DFW MSDC drives economic equity with 1%-plus plan

The Dallas Fort Worth Minority Supplier Development Council recently held its ACCESS 2022 Business Expo. The expo's corporate sponsor was Oncor Electric Delivery Co. LLC. Its minority business enterprise sponsor was Telecom Electric Supply Co. seated (from left): Fred Moses, president, Telecom Electric Supply, and Allen Nye, CEO and director, Oncor; Standing (from left): Kallie Malmgren, senior director, transportation and distribution; Oncor; Grace Hastings, supplier diversity manager, Oncor; and Margo Posey, president and CEO, Dallas Fort Worth Minority Supplier Development Council.



After reviewing a study on economic revenue equity for minority-owned businesses, the Dallas Fort Worth Minority Supplier Development Council established a new strategic imperative and goal for the Council — growth of minority business revenue by 1%-plus per year. 


A study commissioned by the Michigan Minority Supplier Development Council and conducted by supplier.io Inc. indicated it will take minority-owned businesses 333 years to achieve revenue equity with white-owned businesses in the United States at the current rate of growth. 


The U.S. population is 40% minority, but revenues earned by minority businesses are only 9.4% of the total earned by private U.S. firms.


“We do not have 333 years to get things right,” said Margo J. Posey, president and CEO of DFW MSDC. “With a renewed emphasis on racial equity and supply-chain inclusion during the last two years, we decided now is the time to update our strategic direction. 

“We set a goal to increase minority business revenue by 1%-plus per year, starting this year,” she continued. “Last year, DFW MSDC [minority business enterprise] revenues totaled $7.45 million. With this target as the baseline, we intentionally plan to increase spend with MBEs by $99.5 million this year. Everything we do is being focused on achieving this goal and enlisting all our stakeholders to participate.”


When the Council’s board of directors reviewed the “333 years” study and actual revenue performance of DFW MSDC certified MBEs, it resolved to target a more aggressive approach to driving economic equity, Posey said. 


The board began to take stock of how to adjust its direction to produce significant impact within its supply chain and corporations. The “1% Plus Initiative” is designed to increase the total additional revenue spend with DFW MSDC certified MBEs by 1% annually with the goal of achieving economic racial equity in 15 years instead of 333 years, Posey said. 


“We believe we can generate significant impact upon our corporations and our community with a stronger focus on more fully engaging minority-owned businesses in the supply chain,” said Bonnie Clinton, chair of the board of directors, DFW MSDC.


“This initiative enlists the support of everyone associated with the Council — our working board, council staff, supplier-diversity professionals, supply-chain professionals and MBEs — toward a substantial goal. In addition, it is in concert with our mission to facilitate business connections between our buying entity members and certified MBEs,” continued Clinton, who is also vice president and chief procurement officer indirect procurement, Toyota Motor North America Inc..


“The Council has leveraged its collective voice to champion minority business inclusion in our businesses and community,” she said. “It seeks to further its influence through the establishment of the 1%-plus goal. The goal is a crucial step toward economic parity that will result in real economic growth for our communities and our country. It is the end purpose of the Council and its stakeholders.”


As part of the push to achieve the goal, the working board has divided into four major working groups:


  • Marketing – To tell the story of the 1% Plus Initiative, the Council and the success of council stakeholders.
  • Membership – To engage more fully prospective, new and existing buying entities and MBEs in helping to realize the 1% Plus Initiative.
  • Mentoring – To revitalize the DFW MSDC Mentoring Experience, including positioning MBE mentees for opportunities for utilization of their products/services after the Mentoring Experience.
  • Metrics – To establish measurable key performance indicators, or KPIs, that help champion achievement of the council’s goals.

“As part of the overall goal and direction, more emphasis will be placed on utilizing smaller firms with under $10 million in revenue,” said Pamela Nelson, DFW MSDC MBE Input Committee chair and Bracane Co. Inc. CEO. “Impact at the local level begins by utilizing these smaller firms located and producing goods and services locally. The pandemic’s impact upon the supply chain demonstrated the power these firms can deliver in turnaround time, acquisition of goods and competitive pricing. Their efforts create local and diverse jobs, as well as expand our tax revenue base.”


Throughout the year, DFW MSDC will be highlighting success stories and results demonstrating the strength of working to achieve the 1% Plus Initiative. 


To learn more about how you and your company can participate in the initiative, reach out to the Council at [email protected] or call 214-630-0747 to book an appointment to discuss.


To learn more about DFW MSDC and 2022 ACCESS, visit dfwmsdc.com.


Tags:

Dallas Fort Worth Minority Supplier Development Council DFW MSDC minority business economic equity Michigan Minority Supplier Development Council United States U.S. firms Margo J. Posey MBEs Toyota Motor North America Inc. Bonnie Clinton 1% Plus Initiative DFW MSDC Mentoring Experience KPIs Bracane Co. Inc DFW MSDC MBE Input Committee Pamela Nelson 2022 ACCESS


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