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If someone told you that by working with a certified women-owned business you could increase your company’s profitability by as much as 130% return on investment, you would jump at the chance, right?
This begs the question: what sets these strategic sourcing experts on the path toward choosing women-owned companies as prime partners for supplying goods and services?
Promoting supplier diversity not only benefits an organization but also has a positive impact on the economy. are a few reasons to partner with a women-owned business:
1: Encourages Competitive Pricing and Services
As the expression goes, putting all your eggs in one basket is typically never a good thing. This is one reason why companies use strategic procurement teams to sift through and select different vendors for the best prices and services offered. They recognize the benefit of partnering with women-owned, small enterprises, and other diverse suppliers – in order to foster competitive pricing and services across various vendors.
According to the Hackett Group’s research, procurement organizations that collaborate with a diverse range of suppliers experienced reduced operating costs and achieved a 20% decrease in spending for their purchasing operations.
Also, you may be pleasantly surprised to see how a women-owned business has the agility and innovation to be a powerful partner. Since women-owned businesses are typically smaller in size, they can easily respond to customer needs and make faster business decisions. You’ll see how valuable your women-owned partner can be to your organization!
2: Offers Tax Opportunities
Who doesn’t appreciate a tax break? The federal government provides incentives for businesses partnering with women-owned companies, while those using such businesses for projects funded by federal or state grants can also receive tax benefits.
3: Promotes Your Company
The company’s goals inspire employees to continuously improve and provide top-notch products and solutions that greatly benefit customers. Use this drive and enthusiasm to also help women-owned companies by supporting their goods and services.
Many organizations actively participate in supplier diversity programs to encourage a diverse pool of vendors. They promote standards of excellence and support the economic growth of many local communities. Companies who work with diverse companies build stronger connections with other potential buyers and customers – opening the door to future business opportunities!
The WBENC is a prominent organization that certifies women-owned businesses in the U.S. This certification is awarded to businesses that are majority-owned, controlled, operated, and managed by women, with the WBENC setting the standard for this qualification. (a business that is at least 51% percent owned, controlled, operated, and managed by a woman or women).
A Partnership that Fuels Growth
Expand your vendor options and form a lasting partnership with many benefits by partnering with a WBENC-certified company. Don’t miss out on this opportunity, as many organizations of all sizes and across all industries have already taken advantage of it.
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