Arnold Electric, Inc. is a proud minority owned company. This designation has helped with business but also has come with responsibilities. There are considerations before pursuing minority business, but there are also options for a business that may not be a minority owned company.
Minority owned companies can utilize their minority status to acquire business if they desire. There are programs in the federal, state, and local governments that will help businesses obtain government business. Large corporations also have diversity programs that will help small businesses to do business with them. Still, these are not easy avenues to new business, just another route. It is better to decide to pursue this business at all costs, accept that the process will take time and effort. The rewards can be nice and be a good way to develop a new niche of business.
It is good business to give back and not just take from minority programs. Arnold Electric has done this by being an active members of local chambers of commerce and attempt to do business with other minority businesses when possible. AEI has also teamed with other minority companies to pursue contracts. This is a good way to fill voids in expertise and also create a win-win with other minority own companies. Governments and large government contractors like to see teaming arrangements.
Working With A Minority Business
Even if a business is not minority owned, it does not preclude it from the benefits of a minority owned company. Most if not all ethnic chambers of commerce will accept any business as a member to their organization. Attending these events is a good way to get business in these communities, by attending their business events. Also, if a business would like to have the assistance afforded to minority business, they can approach a minority owned business to see if a partnership could be formed to pursue business.
Finding a minority business that already has minority status can be found by doing a search on the Dynamic Small Business database from the Small Business Administration at http://dsbs.sba.gov.