Tuesday, April 23, 2024

Indigenous-owned businesses growing fast

Today and every day we should be supporting Indigenous-owned businesses.

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell is taking time in NAIDOC Week 2020 to encourage Aussies to buy from Indigenous-run businesses.

Ms Carnell also makes a point in saying that the Indigenous business sector if one of the fastest growing in Australia.

“Supply Nation data shows the number of Indigenous businesses is growing by 12.5% each year,” she says.

“There are currently as many as 16,000 Indigenous-owned businesses in Australia and that is expected to grow to more than 18,000 in the next five years.”

Ms Carnell explains that for every dollar spent with an Indigenous business goes a long way.

“According to Supply Nation, for every $1 of revenue, certified indigenous suppliers generate $4.41 of social return.

“Some great examples of this can be seen in ASBFEO’s Indigenous Success Stories series, profiling a number of inspiring Indigenous businesses that have embraced reciprocity as a reflection of culture in the way they do business.”

Kakadu Tinytots plants eco gardens in remote communities, to ensure children have access to fresh seasonal fruit and vegetables.

“Others are investing in the next generation of Indigenous professionals such as Willyama Services, an IT business which offers vocational training to indigenous high school students, who are interested in pursuing a career in technical support,” explains Ms Carnell.

“In fact, Indigenous businesses are 100 times more likely to employ other Indigenous staff according to Supply Nation, which is why procuring from Indigenous businesses is an investment in both Indigenous employment and economic development more broadly.”

With Covid-19, many businesses have been impacted terribly.

Therefore, “It’s especially important that we support these businesses as much as possible, as they work to recover from this difficult period.”

Throughout this week Retail World magazine will explore some of the innovative Indigenous-owned businesses, to keep on your radar!

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