We applaud this year’s honorees for “getting it,” and look forward to their continued leadership and dedication to help spread the word of the value within the veteran-owned business community.
I encourage you to contact these corporations and share your business capability statements with them. Here’s a look (alphabetically) at the 2007 Best Corporations for Veteran-Owned Businesses:
