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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:

1. Audit your vendor suppliers to determine the percentage of MBEs with whom you are working and the percentage of the overall contractual business you do on an annual basis. Prepare to be humbled by the numbers.
2. Once you have the true numbers from the audit, share them with your corporate leaders to determine who will be the champions for change and what the priorities will be. Remember, it’s a continuous process. Long-term relationships are important, but if you aren’t evolving, you might get stale in your business.
3. Establish an ongoing audit of your processes and progress to achieve your benchmarks. If you aren’t achieving your goals, determine what changes need to be made to reach them.

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.

About Taylor Oswald

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.

To learn more, contact us here.

(Sources: mbda.gov)