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Talent wins games, but teamwork and intelligence win championships
– Michael Jordan

Networking looks a lot different now than even one year ago, and while everyone is adjusting to a new normal we’re highlighting the importance of still making and maintaining your business connections. In this blog we’ll share our thoughts on:

  • Business networking as a whole
  • Business collaboration and why is it good for your business in the long-run?
  • Role of Council For Supply Diversity in networking and collaboration for diverse business owners.

Business Networking

Business networking is meeting and establishing long-term relationships with other business owners. It involves meeting new people and other business owners who can have a direct or indirect impact on your business growth. Your business network can include people from or outside of your industry/niche, and can include friends, family, colleagues, business connections, and people from the social network.

Business Collaboration

Collaboration is a powerful tool and a key to long-term business growth. People or business owners collaborate to help each others’ business grow to a new level. With collaboration, you turn your connections into business partners forming an alliance based on the mutual benefit of all parties involved.

Why is collaboration good for your business in the long-run?

Business networking and collaboration are interconnected and almost interdependent. As you build a strong business network in or outside of your industry, you open doors of opportunity to collaborate with other diverse businesses. The right collaborations can have a powerful impact on your business. Here are a few of the long term benefits:

  • Maximize on each other’s strengths. Collaboration lets you leverage each other’s strengths for maximum business success. When businesses collaborate, they leverage the talent of all the parties involved. What one person is unable to achieve on his own, two or three have a better chance of doing it successfully.
  • Develop Better Ideas. Bringing a group of different minds together helps cultivate better ideas. When more people work to solve a problem, they have a better chance of finding the best solution. That is why, irrespective of the industry, collaboration produces the best results.
  • Make Greater Progress. When people collaborate with the sole purpose of growing their businesses, the outcome is threefold:
  1. They work more efficiently
  2. They leverage each other’s talent
  3. They develop new and innovative ideas

Collaboration is undoubtedly an effective and powerful tool to make greater progress in the business.

Don’t focus on you, focus on what you can give others.
– Daymond John
Author of The Brand Within The Power of Branding from Birth to the Boardroom (Display of Power Series)

Networking During Covid-19 with the Council

In the past we’ve conducted regular networking sessions for our members and diverse business owners. These diverse business owners include:

  • Women-owned businesses
  • Minority-owned businesses
  • Service Disabled Veteran-owned businesses
  • LGBTQ-owned businesses

These networking events were a great resource for business owners to meet other businesses and suppliers. They were also a powerful resource for probable collaboration between businesses and suppliers.

For the safety of our members amid the ongoing pandemic, we are not conducting face-to-face networking sessions. Rather, we are offering a number of virtual Educational and Personal Development programs that are a good opportunity for networking during the pandemic. Contact us to learn more.

Register as a Diverse Business Enterprise

Give your business a boost on a budget. Turn connections into collaborators and build successful businesses together.

Register with the Council for Supplier Diversity and give your business the fuel it needs to grow while also benefiting the community. Everyone wins. Registration is only $200/year and gives you access to all services the Council has to offer. Contact us to register.

Business Networking and Collaboration with the Council for Supply Diversity 

“Talent wins games, but teamwork and intelligence win championships” – Michael Jordan.

In his quote, the former professional basketball player prioritizes teamwork for a better success rate. Same goes for the business fraternity. Businesses and people collaborate to work towards the same goal of taking their business to a new level.

Here is a quick overview of what this blog will be about:

  • Business networking.
  • Business collaboration and why is it good for your business in the long-run?
  • Role of Council For Supply Diversity in networking and collaboration for diverse business owners.

Business Networking

Business Networking is meeting and establishing long-term relationships with other business owners. It involves meeting new people and other business owners who can have a direct or indirect impact on your business growth. Your business network can include people from or outside of your industry/niche. This network can include friends, family, colleagues, business connections, and people from the social network. 

Business Collaboration

Collaboration is a powerful tool and a key to long-term business growth. People or business owners collaborate to assist or potentially help each other to grow their business to a new level. With collaboration, you turn your business connections into your business partners. It is like forming an alliance with other businesses for the mutual benefit of all the parties involved. 

Why is collaboration good for your business in the long-run?

Business networking and collaboration are connected in a way that one needs to be accomplished to achieve the other. As you build a strong business network in or outside of your industry, you open doors of opportunities to collaborate with other diverse businesses. The right collaborations have a significant impact on your business. 

Let us see some of the reasons why collaboration is important to your business in the long run.

  • Maximize on each other’s strengths. No doubt crowdsourcing is a popular term when it comes to working towards the same goal. Likewise, Collaboration lets you leverage each other’s strengths for maximum business growth. When businesses collaborate, they leverage the talent of all the parties involved. What one person is unable to achieve on his own, two or three have a better chance of doing it successfully. This way companies can have a higher success rate with equal help from each and every member within the collaboration.
  • Develop Better Ideas. When businesses collaborate, brainstorming sessions make different minds cultivate better ideas. When more people work on a similar problem, they have a better chance of finding the best solution. That is why, irrespective of the industry, collaboration lets people produce the best results and develop better ideas.
  • Make Greater Progress. When people collaborate with the sole purpose of growing their business threefold, 
  • They work more efficiently
  • They leverage each other’s talent
  • They develop new and innovative ideas

Collaboration is undoubtedly an effective and powerful tool to make greater progress in the business.

Role of Council For Supply Diversity in networking and collaboration for diverse business owners

“Don’t focus on you, focus on what you can give others.” – Daymond John, author of The Brand Within The Power of Branding from Birth to the Boardroom (Display of Power Series)

We, at Council, conduct regular networking sessions for our members and diverse business owners. These diverse business owners include:

  • Women-owned businesses
  • Minority-owned businesses
  • Veteran-owned businesses
  • Black-owned businesses

These networking events are a great resource for business owners to meet other businesses and suppliers. They are also a powerful resource for probable collaboration between businesses and suppliers. 

Networking During Covid-19

For the safety of our members amid the ongoing pandemic, we are not conducting face-to-face networking sessions. Rather, we are concentrating on online networking between the members. 

Register as a Diverse Business Enterprise

Give your business a boost on a budget. Turn connections into collaborators and build successful businesses together.
Register with the Council for Supplier Diversity and give your business the fuel it needs to grow while also benefiting the community. Everyone wins. Registration is only $200/year and gives you access to all services the Council has to offer. Contact us to learn more.

“The ultimate resource in economic development is people. It is people, not capital or raw materials that develop an economy.”

Peter Drucker, Author of Managing Oneself (Harvard Business Review Classic)

Just like a company grows if its employees are efficient and hardworking. In the same way, a community thrives if its people are well-informed, collaborative and productive. This is how societies prosper, as more and more people contribute to the growth of their local economy – a cornerstone to national economic strength.

Defining Economic Development

Economic growth is directly proportional to the output a country produces, the jobs it produces, and the capital it stands on, to name a few factors. Whereas, economic development comes with economic growth and improved quality of life for the people and communities of the country. 

Economic development is an extensive and complex phenomenon that spreads its wings to economic, political, social, and cultural factors to ascertain its presence in any economy. Let us analyze a few of these factors. 

  • Availability of natural resources. The more the country can produce and trade, the better it is for the economy.
  • Physical Capital. The more the investment in factories, machinery, and roads to increase output and reduce human labor, the better it is for economic growth.
  • Population. The more the population, the higher the chances of unemployment. For an economy to flourish, it is essential to have a controlled population that can bring equal opportunities for everyone.
  • Human Capital. Education is a crucial factor in analyzing the economic development of a country. An educated and employed citizen adds to the growth of a country’s economy.

While there are endless factors that contribute to development in an economy, it would suffice to say, “economic development comes with economic growth, smart-paying jobs and improved quality of life”.

Why is Economic Development Important?

Economic development promotes economic growth, creates high-paying jobs, improves the quality of life of its people. Let us see some of the reasons why having a developed economy is important for a country.

  • Equal-paying jobs. In a developed economy, companies have the capital to create new jobs and can pay handsomely to their employees. 
  • Protection from downturns. A developed economy protects its people from economic downturns by fuelling itself with the capital it stands on.  
  • Industry exposure. A developed country not only helps the tourism sector but also aids in the growth of healthcare, defense, manufacturing, business services, technology, etc.

Achieving Economic Development in Under-Served Communities With Council for Supply Diversity

With the factors contributing to economic development in a country, it becomes viable that it is majorly the people of a country that aid in its economic development. 

However, the under-served communities in the US continue to face inequalities with respect to income, employment, education, health services, etc. The people in under-served communities suffer in finding jobs, opportunities to expand their business, exercise their right to quality education, etc. Development of these communities and their people is an integral part of growth and development of the US economy. Hence, providing these communities with quality education, respectful jobs, and equal pay aids in reducing poverty and unemployment that boosts the nations’ wealth and integrates American society.

Some of the diverse business owners that face inequalities are

  • Women-owned businesses
  • Minority-owned businesses
  • Veteran-owned businesses
  • Black-owned businesses

“At its core, the role of the council is to create enhanced access and opportunity for the many qualified diverse business enterprises in our region.”

Scott Drury, President, SDG&E/Sempra

We help diverse business enterprises with certification, verification, outreach and supplier development support. With our economic empowerment initiative, we help large corporations find outstanding suppliers and help diverse business enterprises to grow and succeed by directly working with these large corporations. 

We bring equal opportunities to people in economically weak communities. This helps them to come out of poverty, improve their quality of life and impact economic development. Our economic empowerment initiative leverages the economic fuel generated from business transactions between corporate organizations and other diverse business communities. This economic fuel boosts diverse suppliers to take direct action despite relying on potential passive outcomes and improve economic outcomes. 

Our Supplier Diversity initiatives work as an engine in boosting economic development in economically under-served communities. We are dedicated to expanding business opportunities for women, minority, service-disabled veteran business, black-owned business and other diverse business enterprises. 

Our current economic empowerment zones in San Diego County are:

  • El Cajon
  • National City/Imperial Beach
  • Escondido/San Marcos
  • Lemon Grove/SE San Diego
  • Vista/Oceanside

We also bring certain programs to help diverse business owners leverage the most out of our economic empowerment initiative.

  • Young Entrepreneur Academy. The youth is the future and hope of a country. It’s the young people that help in economic growth of the US. But from what we have seen, the youth in under-served communities have little/no exposure to the business opportunities. The main motive of Young Entrepreneur Academy is to help young men and women explore business opportunities and identify, plan and start their own business. The program aims at teaching them key fundamental structures, business development, industry knowledge and systems models that will give them a jump start to thrive as a diverse business owner. This is a 10-week program where the young men and women are given hands-on training with successful diverse business owners. Learn more about the program HERE
  • Call Service and Training Centers. Under this program, we provide diverse suppliers with call center services. It helps in the creation of new jobs for the under-served communities in our EEZ regions. The participants will learn about leadership, communication, customer support, etc. We also organize the council events under which the participants can meet several diverse business owners and our corporate partners. We also refer the graduates from this program to work with our supplier members, corporate members and other businesses. Under this program, we leverage state, county and local city agency programs to help out workforce in business development. Learn more about this program HERE
  • Community Meetings. Our bi-monthly meetings help diverse suppliers get exposure to diverse business owners and our corporate partners within each EEZ region. The main motive behind these meetings is to create an ecosystem of diverse business owners and diverse suppliers to boost their business and deliver a positive economic outcome. Learn more about the program HERE
  • Micro-enterprise Training. A 5-week workshop and coaching session teaching diverse business owners and suppliers on how to write an effective business plan. Participants are taught strategies in business, marketing, and finance. This gives the diverse business owners and suppliers the fuel they need to quick-start their business. It helps them to thrive in the business world and boost economic development in the US.

Register as a Diverse Business Enterprise

Register with the Council for Supplier Diversity and give your business the fuel it needs to grow while also benefiting the community. Everyone wins. Registration is only $200/year and gives you access to all services the Council has to offer. Contact us to learn more.

We are passing through the most critical time for business and finance as many analysts are predicting another economic recession is inevitable. One end-result would be scarcity of cash that will have a significant impact on Diverse Business Enterprises (DBE). 

DBEs know cash is the life force of a business. According to a US Bank Study, 82% of business failures occur either due to poor cash flow management or poor understanding of how cash flow contributes to the business. At every step, from establishing a business to operations and expansion, cash is the driving force that controls every action. But the major issue DBEs face is the reluctance and unwillingness of banks to lend them money. 

The Council for Supplier Diversity strives to facilitate DBEs securing the cash they need to sustain and prosper by connecting them with companies and financiers who have an interest in investing in small and diverse businesses. These lenders are selected based on their expertise and insight into supporting DBEs. You can keep staying at the point where you started by managing things on a day-to-day basis or you can plan big by benefiting from the Council for Supplier Diversity’s business lending services.

Take a look at the following opportunities made available to you with additional cash flow:

  1. Business Growth. Growth of any business is impossible without additional cash to spend on new possibilities. Marching towards any goal requires cash and once you have it, you are unstoppable.
  2. Bidding for new projects. DBEs thrive by winning new contracts and for bidding on new contracts you need cash to deposit before bidding. The additional cash makes it easier for you to bid on new projects.  
  3. Cover losses or emergencies. Business and losses are like day and night; always chasing each other and there is no way to survive a loss or emergency without cash.
  4. Funds marketing budgets. You offer excellent services and products but potential customers do not know about them and the only way to build a strong brand image and credibility is by launching a formidable marketing campaign that needs money. Additional cash is always handy to supplement your marketing campaigns.
  5. Inventory building. The efficiency of a business depends on always-updated-inventory but it can’t be done without cash. You can build a robust inventory to push your business towards a higher trajectory if you have sufficient funds.
  6. Equipment acquisition. Adequate equipment empowers your team to drive the business forward efficiently and effectively. You need regular upgrades to and purchase of new equipment to stay ahead in your field and you can only do it if you have cash.
  7. Reinvention and remodeling. Being stuck with the same business model brings down even the biggest of empires. Constant remodeling is essential to stay relevant and the availability of cash makes it possible for businesses to do so. 
  8. Operational expansion. Even if you are starting a business in a backyard, you would want to expand it globally. Hard-work, strategic planning, hardcore marketing and sufficient funds are what you need to realize your dreams.  
  9. Cash flow management. Nobody needs to be educated on the importance of cash flow management for a business but no matter how precise your finance team goes by, issues arise with the cash. But with additional money on your side, you can let go off all our worries.
  10. Keeps you competitive. Competition never slows down rather it intensifies with the arrival of each new player in the business and with enough money by your side, you can’t complain of not being competitive due to cash deficiency.

It suffices to say that additional cash is critical for the smooth functioning of your business. The Council for Supplier Diversity’s business lending services can be the lifeline for all the diverse business enterprises. 

The Council for Supplier Diversity can Help You Secure Lines of Credit

We can help you obtain the funding you need through our network of traditional and non-traditional lenders. Our lenders are industry leaders selected based on quality of product, and their willingness to offer special solutions to our diverse businesses. A high percentage of borrowers obtain the loans they need.

How it works:

  • Our service is FREE to registered diverse suppliers
  • All connections are based on your answers to a short survey
  • After you submit the survey, we connect you to lenders based on your profile

In addition to traditional lending, we have resources to help you regardless of industry, time in business, credit score, or most other reasons you may have been declined before.
Fill out this short form to get started – For Asset/Receiving Financing – or give us a call at (858) 537-2281.

Owning and running a business requires significant planning, resources, strategy and capital. While all the aforementioned things help you establish your business, there are certifications that will help your business stand out from your competitors, easing your journey to success. Acquiring certifications will add to the foundation of your business making you a worthy contender in the corporate world and can also improve your chances of securing a government and private sector contract.

Staying ahead of your competition may be your biggest concern, especially if they are already established in your market, leaving you to find opportunities for market share growth. Registering your business as a Diverse Business Enterprise (DBE) with the Council for Supplier Diversity and obtaining additional certifications might just give you a strategic advantage.

Here are some key certifications available for DBEs that will greatly boost your chances of growth.

  1. Small Business Administration: Apart from giving loans to small businesses, the SBA also certifies companies making them eligible to work on federal contracts.
  2. National Minority Supplier Development Council creates opportunities for minority business enterprises to connect to the hundreds of corporate members who wish to build relationships with trusted MBEs
  3. U.S. Business Leadership Network is recognized for its Disability Supplier Diversity Program. It certifies disability-owned business enterprises and, service-disabled veteran-owned business enterprises.
  4. Women’s Business Enterprise National Council is the biggest third-party platform that certifies woman-owned business in the United States.
  5. The Vets First Verification Program promotes on priority the service-disabled veteran-owned small businesses and the veteran-owned small businesses.
  6. National Veteran Business Development Council is the largest centre for veteran-owned business certification.
  7. LGBT-Owned Business Enterprise Certification from the National LGBT Chamber of Commerce (NGLCC)
  8. Most states have certification programs as well. The California Public Utility Commission is one example.

two chess pieces

How these certifications can be helpful for your business and why you should apply for them

  1. “Big fish eats little fish”, is a common instance in the corporate world. You certainly need some sort of connections to survive the competition and as a certified DBE, you get that protection.
  2. Certifications will establish your company as a preferred supplier for a network of thousands of corporate entities looking for diverse business enterprises for vendors.
  3. The federal government allocates 5% of its total budget for awarding contracts to small and disadvantaged businesses that hold specific certifications.
  4. Certifications increase your credibility with buyers while establishing your business as a trusted partner.
  5. Business diversity certifications make your business eligible for unique financial assistance opportunities. This assistance is available for companies that are in the start-up stage and those that are established. Additionally, as a minority, disabled, veteran and women-owned business, you are eligible for getting low-interest loans, grants and fiduciary benefits that greatly aid your business success and help you grow at a faster pace.

black coffee mug sitting on a desk that reads "you can win if you want"

The Council for Supplier Diversity can certainly help you do the heavy lifting

Certifications are one additional way you can differentiate yourself from your competitors as a diverse business enterprise. Remember to renew these certifications every year and do not forget to take advantage of the perks these certifications bring along.

Contact us to learn more:

  • (858) 537-2281
  • info@councilforsupplierdiversity.org
  • www.councilforsupplierdiversity.org

Research, innovation and development of new products and services have a valuable impact on US society. However small or big, every company has a role in boosting the nation’s economy. In the United States, small- and mid-sized businesses are responsible for 12% of the country’s total research and development.

Recent stats have also shown small businesses in the United States create two-thirds of new jobs. With 22 million Americans filing for unemployment in the last 30 days alone, small businesses will continue to play a vital role in the growth and resurgence of the economy.

What are R&D Tax Credits and Incentives?

The federal and state government offer numerous tax incentives to small and large businesses alike, called R&D tax credits. They’re aimed at providing cash credits and incentives to businesses so they continue developing innovative products and services that help boost the US economy. R&D tax credits act as a 10-15% return on capital invested in research and development.

Two men writing on a paper

These particular tax incentives to uplift businesses were introduced by congress in 1981 during the Reagan administration. Then in 2015, the R&D tax credit and incentive policy was made permanent by the federal government. It also decreased the eligibility bar to benefit small- and mid-sized businesses.

Now, businesses with less than $50 million in gross tax receipts can claim the credit and reduce their tax liability. Despite the longevity and benefits of the credits, many diverse business owners aren’t aware that they exist. Only 5% of small businesses claim the credit while 95% of large businesses take advantage of the benefit.

Covid-19 Business Relief Aid

With the present situation of COVID-19 in the US, the federal government has passed a bill of $2.2 trillion incentives for the aid, relief and economic security of the country. Out of this, $500 billion is set for large businesses while $377 billion is for the small business sector. This aid will help businesses pay their employees and continue running their organizations after the stay-at-home restrictions are lifted. This time seems like a great opportunity to claim your business R&D tax credits and use the money to research, innovate and develop business processes and functions.

woman working on computer leaning against the wall

The COVID-19 aid is in addition to R&D tax credits and incentives depending on your day-to-day business operations. Did you know:

  1. Impact from small- and mid-sized businesses: Only 5% of small businesses claim these credits even though the government favors small businesses given they create two-thirds of new jobs every year and are a major factor in boosting the US economy. Tax credits reduce a businesses’ tax liability and this money can be put back into the business for further research, innovation and development.
  2. State governments pay as well: Apart from the federal government, 36 state governments in the US, including California, also reward businesses with R&D tax credits.
  3. Claim for the last 3 years: Companies can claim the unclaimed tax credit incentives for the past 3 years if they haven’t already.

Your business qualifies for R&D tax credits if it:

  • Conducts research activity, innovates and develops processes, products, patents, formulas, software and prototypes,
  • Enhances or redesigns existing products and services,
  • Hires scientists, designers, engineers and/or other staff

Industries that qualify are

  • Manufacturing
  • Construction
  • Engineering
  • Textiles
  • Agriculture
  • Automotive
  • Financial Services
  • Software
  • Consumer Products
  • Entertainment & Media
  • Food Processing
  • Doctors
  • Dentists
  • Chiropractors
  • Medical Devices
  • Fashion Designer
  • Oil & Gas
  • Consulting
  • Chemical & Plastics
  • Telecommunications
  • Website Development
  • Paper & Forest Products

Tax Asset Recovery Program with the Council for Supplier Diversity

The state and federal government have both created numerous business tax incentives and credits over the years. However, many small and large diversity businesses have not taken advantage of these programs. In partnership with one of our diverse businesses, we now offer the Tax Asset Recovery program that can be of tremendous value to your company.

Most business owners are not aware and are entitled to these incentives. Recently a general contractor received back a profit recovery of $128K hundred thousand and a home health/hospice $1.1M million dollars. This could be the difference between staying in business and losing your business.

Many companies leave tens of thousands of dollars on the table every year because they are simply unaware of this program. We can help you learn more about the R&D Tax Credit, and why you may be qualified. Don’t let the word “R&D” stop you from thinking you don’t qualify, you just have to have a creative element to what you do.

Submit your information to learn more about Tax Asset Recovery through the Council for Supplier Diversity.

About the Council for Supplier Diversity

The Council for Supplier Diversity, established in 1999, is a nonprofit organization. The Council for Supplier Diversity represents the corporate outreach to the Diverse Supplier community. It is our purpose to facilitate business opportunities and market share growth for minority, woman, and service-disabled businesses through interaction with our corporate members.

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