EVOLVE Business and Professional Magazine May 2018 | Page 25

are the opportunities for growth. According to the Pew Research
Center, a Washington, D.C. nonpartisan fact-tank, the U.S. won’t
have a single racial or ethnic majority by 2055, with immigration,
in particular from Asia and Latin America, leading population
growth. Indeed, all racial and ethnic minorities grew faster than
whites from 2015 to 2016.
Florida is leading these demographic changes and is one of
the most multicultural states in the country. For example, 128
languages are spoken in Florida homes, from Spanish to French
Creole, Portuguese and Russian.
How can a company diversify its
supply chain?
With so much upside from supplier diversity, how can a
company add more minority firms to its supply chain? The
first step is to make diversity a strategic goal and establish a
clearly defined, measurable and trackable action plan that can
be pursued by management and employees together. Other tips:
join a diversity business council and create internal champions to
motivate everyone in the company to press ahead on meeting the
objective.
There needs to be more commitment from the top and
throughout the organization. This can come from policies in both
the public and private sector that encourage supplier diversity and
that will in turn reap the benefit from a more diverse supply chain.
Hispanic-owned engineering company recently came to us after a
year of struggling to get financing. We connected them to a bank
and within days the branch president was at the engineering
company’s office. A $3 million loan was made a few weeks later.
This was a win for both sides. The bank found a client it
otherwise may not have reached, and the engineering company
could fund its expansion.
The connections help, and a good way to make them is through
conferences. A great example are the connections that Barbara
Manzi, President of Manzi Metals, has made by attending the
FSMSDC’s Annual Business Expo over the years. Manzi has been
able to network with major companies, helping to grow her small,
Florida based metal distribution business into a market leader.
Minority suppliers must actively pursue deals with government
and in the private sector. These entities must also seek out minority
sup pliers. Supplier Diversity is a priority today and will become
even more of a competitive advantage in the future.
Making connections
At FSMSDC, we want to help companies improve supplier
diversity. We see ourselves as matchmakers. For example, a
Beatrice Louissaint is the President & CEO of the
Florida State Minority Supplier Development
Council, one of 38 affiliates comprising the
National Minority Supplier Development Council
whose membership includes 60% of the Fortune
500 and 3,500 corporate members nationwide.
At Cobb Cole, we’ve built our firm and
our reputation by dedicated service and
our long-standing relationships with many
of Florida’s most respected companies and
individuals. Our attorneys practice in
many areas with a selfless dedication to
our clients’ needs and a deep commitment
to our entire community.
OFFICES IN DAYTONA BEACH & DELAND
Call 386.255.8171 or visit CobbCole.com
WOMEN ARE WELL-REPRESENTED
AT OUR LAW FIRM. AND YOU WILL
BE, TOO.
For additional information or questions regarding this
message, please contact Matthew S. Welch, Partner.