In the United States, 29 percent of all companies are minority business enterprises (MBEs), and that number will continue to grow. It is important to ensure your company has a solid diversity, equity and inclusion (DEI) plan in place to work with MBEs so it doesn’t get left behind.
The benefits of partnering with a minority business enterprise are tangible. Working with a minority-owned firm provides diversity in thought and expertise, creating more well-rounded outcomes. Better outcomes can open the door for future opportunities for your company.
In addition, you’re helping a small business owner get a head start with your partnership. Most MBEs are funded with savings, credit cards and a lot of hope. A partnership with an MBE strengthens the local economy, creates job opportunities and helps a small business owner succeed.
Here are three steps you might leverage to strengthen your DEI initiatives:
There are a number of initiatives led by local chambers of commerce and other organizations that connect companies with MBEs to foster productive relationships. For example, Taylor Oswald was created through a partnership between Oswald Companies and Eddie Taylor as a true investment in the importance of growing minority firms. It’s important to view the process as a long-term commitment with traditional business outcomes as the focus.
“Your company’s dedication to diversity, equity and inclusion is not a quota; it should be the heart and soul of the culture of your company,” said Melanie Myers, organization development specialist at Oswald Companies. “DEI initiatives should be a reflection of the communities and industries you serve from employees, customers and vendors.”
Doing business with an MBE isn’t just good business for you; it is good business for the community. MBEs create jobs, opportunities and strong neighborhoods.
This article originally appeared on bizjournals.com.
Taylor Oswald, a minority-owned firm and partner organization of Oswald Companies, takes a global view of risk in the areas of property & casualty, employee benefits and health management, personal insurance management, retirement plan services and life insurance. To learn more, visit www.tayloroswald.com.
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