Magazine article Business Credit

Growth of Minority- and Women-Owned Business Segment Leads to New Marketing Purchasing Opportunities

Magazine article Business Credit

Growth of Minority- and Women-Owned Business Segment Leads to New Marketing Purchasing Opportunities

Article excerpt

Minority- and women-owned businesses have become an influential force in the U.S. with more than 12 million such firms accounting for over $4 trillion in annual gross sales, according to research from the U.S. Small Business Administration (SBA). These businesses represent the fastest growing areas of the U.S. economy, and they are responsible for the strongest job creation among all U.S. businesses. Their growth is expected to increase well into the next century based on several forecasted market trends: increasing minority and female population demographics, corporate downsizing, a preference for business ownership and technological progress allowing easier entry into established markets. Within this flourishing environment lies an explosion of new marketing opportunities and supplier relationships for all businesses.

As minority- and women-owned businesses thrive, they present increased opportunities for companies to target specific markets within competitive industries and extend their market reach by diversifying their vendor/supplier base. Moreover, many federal and state government contracts require businesses to have a certain percentage of suppliers and/or sub-contractors from minority- and women-owned firms.

Since its founding in early 1997, Dun & Bradstreet's Minority- and Women-Owned Business Development Group has assisted a wide range of businesses in leveraging marketing and purchasing opportunities through the development of its comprehensive database, which now includes more than 950,000 women-owned businesses and more than 400,000 minority-owned businesses. Companies are using this database to help expand their market reach, comply with government sourcing requirements, reduce marketing costs, increase response, form strategic alliances with business partners and maximize business opportunities across their entire supply and demand chains.

Through the use of the D&B D-U-N-S[R] Number, a unique nine-digit identifier that is assigned to each entity in the D&B database, a wealth of information can be accessed including financial information; past performance information; mailing address; number of employees; headquarters, branches, parents and subsidiaries; payment experiences reported to D&B; suits, liens or other judgments in D&B's file; history; and operations. The amount of available information will vary for each business listed in the D&B database. D&B services also allow minority- and women-owned businesses to find similar firms in their industries or supply chain continuum to create ethnic, gender or geographically centered buyer/seller networks.

Free D&B D-U-N-S Number and Listing in Database Puts Minority- and Women-Owned Businesses 'On the Map'

Opportunities to do business with the U.S. government and "Fortune 500" corporations have increased due to federal or self-imposed mandates designating contracts strictly for women or minority-owned suppliers. By having a D&B D-U-N-S Number, and being listed in the D&B database, a minority- or woman-owned business can increase its visibility and compete more effectively in the market. …

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