View the entire newsletter for more articles: 2022 – NJAC County Biz – June
by Ferlanda Fox Nixon, Esq., Chief of Policy & External Affairs for African American Chamber of Commerce of NJ
“For the past 15 years, the African American Chamber of Commerce of New Jersey (AACCNJ) has sought to economically empower and sustain African-American communities through entrepreneurship and capitalistic activities within the state of New Jersey and via interaction with the National Black Chamber of Commerce, Inc.,” states John E. Harmon, Sr., IOM, the AACCNJ’s Founder, President, and CEO. “We are dedicated to this endeavor because we know the success of New Jersey’s Black residents and Black-owned businesses elevates the state overall and makes it more competitive. To that end, programs that promote diversity, equity, and inclusion (DEI) are essential.” Harmon points to supplier diversity programs as perfect examples of DEI initiatives that are good for both businesses and communities.
A 2021 study by the Hackett Group, an intellectual property-based strategic consultancy and benchmarking firm, makes a strong case for implementation of supplier diversity programs. The study results revealed that companies that participate in a long-term supplier diversity program experienced the following:
- a 133% greater return on investment than companies that used the suppliers they traditionally relied upon,
- lower overall operating costs,
- twenty percent (20%) less money spent on their buying operations, and
- new revenue streams.
“Not only do supplier diversity programs boost the bottom line of companies of all sizes, large and small, they also strengthen local communities,” posits Harmon. “As beneficiaries of supplier diversity programs, women-, veteran-, and minority-owned businesses create wealth in the community and generate jobs. Moreover, thriving women-, veteran-, and minority-owned businesses contribute to the local tax base and thus help to compensate fire fighters, police officers, and municipal employees; support education and health services; repair roads; sustain libraries; and much, much more.”
Recognizing that a strong local economy is essential in supporting a strong civic base, the AACCNJ steadfastly seeks to enhance its ability to be a critical source of information, inspiration, knowledge, and resources for the more than 80,000 African-American businesses and the more than 1.2 million Black residents throughout New Jersey. The AACCNJ serves as a mechanism for communication, program creation, and strategic implementation of initiatives and resolutions that help build New Jersey’s economic landscape at the local, regional, and state levels. The AACCNJ’s offerings include advocacy-building, community and government relations, business development, workforce-readiness training, and education attainment.
“We help diverse suppliers grow their businesses so they can become pillars in their communities,” Harmon shares. “As I have said on prior occasions, ‘we open lines of communication between government officials and suppliers; promote enterprise activity for women-, veteran-, and minority-owned businesses; elevate owners’ access to capital and visibility in key markets; and design customized mentorship and entrepreneurial programs for adults and youths,’” he continues. “Just like ‘a rising tide lifts all boats,’ supplier diversity programs benefit all constituencies.”