Five Benefits of Working With a Woman-Owned Business

 Where we celebrate Women's History, we must also recognize the stark disparity in capital and revenue that persists between businesses owned by women and those owned by males. When COVID-19 impacts are taken into account, the discrepancy has only grown in many aspects.

A company can profit from working with a WBENC-certified WBE in several ways, including the following. Let’s dive into more WBENC information.

1. Offers Tax Incentive Programs

Your business may profit tax-wise in numerous ways from working with a WBENC-certified WBE. The federal government offers tax breaks to people who do business with organizations made up of women- and minority-owned companies. Additionally, when a project is sponsored by federal, state, or local grants or loans and the supplier is a woman-owned business, the tax obligations are lowered. Tax incentives might be provided in some states. When you work with Miller Tanner, all the WBENC certification data you require for tax purposes is conveniently provided to you in each final billing binder.

2. Provides Access to New Revenue Sources

Working with a WBENC-certified company can boost profitability with up to a 130% return on investment, according to research, giving you definite competitive benefits. The study also found that procurement firms with a wide supplier base had lower overall operating expenses and spent 20% less on their purchasing activities.

3. Change up your suppliers to offer more channels for purchasing goods and services.

When you work with a WBENC-certified company, you have access to a variety of channels for purchasing goods and services. This enables you to weigh different criteria and decide which solutions are the greatest fit for your business's requirements. Building relationships with supplier alliances is an additional benefit of expanding your partnerships with WBENC-certified companies.

4. Encourages Creativity and Innovation

Smaller businesses frequently use innovation to set themselves apart from the competition. Because we are a smaller business, we can be more flexible, change our path quickly when necessary, and employ creative techniques to better serve our clients.

5. Shows Interest in Working in Diverse Markets by Your Company.

The segment of our economy with the quickest growth is WBEs with WBENC certification. Working with a women-owned business demonstrates your company's dedication to serving diverse markets and promoting economic development in regional areas. Supporting supplier diversity makes your company more appealing to corporations looking for second-tier sourcing suppliers who partner with women-owned companies.

The WBENC certification standard, according to the WBENC information, is the most trusted accreditation of women-owned firms as a supplier diversity business initiative. This certification attests to a company's 51 percent female ownership, control, operation, and management.

The mission of the Women's Business Enterprise National Council is to "promote diversity in the business sector. Diversity encourages innovation, opens up new revenue streams, and forges alliances that produce opportunities that boost the economy.

Visit www.wbenc.org for more WBENC information.

Frequently Asked Questions and Answers on WBENC information

We've provided a question-and-answer summary of the article to assist readers in summarizing the material in this post.

What Tax Incentives Come with Partnering with Women's Business Enterprises That Are WBENC-Certified?

The federal government offers tax benefits to those who conduct business with businesses that are the majority- and woman-owned. In addition, tax liabilities are reduced when a project is funded with grants or loans from the federal or state government and the supplier is a woman-owned business. In some states, further tax benefits might be available.

What New Sources of Income Are Linked to Partnering with Women's Business Enterprises That Are WBENC-Certified?

According to the WBENC information, working with a WBENC-certified company can increase profitability by up to 130% and provide you with a distinct competitive advantage. According to the report, procurement firms that work with a large supplier base also lowered their overall operating costs and spent 20% less on their purchasing operations.

What Contributes to Supplier Diversification & Expanding Procurement Channels? How Does Being a WBENC-Certified Women's Business Enterprise Partner Contribute?

Working with a WBENC-certified company gives you access to a variety of channels for products and services, enabling you to assess various factors and determine which options are best for your organization's needs. The added benefit of expanding your relationships with WBENC-certified businesses is that it will make your supplier networks stronger.

How Does Partnering with Women's Business Enterprises that Have Attained WBENC Certification Aid in Promoting Innovation and Creativity?

Smaller companies are more inclined to innovate to set themselves apart from the competition. As a smaller company, we benefit from agility, which enables us to adapt new strategies more quickly to meet the needs of our clients and change course when necessary.

How Does Demonstrating Interest in Working in Diverse Markets Benefit from Being a WBENC-Certified Women's Business Enterprise Partner?

One of the fastest-growing segments of our economy is WBEs with WBENC certification. Working with a woman-owned firm shows how committed your organization is to serving a range of markets and promoting regional economic growth. Being an advocate for supplier diversity makes your firm more desirable to organizations searching for second-tier sourcing partners who work with women-owned enterprises.