As companies look for ways to streamline their operations and processes, the supply chain presents a significant area of opportunity.
Even the shortest supply chains have a number of moving parts and, therefore, a number of ways to increase efficiency. One strategy to streamline supply chains is through vertical integration.
Vertical integration is when a company takes more control over the different stages of its supply chain, from the purchase of raw materials to the delivery of the final product.
While vertical integration may seem like a natural step forward for most companies, it can be a challenge to successfully implement. This article will cover the process of transitioning into a vertically integrated supply chain and how to determine whether it’s the right strategy for your business.
How does vertical integration work?
Vertical integration is when a company assumes ownership over several or all parts of its supply chain. For example, a retailer could acquire a fulfillment service and handle its own customer delivery operations, which is referred to as forward integration.
In contrast, a manufacturer could merge together with its raw material suppliers and manage its end-to-end production process, also known as backward integration.
Companies can further opt to expand into both forward and backward integrations, which is called balanced integration, or bring their entire supply chain in-house.
Vertical vs. horizontal integration
Vertical integrations and horizontal integrations are two ways to structure a company’s supply chain. While both involve acquiring or merging with other companies, a vertical integration is only with other stages along the same supply chain.
Companies will vertically integrate with components either before or after their role in the supply chain.
Horizontal integration, on the other hand, is when a company merges with another entity at the same point of the supply chain. This is usually a company selling the same products, complementary lines, or another similar offering.
This type of horizontal integration is intended to expand the company’s offerings and eliminate competition in the market.
Benefits of vertical integration
The primary benefit of vertical integration is gaining control and preventing disruption along the supply chain. With all the operational challenges in recent years, bringing more components in-house offers increased visibility and communication.
Companies are able to manage all stages of production, making them less vulnerable to issues, such as supply shortages and shipment delays, and more equipped to adapt to any unexpected mishaps or market shifts.
By streamlining the path from raw materials to manufacturing to final order delivery, vertical integration results in a self-sufficient setup and faster time to market.
With more oversight across its operations, companies are able to reap cost savings and produce higher quality products and services. It becomes easier to balance supply with demand, which creates a competitive advantage and increases customer value in the long run.
5 Examples of successful vertical integrations
With the benefits to be gained from vertical integration, there are several notable examples of companies have successfully implemented the strategy.
Amazon
From its origins as an online marketplace for books, Amazon is now referred to as “The Everything Store,” with home goods, groceries, office supplies, and many other products available on its e-commerce site.
Alongside product expansion, Amazon also brought the majority of its operations in-house. To start, the company vertically integrated its warehousing, distribution, fulfillment, and customer service functions.
It then built out supporting infrastructure by launching its web hosting and cloud computing divisions — services that are not only critical to its operations but ones that it also provides to other companies as part of Amazon’s expanding business portfolio.
Ikea
Ikea, known for affordable flat-pack furniture and other home goods, had its start in mail-order and furniture retail.
In time, through a backward vertical integration with Swedwood — now renamed Ikea Industry — the company expanded operations with a manufacturing and distribution arm.
To gain even more ownership of its value chain, Ikea began a strategy and sustainability initiative in 2014 to purchase forests across the globe. The company currently owns more than 600,000 acres of forestland in Estonia, Latvia, Lithuania, Romania, and the US to help sustain its products — many of which contain elements of wood.
McDonald’s
McDonald’s would not be one of the largest fast-food chains in the world, selling at its pocket-friendly prices, without vertical integration. The company currently controls almost every component of its supply chain.
While most restaurants purchase bulk supplies from wholesalers, McDonalds grows its own vegetables and potatoes, processes its own meat, and mixes its own seasonings to ensure uniform taste and quality.
Beyond its popular menu items, McDonald’s is also known for its strength in real estate. The company owns 45% of the land and 70% of the buildings for all its locations across the globe.
Luxottica
Luxottica is an Italian eyewear brand that set its sights on building a vertically-integrated company early on.
Starting as a small producer of optical components and semi-finished products, Luxottica soon began making ready-to-wear frames that it could distribute directly to retailers. By the 1980s, the company began its gradual global expansion by acquiring independent distributors and entering licensing agreements with popular luxury brands like Giorgio Armani, Bulgari, Chanel, and Prada.
Luxottica doubled down on its acquisition strategy with other brands that offered physical retail locations, including Oakley, Sunglass Hut, Cole National, and others.
Today, Luxottica enjoys a full scale of global operations, from product development and manufacturing to logistics and retail.
ExxonMobil
Gas and oil companies are known to use horizontal and vertical integration strategies, with ExxonMobil being a particularly prominent example in the industry.
ExxonMobil is an integrated oil company that operates in all parts of the oil and gas supply chain. In addition to producing a variety of petroleum products, including gasoline, jet fuel, and synthetic petrochemicals, The company also manages its refineries and logistics to transport its products.
ExxonMobil is a fully integrated company that manages an upstream division, which handles all extraction and production, as well as its downstream division, to refine, retail, and market its final products.
When should a business consider vertical integration?
With so many examples of vertical integration across industries, it seems that the business strategy works for many operations. However, it’s important to first determine whether cutting out the middleman and controlling your entire manufacturing process can deliver the expected benefits.
For example, companies in industries with few suppliers can swiftly gain market power by acquiring a scarce supply chain component. Similarly, large companies planning to expand geographically can benefit from a form of vertical integration that acquires manufacturers or distribution centers in new areas.
Backward integration is also recommended for premium or luxury companies where there is a need to protect proprietary processes or when more oversight is needed for higher-quality goods.
Companies that cater to a cost-conscious customer base may also be able to gain new markets by integrating more of their production and operating with lower production costs. Products with low profit margins are easier to maintain if a company has greater control of its distribution and delivery. Acquiring retail channels is another good option for companies to go direct-to-customer without paying commissions or stocking fees.
Ultimately, the ideal company setup for vertical integration is one that has a clear line of sight across its business and supply chain.
When is it a bad idea to vertically integrate?
Vertical integration is a risky and resource-intensive business model that’s difficult to reverse. In fact, many companies may lose money in the expansion process and even put their core business at risk by focusing on other areas of the supply chain.
Synergies take significant work to align with existing processes and systems, which can increase organizational complexity and affect a company’s core competencies.
Like running any other business, vertical integration requires large amounts of capital and commitment across all teams. Moreover, as new technologies and trends impact supply chains, companies need to continue investing in their expanded operations.
Unless you operate at the quantity necessary to achieve economies of scale, it might be more cost-effective to continue outsourcing to third parties.
Final thoughts
If your company is exploring growth opportunities, vertical integration presents a logical expansion along your supply chain. It also promises greater operational control and reduced dependencies on external factors.
However, vertical integrations are similar to any other merger or acquisition. They require due diligence, consolidated efforts, and a clear strategic plan on how the integration will roll out.
Companies with software that provides supply chain visibility are best equipped to analyze the potential for vertical integration and can more easily adapt to any shifts in operations.
This article originally appeared on the QuickBooks Resource Center and was syndicated by MediaFeed.org.
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18 loans for Hispanic-owned businesses
There are nearly 5 million Hispanic-owned businesses in the U.S., making this the fastest-growing segment of U.S. small businesses, according to the U.S. Small Business Administration (SBA). Yet, despite these big numbers, Hispanic and Latinx business owners frequently face challenges accessing capital and, as a result, often can’t successfully scale their businesses.
Fortunately, a number of organizations and government agencies in the U.S. are stepping up to address this unmet need, offering loans, grants, and other financing options to Hispanic and other minority entrepreneurs. These minority business loans may have lower interest rates and be easier to qualify for than some traditional loans. Here are 18 financing options that are worth checking out.
(Learn more: Personal Loan Calculator)
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To qualify as a Hispanic-owned business, more than 50% of the company must be owned by people of Mexican, Puerto Rican, Cuban, or other Hispanic origin. Currently, nearly one in four businesses are Hispanic-owned.
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A minority business loan is a small business loan designed to provide financing options for underserved communities. While minorities are free to apply for any business loan, minority business loans may offer more competitive rates and have less stringent qualification requirements.
Groups that are considered minorities in the U.S. include African Americans, Asian Americans, Hispanic Americans, and Native Americans. Women are also considered minorities for many types of loans, as well.
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The following lenders offer different types of small business loans to Hispanic and minority entrepreneurs and were chosen based on our analysis of search volume.
1. Accion
Accion is a nonprofit financial institution that invests in underserved communities and offers low-cost lending opportunities to Hispanic- and minority-owned businesses. The Accion Opportunity Fund provides loan amounts from $5,000 to $100,000, and is quick and easy to apply for online.
Accion offers two types of small business loans — the Southern Opportunity and Resilience (SOAR) Fund and the Small Business Progress Loan. SOAR is geared toward those in the south and southeast who experienced economic hardship from the COVID-19 pandemic and have been in business since September 2019 or earlier. The Small Business Progress Loan, on the other hand, is open to all minority-owned businesses and women entrepreneurs, and is partnered with American Express.
Accion also offers online resources, events, and networking opportunities (in Spanish and English) to help minority business owners learn and grow their companies.
(Learn more at: Home Affordability Calculator)
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The Community Development Financial Institutions Fund (CDFI Fund), which is part of the U.S. Treasury, gives funds to companies and organizations that help underserved people and communities. Minority business owners can reach out to local banks and nonprofit groups that have received CDFI funds to discuss and apply for low-cost business loans.
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The owners of Camino Financial were inspired to start their lending business in order to help people like their mother, who lost her Mexican restaurant business when they were children. To that end, they offer simple and affordable loans to small businesses who find it difficult to borrow through banks. They offer bad credit loans, secured and unsecured loans, microloans, and working capital loans up to $35,000. To qualify, your business must have been in operation for at least nine months and generate annual sales of $30,000 or $2,500 a month.
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The U.S. Small Business Administration (SBA) offers several financing programs that can help minority-owned businesses get access to the funding they need. Here are two programs you may want to check out to find a Hispanic small business loan:
Microloans
The SBA microloan program is administered by an intermediary network of nonprofit community-based lenders, rather than traditional banks. Through these lenders, the SBA aims to reach lower-income communities and minority-owned businesses that are often overlooked by traditional lenders. These loans come with low interest rates, six-year terms. and loan amounts up to $50,000.
Community Advantage Loans
The SBA’s Community Advantage loan program provides up to $350,000 in capital and is specifically designed to meet the needs of business owners in underserved communities. To qualify for an SBA community advantage loan, business owners need to have good credit and a strong business plan. However, the business’s balance sheet and amount of collateral will not affect eligibility.
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By offering crowdfunded loans with 0% interest, nonprofit Kiva is working to lift barriers to capital often faced by entrepreneurs from underserved communities. To apply, you need to market your Hispanic business to the community of 1.9 million individual lenders. These lenders can then choose to lend your company as much as $15,000 and you’ll have up to three years to repay them.
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CDC Small Business Finance is a nonprofit whose mission is to provide access to affordable and responsible capital to underserved entrepreneurs, including minority, veteran, and hispanic business owners. CDC offers loan amounts of $20,000 to $350,000 with five- to 10-year terms. They also offer SBA 504 commercial real estate loans of $250,000 to $40 million.If you are looking for advice to rebuild your credit, develop your business strategy, or manage financial reports, you’ll appreciate having access to small business advisors through CDC.
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Grameen America strives to achieve racial and gender equity by providing microloans of up to $2,000 to female and minority business owners. As part of their program, borrowers can open free savings accounts with commercial banks and build personal credit as they pay off their microloans. Grameen also offers training and support to women who want to start businesses and rise out of poverty.
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The Latino Economic Development Center (LEDC) offers Hispanic small business loans of $500 to $250,000 that can be used to purchase equipment, expand a business, hire staff, or purchase inventory. The three types of loans offered by the LEDC are as follows:
- LEDC Growth Loan: Loan amounts up to $250,000 for established small businesses that have been in operation for a minimum of two years.
- LEDC Startup Loan: Loan amounts up to $20,000 for new businesses with less than two years of business history.
- LEDC Seed Loan: Loan amounts up to $5,000 for businesses with less than one year of experience and with plans to launch a company within three months of funding.
LEDC also offers free business advice and credit-building services, as well as a directory of latino-owned small businesses.
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The National Association of Latino and Community Asset Builders (NALCAB) provides funding to a network of over 200 nonprofit organizations that serve diverse Latino communities throughout the U.S. With NALCAB support, these partner organizations offer Hispanic loans, grants, professional training, and support.
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Hispanic small business loans aren’t the only way for your business to get funding. There are also minority business grants that can provide capital that you don’t have to repay. These grants are offered by federal and local government agencies, corporations, and nonprofits.
10. Grants.gov
Grants.gov is the largest database of federal grant opportunities. While most grants are not specifically targeted to Hispanic small business owners, awards are available for all types of entrepreneurs, especially those focused on healthcare, U.S. defense, and environmental protection.
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digitalundivided’s BREAKTHROUGH Program (powered by JPMorgan Chase’s Advancing Black Pathways) offers $5,000 grants to Black and Hispanic women in the Dallas, Texas area. digitalundivided also provides training and resources to help businesses understand their customers, find financing, and choose the right business model.
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The National Association of the Self-Employed (NASE) works to provide resources for all self-employed individuals, including Hispanic business owners. They offer Growth Grants of $4,000, which can be used for a variety of business expenses, including marketing, advertising, hiring employees, and expanding facilities.
Besides access to grants, becoming a NASE member allows you to connect with experts who can advise you on subjects like finance, healthcare, strategy, law, and marketing. NASE membership also gives you access to discounts on healthcare, software, tax filing, and business travel.
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Hispanic businesses located in rural areas that have fewer than 50 employees and less than $1 million in gross revenue may want to consider applying for a Rural Development Grant from the USDA. Grants vary in size and can be used for a variety of projects that aid business development in rural areas, including training, technical assistance, acquisition or development of land, building construction or renovations, equipment purchases, and pollution control.
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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are government grants from five different federal government agencies. These competitive grants are focused around tech and science and offer up to $1 million in capital (divided into two phases) to qualified small businesses.
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You may be able to find funding for your Hispanic small business through Candid.org’s Foundation Directory Online, which contains information on over 240,000 grantmakers in the U.S. Access to the directory requires buying a monthly subscription, but you can cancel at any time.
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Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is a grant designed for businesses that were hit hardest by COVID-19. The grant is worth $5,000 and is given to small business owners hoping to expand and recover from the effects of the pandemic. Awards go to those looking to uplift their communities with a focus on diversity, inclusion, and community investment.
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The Entrepreneurial Spirit Fund by SIA Scotch Whiskey awards $10,000 in grants to small businesses owned by people of color in the food and beverage industry. Created by Hispanic entrepreneur Carin Luna-Ostaseskis, one of SIA’s goals is to provide funding, mentorship, and community to small businesses.
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If you’re a woman entrepreneur, consider applying for the Amber Grant, named after Amber Wigdahl, who passed at the age of 19 and never got to fulfill her business dreams. Each month, at least $30,000 is given in Amber Grant money. Applying takes just a few minutes and winners are announced by the 23rd of the following month.
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In addition to the grants and loans, there are organizations that can provide technical assistance, training, workshops, and networking opportunities to Hispanic businesses. Below are some you may want to check out.
digitalundivided
With a focus on assisting Black female and Latinx business owners, digitalundivided offers virtual training and a fellowship program for entrepreneurs. It also offers a pre-accelerator program for tech-enabled startup founders who have already begun to build their startup, are pre-revenue, and need assistance in developing their business model, marketing, and strategy.
Minority Business Development Agency
The Minority Business Development Agency is an advocate for Hispanic and other minority-owned businesses, and offers research, conferences, and resources to help entrepreneurs. Its Enterprising Women of Color Initiative is aimed to help minority women succeed in business through various offerings.
USHCC
The United States Hispanic Chamber of Commerce actively promotes the economic growth, development, and interests of Hispanic-owned businesses. Members have access to events and business resources to support them in their growth. In addition, members get listed in the Chamber’s online Hispanic business directory.
SCORE
SCORE is a national organization that connects business owners to free mentors to help them learn and grow their companies. SCORE also offers free workshops and a robust online database of useful business content.
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Looking for — and applying for — a Hispanic business loan can feel like an overwhelming task. Here are some ways to simplify the process.
Consider Your Options
Before applying for a small business loan, it’s a good idea to take a look at your credit profile and business financials, as this will give you an idea of what type of loan you might qualify for. If you have excellent credit, solid revenue, and have been in business at least two years, you may be able to qualify for a long-term, low interest loan from a bank or SBA lender. If not, you may want to look into financing offered by lenders and grantmakers listed above, as well as online lenders (who often have less strict qualification requirements for loans).
Determine How Much Money You Need
To figure out how much of a loan you need to start or grow your Hispanic business, consider how you would like to use the funds from a loan, then create a detailed budget for your project, adding in some padding to account for unexpected expenses.
Consider the Best Location for Your Business
If you haven’t yet launched your business, consider what might be the best environment for doing so. You may want to explore the best metros for minority businesses, since they may have established communities of hispanic business owners and resources to help you.
Gather All Your Paperwork
Whatever type of funding you decide to pursue, you will likely need to supply an extensive amount of information about your business in order to apply. This often includes:
- Business EIN
- Industry
- Entity type
- Business license and permits
- Annual business revenue and profit
- Bank account statements (personal and business)
- Personal and business tax returns
- Balance sheet
- Proof of collateral
- Accounts receivable and payable reports
- Existing debt
- Commercial lease
- Purpose of the loan/grant
- Business plan
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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