Georgia Minority Supplier Development Council
Written by Heather MacLeod Wednesday, October 07 2009
Q&A with Stacey J. Key
Certification remains strong despite economic downturn.
Stacey J. Key joined the Georgia Minority Supplier Development Council (GMSDC) in 2008 as president and CEO, after she spent 18 years in the business world working for several global companies, as well as being an entrepreneur herself.
Q: How has the recession impacted the issue of supplier diversity?
A: While the recession has certainly affected all aspects of business, supplier diversity is proving to be a valuable mainstay. The most recent numbers on minority spending among major corporate entities in Georgia reveal that nearly $1 billion was invested in minority business enterprises (MBE) in 2008.
This is evidence that supplier diversity and minority business development are not only valuable, but are viewed as a tool to help companies and the economy recover vs. being on corporate budgetary chopping blocks or viewed as unneeded dead weight.
Q: How many minority businesses do you certify annually?
A: By the end of 2008, at the height of the financial crash, GMSDC had certified nearly 600 minority business enterprises. Approximately 30 percent of these were from MBEs transferring their certification status from other markets, and nearly 50 percent represent companies that re-certified from the prior year.
These numbers suggest that companies see their certification as a valuable tool during good and bad times.
Q: Are there any nuances as related to certification and the recession?
A: Ethnic-minority certification is a core service offering of GMSDC. This is classified as African-American, Hispanic, Asian, and Native American business owners, but doesn't include women or any other minority distinction, although we have many ethnic-minority business owners that are female in our network.
As more and more business owners explore new revenue streams to compensate for their losses during the downturn, companies that have never thought about supplier diversity or corporate procurement opportunities are flocking to GMSDC. There's been a significant spike in attendance during our monthly pre-certification briefings, with more then going on to get certified.
Q: How would you convince a minority-owned business owner that your certification can be a good investment?
A: It's not just about the short-term gratification of getting a big contract -- it's about getting resources, tools, and education that helps broaden their knowledge and expertise for long-term competitiveness and sustainability.
Heather MacLeod has written for Atlanta Business Chronicle, ChopTalk magazine, and CNN. She was assistant editor for Counterpart, a women’s magazine published by the Chronicle. When she is not practicing journalism or taking care of her three sons, she slips off to Martha’s Vineyard with her husband and boys.
