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Supplier Diversity Should Not Be Viewed as Mere Altruism

March 1, 2010: 04:54 AM EST
The recent recession highlighted the view that minority firms tend to be more vulnerable to economic headwinds: they typically have more limited access to capital and corporate supply chains, and because they tend to be smaller on average, they generally have a smaller cash buffer. However, supplier diversity isn’t just about altruism; it can be mutually-beneficial. Using minority-owned suppliers helps distribute income to communities of potential customers. It can also provide a platform for innovation, as evidenced by the suggestion from Bromley Communications, a leading Hispanic advertising agency, that the Progresso brand from General Mills should introduce authentic Mexican soups. The use of Hispanic firms remains disproportionately small. One Hispanic business leader said that Hispanics represent some 15 percent of the US population, but less than five percent of contracts are awarded to Hispanic firms.
Rob Kuznia, "The Persistence of Supplier Diversity Partnerships", Hispanic Business Magazine, March 01, 2010, © Hispanic Business, Inc.
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