The Tremendous Untapped Potential of Diverse Suppliers

Supplier Diversity 
CFO Services Group

A dialogue on Supplier Diversity with Manny Cosme, President & CEO of CFO Services Group 

By Johanna Hoyos 

Manny Cosme is the President & CEO of CFO Services Group, a management accounting firm based in Washington, D.C. The firm provides outsourced back-office accounting and department support, such as bookkeeping, invoicing, payroll, consulting, and financial strategy services -exclusively for growing small businesses and small non-profits throughout the country. CFO Services Group impulses supplier diversity by securing the inclusion of diverse groups. They help small companies get their finances back on track for business growth and financial strength. Their staff has more than ten years of experience working for nationally recognized brands. They have made it their mission to help small businesses succeed. 

Manny was first exposed to supplier diversity while working as the VP of Finance and Administration at the United States Hispanic Chamber of Commerce. Supplier diversity benefits underrepresented businesses and elevates the societies where those businesses originate through job creation, increased wages, and tax revenue. Inclusive supply chains present a competitive advantage to small businesses by becoming more progressive, allowing a company to take advantage of new opportunities for business expansion with the emergence of unique consumer needs. 

Cosme can attest that the biggest challenge with minority suppliers regularly is the lack of access. Access to capital, networking opportunities, and effective supplier diversity strategies can alleviate these hurdles. Hispanic small businesses do not have the connections to open those doors to help build their business and grow it. "There haven't been many discussions with Hispanics and Latinos at the table. We need to change that!" he says. 

Cosme personally spent the last ten years building relationships, which has made growing and scaling his business much more manageable. "We as Hispanics need to build our networks, unfortunately from zero, to grow. A network opens doors for growth and scale. These supplier diversity programs have been created to gain access to certifications. Suppose you are trying to scale your business, and you need bigger contracts to do that. In that case, it will be hard if you don’t have the right connections, and if you are not in those circles already," he emphasizes. Organizations like the USHCC and others focused on Latino businesses help get seats at the table and be part of the conversations. There are now matchmaking events where you can speak with people making decisions which is essential to growing your business. 

As a minority supplier diversity firm, the most significant differentiator of CFO Services Group compared to other similar firms is the culture, particularly the diversity. The culture comprises different mindsets with different backgrounds from all sorts of demographics, gender, cultures, and life experiences. “The more diverse you can be when looking at a challenge, the better you are in solving the challenge," Cosme advises business owners. Supplier diversity is essential in the service and product base perspectives. It broadens the exposure, perspective, and richness for business owners and corporations wanting to hire new options. 

Cosme advises entrepreneurs to get involved in different chambers of commerce focused on business owners. Local Hispanic chambers, local trade industries, and organizations representing other demographics you identify with. Getting involved is crucial. “Business is all about people connecting people. That is the key to success.” 

The firm wants to continue expanding its services offer. They are currently developing programs on accounting education and staffing for businesses.

Manny wants the firm to become the brand name across the country. When you think of small business accounting - you think of them! 

For more information, visit: www.cfoservicesgroup.com