Minority suppliers have become an essential ingredient for companies as they look for growth around the globe.
Corporate CEO s are finding new ways to grow their companies in the face of a global economy that they believe won’t worsen but may not expand much in the next year either. That’s the takeaway from the latest annual CEO survey by PricewaterhouseCoopers.
The National Minority Supplier Development Council (NMSDC), a nonprofit corporate membership organization, is finding a similar view among its more than 460 national corporate members. “Some CEOs feel we’ve turned the corner,” says Joset B. Wright, president of NMSDC, “but others see soft buying power among consumers. When these companies start hiring again in greater numbers, we’ll see some real strength.”
Yet even while they operate in a global economy that seems to be going sideways, companies are certain about one thing: Asian, Black, Hispanic, and Native American suppliers are essential for future growth. The ability—and need—to do business around the world means that a diverse supplier base has become a critical competitive advantage for companies of all sizes. It not only allows them to take advantage of the best and brightest for the goods and services they purchase, but it also helps them better connect with their own diverse customer base.