Guest Commentator: Omar Council, Co-Owner, Unique Harmony Consultants LLC; Special Needs Housing LLC
How do increased opportunities for minority-owned, small procurement businesses positively impact their local community?
In my humble opinion, for communities to be fruitful and successful, a balance of economic prosperity, especially throughout the inner-city communities, is needed. An impetus for achieving this balance is increased business opportunities for minority-owned small businesses. As of April 2021, only 20% of Federal awards went to minority-owned businesses within the procurement business sector. Of that, only two percent went to African-American-owned businesses.
We believe if the percentage of awards for minority-owned businesses increased by five percentage points overall, with an increase to 10% for African-Americans, this would positively impact employment opportunities, neighborhood revitalization, and investment opportunities. The owners of these businesses will hire from the local communities that they are a part of while reinvesting some of their earnings back into the local economy where they reside. Examples of this are home improvement opportunities, donations to local religious organizations, and sponsorships for local youth sporting activities.
The success of local small businesses also sets an example for the entrepreneurial spirit amongst the younger generations. Everyone needs a positive example, mentor, or “Big Brother/Sister” to look up to. Showing positive examples serves an undervalued role within minority communities which counters negative societal influences that help denigrate the moral fiber within minority communities. That said, minority-owned small businesses within the procurement industry must exert themselves much harder, to set themselves apart from the fray and build a reputation of quality and reliability.
In conclusion, minority-owned small businesses are the backbone of many communities. Over the last 40 years, these businesses have seen a steep decline in ownership. It is the responsibility of government agencies to create opportunities for minority entrepreneurs to start businesses within their communities to help stabilize and revitalize the communities in which the owners live and work.
Through Recharge & Recover PHL, the Chamber is working with our members to position Greater Philadelphia as the new national model to learn, apprentice, and work in the jobs of the future.
This objective is part of five aspirations of Recharge & Recover PHL with the aim to support not only Greater Philadelphia’s recovery but to also provide a means to differentiate our region for decades to come.
Upcoming Event
[Virtual] Supplier Diversity: Building Inclusive Procurement Strategies
Thursday, February 24, 2022 | 10:00 a.m. – 11:00 a.m. | Held via Zoom
Learn from businesses championing supplier diversity to better understand how to start or enhance your company’s procurement strategies to be more inclusive and agile.
