Welcome to The RFI Blog
“Knowledge is power.”
Francis Bacon
Greetings friends and supporters of economic equity for minority and women-owned businesses. My name is Dr. Fred Coleman III and I’m the President and CEO of Coleman and Associates, Inc. (CAI), a minority-owned consulting company focused on procurement diversity in architecture, engineering, and construction industries.
After spending more than 30 years in leadership roles in engineering, project management, business development, and education, and the last 10 years specifically in procurement diversity, I wanted to invest this gained knowledge and experience in helping diverse-owned companies grow and prosper.
This blog is my outreach to fellow members of the underrepresented business community who are interested in strengthening their advantage in the construction marketplace and for those public agencies and private owners who share a commitment to creating and executing inclusive procurement opportunities and strategies for them.
There is evidence that there has been a significant increase in the number of minority-owned businesses over the past decade, which is great! But we have a long way to go.
Minority Business Market Share
In a 2016 study released by the Small Business Administration, “Minority Business Ownership: Data from the 2012 Survey of Business Owners” by Michael McManus:
- Non-Hispanic Whites make up 70.9% of business owners and account for 88% of all sales among small businesses
- Black/African Americans make up 9.5% of owners and account for 1.3% of sales
- Hispanics make up 12.2% of owners and account for 4% of sales
- Asians make up 7.1% of owners and account for 5.8% of sales
This says that minority-owned businesses are earning far less than their non-minority counterparts. I believe that knowing these facts is the first step to changing them. Knowledge is power. That is why I named my blog, The RFI.
What is RFI?
RFI is an acronym for the term request for information, used when additional information is requested. In the construction industry, this is usually done by contractors to architects/engineers to clarify specifications or construction drawings. That is how I hope this space will be viewed by our readers – a go-to source of information.
What information can you expect to find in The RFI?
The topics that interest me most are those involved in providing positive engagement, meaningful partnerships, and constructive opportunities for underrepresented businesses in the construction industry.
Most small and medium-sized construction firms, which account for the vast majority of minority-owned businesses, do not have the resources or expertise to consistently perform business development. However, this is one of the key areas that affect potential revenue for them.
Therefore, business development practices, marketing strategies, management skills, and industry resources will all be topics addressed. Occasionally, I will highlight innovative practices or procurement diversity programs that a public agency or private owner is using that’s been effective in providing opportunities for underutilized vendors.
Why is building successful, sustainable, diverse businesses important?
Diversity and inclusion in the construction industry is more critical today than ever before. The demographics of the United States is changing quickly and by 2045 many large urban areas of the country and some states will be majority-minority, meaning that the areas’ populations will be mainly composed of people who are considered minorities.
These population centers with entrepreneurial talent will need to be acclimated into the larger scope of construction expertise and professionalism. If the United States is to continue its leadership in building and maintaining its own infrastructure, it will need to re-supply its construction industry with diverse, dedicated, talented individuals and firms willing to take on the challenges of building leaner, smarter, faster, and in a more environmentally friendly manner.
It is time to strengthen the competitive advantage in the marketplace for minority and women-owned businesses. It is time to increase the utilization of disadvantaged businesses in the construction industry. It is time to build the capacity of diverse contractors and suppliers.
The RFI blog is the communication medium that can help the underutilized, underrepresented business reach its full potential and I’m glad you’re here. Thanks for reading and if you want to know more, please subscribe to the CAI Newsletter!
The contents of this blog post represent my views. I look forward to hearing your comments and receiving your suggestions, however, please be respectful, relevant, refrain from self-advertising, and do not post private information. Violations will not be published.
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