Hispanic-owned small businesses are one of the fastest-growing demographics in the US small business economy. According to Forbes, there are an estimated 4.65 million Latino-owned companies in the US—an increase of 34% in the past 10 years.
And, of course, alongside any major growth is the need for support to not only maintain operations, but continue on the upswing.
Unfortunately, in both small business and minority communities, that support often can be lacking. This is commonly a byproduct of limited access to resources and competition with larger, long-standing corporations.
As an industry leader, it is absolutely imperative to adopt the responsibility of becoming a supporting pillar to the communities you serve. This does not always need to be physical, as we all know, the world is becoming more and more digitized, and as a result, it is becoming necessary for companies that offer digital business solutions to partner with organizations that support small business owners of all backgrounds.
Through such partnerships, greater resources and knowledge can be provided, in particular, to the community of Hispanic business owners to help them keep pace with the exponential growth they are experiencing.
Defining Support
To make a meaningful impact on a community, tangible actions must be taken. Financial support in these communities can of course help, yet it is the direct efforts within the communities that make true and lasting impacts. Within those tangible actions there must be a focus on connection and communication.
Opportunities to Support Hispanic Communities
At my company, we have made commitments to collaborate with the following organizations to help deepen collaborations within the Hispanic community, build Latino leaders and support the next generation of talent.
The Association of Latino Professionals For America (ALPFA) provides widened access to professional development and growth opportunities for the Hispanic community and can help breed the future of business owners through its resources.
ALPFA members receive access to free local chapter events, insightful newsletters, local job opportunities, networking and mentorship opportunities, and so much more.
Budding business owners can take full advantage of these events and opportunities to forge their own path and connect with members of their community to help propel their professional growth.
In addition, the Hispanic community also can find resources via the US Hispanic Chamber of Commerce’s (USHCC) online resources. This group helps promote economic growth, skills and development for more than five million Hispanic-owned businesses, as these businesses contribute billions of dollars per year to the general US economy.
As an industry leader, it is absolutely imperative to adopt the responsibility of becoming a supporting pillar to the communities you serve.
Through our work with the USHCC, we are aiming to help empower Hispanic accountants and bookkeepers to learn about digital offerings and how they can aid business operations, bringing the business owners in the Hispanic community to the next stage of growth.
Lastly, Negozee is an online platform that assists entrepreneurs in building and expanding their businesses. Cloud accounting software, coupled with Negozee’s strategies in supporting entrepreneurs, can impact Hispanic-owned small businesses greatly.
Negozee members have the opportunity to be introduced to accounting software powered by Xero, and have access to information and presentations that not only emphasize the power of cloud accounting, but also provide education on why small business owners should hire an accountant in the first place.
This is something that small businesses in their early stages tend to be hesitant to do.
These resources have the capability to build on themselves, ultimately setting up Hispanic-owned businesses for success, accelerating their growth and further strengthening the entire community.
Community-First Approach
It is important to understand that there are no such things as quick fixes when it comes to support. This is why supporting the Hispanic small business community always has required an inside-out perspective to understand the true needs of the community.
The exponential growth of Hispanic-owned small businesses is more than inspiring—it is creating new benchmarks, new opportunities and a new narrative for minority communities. The future is Hispanic-owned business, and the more corporations can do to initiate useful partnerships and internal activations, the better the broader small business economy will thrive.
Hispanic-owned small businesses deserve the proper tools and technology to manage their finances in the most strategic and refined ways possible.
Jackeline Velez is Director, US Hispanic Market at Xero, where she oversees the vertical, and helps advisors and small businesses break down barriers to understand the power of the Xero platform. The team provides support across Xero’s communities with a strong Hispanic-owned business presence by providing resources such as translated content, training and events.
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