1. CELEBRATE THE ECONOMIC CONTRIBUTION OF ETHNIC MINORITY BUSINESS
Recognise and celebrate the valuable contribution of business owners from a Black, Asian and Minority Ethnic background to the wealth and prosperity of the UK’s economy
2. SOCIAL MOBILITY THROUGH ENTREPRENEURSHIP
Support social mobility through business ownership amongst Black, Asian and Minority Ethnic people via policies that support inclusive entrepreneurship by reducing barriers and opening opportunities for business start-ups and business scale ups
3. INCLUSIVE UK INDUSTRIAL STRATEGY
Standardise inclusive industrial planning and policy making for the UK’s economy to ensure that it sets specific and ambitious targets to maximise the potential of businesses led by Black, Asian and Minority Ethnic business owners. A key ask is for a move away from a ‘one size fits all’ approach to policy and towards a more targeted and inclusive ‘road map’ approach to Government economic strategies such as “Levelling Up” and Net Zero
4. NATIONAL SYSTEM OF ETHNICITY DATA COLLECTION
Develop a national system of data collection to provide the information needed to enable effective evidence-based policy making and to support the business case for greater support and investment in businesses owned by ethnic minorities. Another aim is to provide an accurate index of the contribution of businesses led by diverse founders and to increase transparency about the ethnic make-up of the allocation of finance, business support and access to procurement markets.
5. RESEARCH INTO DIVERSE BUSINESS MODELS
Conduct research and monitoring to develop a better understanding of diverse founder business models and growth journeys.Do research into how the intersection of key characteristics including, but not limited to, ethnicity, gender, class, culture or religion can have an impact on business outcomes.Use acquired knowledge to enable the provision of more effective tailoring and targeting of initiatives to stimulate inclusive economic growth.
6. ACCESS TO FUNDING & INVESTMENT
Open up access to finance through an ‘Inclusive Finance & Investment Road Map’ that is linked to quantifiably accessible funding and ambitious economic growth plans for start-ups and scale ups of enterprises led by Black, Asian and Minority Ethnic business owners.
Step away from the ‘business as usual’ approach to financial services in order to address barriers and adopt an ‘investing in potential mindset’. Pair this approach with innovative practical reforms and partnerships that incentivise investment and financing of enterprises led by diverse founders.
7. ACCESS TO PROCUREMENT MARKETS
Set ambitious targets for inclusive access to private sector supply chains and public sector procurement contracts. Provide incentives to encourage effective supplier diversity strategies linked to social value and sustainability. Mandate ethnicity data collection to provide transparency and also to support efforts to reach inclusive growth targets. Link these measures to fairer and accessible routes that integrate culturally appropriate capacity building and training
8. INCLUSIVE BUSINESS SUPPORT SERVICES
Create a national standard for inclusive business support to enable enterprises led by Black, Asian and Minority Ethnic business owners to access tailored relevant business advice, services and skills training. Require business support advisors and organisations to meet a national standard that delivers added commercial value to enterprise whilst being able to meet the diverse cultural needs of modern multi-ethnic business communities. Ensure that business support standards also regulate Government initiatives so that they are inclusive to provide viable tailored options for diverse founders. Also align tailored business support initiatives with the UK’s economic objectives to provide relevant support, resources and upskilling such as Net Zero, digital skills and post BREXIT plans.
Provide clear sign posting to business support, capacity building services and funding advice to build confidence about appropriate service providers and improve accessibility.
9. TAILORED INFORMATION & CONSULTATION
Develop a coherent and flexible framework for information and signposting so that it can be adapted to meet the needs of diverse ethnic communities. An effective strategy needs to avoid a ‘one size fits all’ approach in favour of one that allows messages to be deployed via a network of community/sector-based partners to enable critical information to be quickly tailored and disseminated to diverse local communities.
10. INCLUSIVE RESILIENCE PLANNING
Maximise the potential to contribute to the resilience and stability of the UK’s economy by ensuring that Government policies are impact assessed against ethnic minority businesses so that, where possible, mitigation measures can be put in place to prevent or reduce negative impacts that could hamper or prevent the ability of these businesses to thrive.
