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According to Employers For Equity, twenty percent of all new businesses in the US fail in their first year as compared to Black-owned businesses that experience a massive 80% failure rate in their first 12-18 months. The primary reason for the disparity that minorities face is the lack of resources. Their request for loans is often rejected, reporting the refusal rate to be twice as high.
Ghana-born Supply Chain Expert Alfred Indome specializes in helping minority small businesses become more competitive and efficient in the marketplace. Understanding the gap in the marketplace for minority business owners, the supply chain expert was inspired to launch Acumen Logistics, where he offers supply chain audits, tailored fulfillment strategies, training programs, and continuous support to the ones in need.
Being a part of this industry, Alfred targets to boost operational efficiency and competitiveness for Black-owned ventures, create employment opportunities in underrepresented areas, and promote inclusivity in the national supply chain. Noticing that only 7.6% of African Americans represent their community in the supply chain, Indome has made a commitment to mentor, educate, and advocate to help these diverse voices and talents in the industry play a role and be heard.
Alfred believes that black business owners don’t get as much access to resources. He sheds light that when this happens, it greatly affects their success. Business practices that are not as efficient can cost small entities up to 30% of their annual revenue. This can play a major role on whether or not a small business succeeds, especially during the first few challenging years.
Alfred believes in the theory that enhancing operational efficiency and competitiveness lends a hand in inviting a diverse culture into entrepreneurship. He shared, “by addressing inefficiencies, reducing startup failure rates, and promoting diversity, my company aims to optimize operations, reduce costs, and improve the success rates of black-owned businesses, fostering economic growth, creating job opportunities, and promoting inclusivity.”
We will begin to see a positive impact on minority communities when their businesses start flourishing in the market. It stimulates local economies, opens doors for more job opportunities, and contributes to equally distributing wealth and resources in areas that lack financially.
Alfred Indome provides three pieces of advice to entrepreneurs who are sailing in the same boat. He says,
“Conduct a comprehensive supply chain audit to help you identify the areas that need improvement. Then, Black Owners should develop tailored fulfillment strategies to smoothen the order-to-delivery procedure and ensure that their clients receive goods on time. If they come across training and mentorship programs, then use them to their benefit in building skills in supply chain management and operations.”
Alfred’s passion will make a difference by enhancing the efficiency and competitiveness of Black-owned companies, which are essential for the continued growth of communities. It will nurture economic growth, create job opportunities, and improve inclusivity so that more voices can play a role in American entrepreneurship.
He shared, “We aim to help black-owned businesses because there is a gap in the marketplace where these businesses face unique challenges, including lack of access to resources, that hinder their operations and success. I am passionate to help because we want to address these inequities and empower black-owned businesses to grow, create jobs, and stimulate local economies.”
Making small business ownership more accessible will promote diversity, giving a pathway for all Americans to launch and grow companies. This will result in the production of innovative products, cost-effectiveness, and a more dependable and adaptable economy.
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This content is brought to you by Melissa Moraes.
Photo provided by the author
