Ethnically owned businesses
in Merseyside have new opportunity as corporations seek out diverse suppliers
WITH Merseyside's ethnic population now
standing at 8.14%, the region's business community has a powerful
opportunity for growth as international blue chip brands increasingly look
towards minority owned suppliers able to provide greater value.
Well documented evidence is starting to emerge that minority owned businesses
provide stronger value to their customers. Companies with established supplier
diversity programmes that include SMEs and EMBs generate 133 per cent better
return on their buying operations, according to research from leading strategic
consultant The Hackett Group Companies working with smaller and more diverse suppliers were also found to
spend 20% less on their buying operations and secure significantly greater
One example of the opportunities for diverse companies is Gibbs S3, an
ethnically owned business and Europe's fastest growing hybrid workforce
solutions provider, which has seen record growth this year.
Founder and CEO Farida Gibbs comments:- "International blue chip brands
are starting to recognise the growing importance of having minority owned
businesses as an essential part of their supply chain because of their ability
to provide a higher level of innovation and agility to problem solving.
Merseyside has a huge opportunity for economic growth by embracing it's thriving
ethnic business community. With some of the biggest blue chip corporations
around the world now looking to take on small and minority owned suppliers, its
ideal for companies in area that are looking to grow."
Gibbs S3 has become the only corporate level business to be officially certified
as an EMB (Ethnic Minority Controlled Business) by MSDUK, the country's leading
non profit membership organisation driving inclusive procurement. The firm has
seen record growth in its 10th year of business, with revenue growing 38% to
reach £41.58m; on track to hit £46m this year in the UK and £180m globally. The
company has also previously been certified as a Woman Owned Business Enterprise
(WBE) by WEConnect, the leading global supplier diversity initiative connecting
women owned businesses with multinational corporations.
Mayank Shah, MSDUK Founder and CEO, comments:-
"Despite the growing trend however, women and minority owned suppliers are
still underrepresented, especially in fields like technology and engineering. We
are absolutely delighted to be the 1st corporate level company officially
certified as an EMB by MSDUK, and with the increasing demand for minority owned
suppliers I hope many other companies will be joining us soon. We at MSDUK are thrilled
to welcome Gibbs S3 both in the capacity of a Certified Ethnic Minority Business
as well as a corporate member, which is testimony to the growth of ethnic
minority businesses in the UK."