With Greater Manchester’s ethnic population now standing at 16.43% per cent, 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 per cent less on their buying operations and secure significantly greater value.
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.
“Greater Manchester has a huge opportunity for economic growth by embracing its 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 per cent 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.
“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 first 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.”
Mayank Shah, MSDUK Founder and CEO, comments: “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.”
