14BB
AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE SUN SENTINEL
MONDAY, APRIL 23, 2018
Supplier Diversity Matters
BUSINESS REPORT
By Beatrice Louissaint
In business, supplier diversity can
make the difference between a market
leader and a failing organization. A wide
array of suppliers allows a company to
collect inputs at competitive prices,
helping to improve its bottom-line
performance.
For better results, companies should
include minority-owned businesses in
their supplier base. This makes sense for
several reasons. The first is that
minority-led suppliers tend to be more
accessible and nimble. Hence, buyers can
reach a decision-maker if problems arise
with input or service delivery, or if a fast
solution is needed.
Second, minority suppliers must be
competitive if they want to win contracts.
This means they must run leaner and
smarter businesses, which translates into
better pricing, product and service for the
customer.
A third advantage for buyers is the
exposure to fresh ideas and creativity. A
report this year by McKinsey, a
management consulting firm, found that
companies with greater diversity in the
workplace are 21 percent likelier to
outperform their peers. The same benefits
come with supplier diversity.
As the president and CEO of the
Florida State Minority Supplier
Development Council, it is my job, and
my passion, to promote supplier
diversity. What I have found over the
past 18 years is that more inclusion yields
a competitive edge in the supply chain.
This is not just in pricing, but also in
access to suppliers with the cultural and
language competencies the buyer may
not have.
This can help buyers to think outside
the box and reach new markets.
Supplier diversity also helps a company
look like their customer base. This is
important in any procurement strategy,
especially B2C. If a company sells 20
percent of its products to a minority
group, the customers will want the
supplier base to reflect that. If it does,
this can boost the buyer’s image — and
help the local economy. Minority
companies tend to hire other minorities,
and this has an impact on job creation
and community development.
We’re living in an era of
hyper-connectivity. Any individual has
the power of driving mass support over
social media — if negative this can
tarnish a company’s image. As Warren
Buffett, the hugely successful investor,
once said, “It takes 20 years to build a
reputation and five minutes to ruin it.”
To learn more about supplier
diversity or how to establish your
company’s supplier diversity program,
log on towww.fsmsdc.orgor call (305)
7626151.
Beatrice Louissaint is president and CEO of the
Florida State Minority Supplier Development
Council, one of 23 regional councils affiliated
with the National Minority Supplier
Development Council. The FSMSDC acts as a
liaison between corporate America and govern-
ment agencies and Minority Business Enterprises
in the state of Florida. It operates U.S. Depart-
ment of Commerce Minority Business Develop-
ment Agency Business Centers serving southern
and central Florida. Learn more about the
FSMSDC atfsmsdc.org, or call (305) 762-6151.
BROWARD SMALL BUSINESS
Special to Legacy South Florida
Broward County’s OESBD helps aspiring
entrepreneurs with fourth business plan course
In an effort to strengthen the region’s
economic ecosystem, Broward County’s
Office of Economic and Small Business
Development (OESBD) is poised to
facilitate its fourth business plan
development course. The free program is
designed to guide aspiring and early-stage
entrepreneurs on the path to success.
FastTrac NewVenture, offered in
partnership with the Broward County
Creation Station Business, will run from
May through August. An information
session is scheduled for Wednesday, April
25 from 6 – 7:30 p.m. at the Broward
County Main Library (100 South
Andrews Avenue, 6th Floor, in Fort
Lauderdale). Interested parties can
register during the session.
“This course follows our third
NewVenture program held this past
summer which successfully graduated 10
entrepreneurs,” said OESBD Director
Sandy-Michael E. McDonald. “We are
gratified to present programs that
support the development and growth of
businesses in Broward County.”
Participants in Broward's FastTrac NewVenture program are aspiring or
early-stage entrepreneurs seeking guidance and success.
OESBD is responsible for enhancing
Broward County's economy by
recruiting new industries, supporting
existing industries, and creating new
employment opportunities for residents.
Working collaboratively with key
partners, the agency’s mission is to
promote job growth, diversify the
County's industrial mix, and expand the
local tax base. The FastTrac NewVenture
offering is consistent with that objective.
“As a Kauffman FastTrac affiliate, this
OESBD hosted NewVenture program
will help entrepreneurs refine their
business concept, identify the
components of a strong business plan,
and access the appropriate resources for
launch,” added OESBD Public
Information Officer Jasmine Jones. “At
the end of the course, completed business
plans will be evaluated and the top three
could be eligible to compete for seed
money. All participants will receive a
certificate of completion.”
Eligibility criteria for FastTrac
NewVenture:
• A well-thought-out idea for a new
business
• Two years of work experience
• Access to a computer to complete
assignments
• Conducted some market research
• Commitment to attend all sessions
(approximately 30 classroom hours) and
complete