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National Hispanic Heritage Month

August 22, 20220Comments
National Hispanic Heritage Month National Hispanic Heritage Month is celebrated in the US “to recognize the achievements and contributions of Hispanic American champions who have inspired others to achieve success.” What better time to reflect in…

Women’s History Month

March 4, 20210Comments
6 Fun Ways to Support Black and Latina Businesses this Women’s History Month Women’s History Month is here and you know the drill. In 2021 we’re on a journey together to diversify our spending…

Black History Month

January 22, 20210Comments
Black History Month Black History Month is fast approaching and many employees are still waiting to hear how their companies plan to live up to the statements about racism they made last summer. Whatever your…

MLK

January 14, 20210Comments
Dr. King urged followers to be customers of Black owned businesses. Did you get the Message? Dr. King’s last campaign was focused on economic justice. Sanitation workers in Memphis were fighting for better safety…

Hispanic Heritage Month

September 21, 20200Comments
Hispanic Heritage Month: A Call to Get Conscious Hispanic heritage month is a celebration of a diverse array of peoples and their achievements in the United States. For some, it means sharing the…

Introducing Conscious Customers

August 22, 20200Comments
Introducing Conscious Customers™ Long before the pandemic, it was clear that Black and Latin-owned businesses face an uphill battle to grow beyond a narrow customer base and deliver their compelling products and services to the…

Supplier Diversity

is a proven investment in the whole economy

Woman seeing the economic growth of her investment

When you invest in supplier diversity, your actions lead directly to economic growth for the whole economy. According to a report shared by McKinsey over the summer, “if spending with certified MWBEs doubled, to $2 trillion, from the current estimate of $1 trillion, that could generate $280 billion in additional income and four million jobs for minority populations and women.”:

What does that additional spending – and the resulting income and job creation – lead to that generates positive value throughout the economy?

Here’s more from McKinsey:

“About 210,000 of those new jobs would be in executive and management positions—which emphasizes the role MWBEs play in stimulating wealth creation and improving intergenerational outcomes: for example, children from high-income families are six times more likely to graduate from college,9 and families are 58 percent more likely to have health insurance when household incomes rise above $75,000.10 And every $1,000 increase in household income raises the employment levels of young adults in those families by 1 percent.11

Kori Hale is CEO of CultureBanx, a US media company covering the intersection of business, technology and innovation for minorities. In June, she wrote in Forbes that “diverse supplier representation will contribute to the long-term success of the U.S. economy” and  specifically, that “if 40% of the $50 billion that companies have pledged to Minority/Woman Owned Business Enterprises (MWBEs) went into these sectors, that would equal $20 billion in revenues for MWBEs. This would bring some 190,000 jobs and $15 billion in income for minority communities.”

The upshot is a validation of what supplier diversity advocates have been saying for a long time: inclusive, intentional spending is a strong tool for redress of past wrongs but also for broad economic impact. It is not just a moral obligation and not just a strategic choice that brings competitive advantage: Supplier diversity is a direct benefit to the entire economy.

As the fourth quarter unfolds you should be asking what your company, school or organization is doing with intentional purchasing at every level and making a plan to do more and better. Your company stands to gain from the effort, and the whole economy is depending on you.

For a free consultation on how to bring supplier diversity at your company, school or organization to the next level, reach out to us at ConsciousCustomers.com

Conscious Customers™ helps companies and organizations be more inclusive by putting Black and Latin-owned businesses at the center of their spending and engaging their employees in doing the same at home. Reach out for more information at info@ConsciousCustomers.com.