Being a certified women-owned business is not a walk in the park. Before becoming officially certified through Women’s Business Enterprise National Council (WBENC), a women-owned business must submit relevant documents and undergo an on-site review by a Regional Partner Organizations. Can you just imagine all the time and effort that are invested in being certified women-owned business? However, being certified has tons of advantages, as well as working with certified women-owned business.
Certified Women-Owned Business: What is the WBENC?
So what is the WBENC and why does it matter? The Women’s Business Enterprise National Council (WBENC), founded in 1997, is the largest third-party certifier of businesses owned, controlled, and operated by women in the United States.
5 Reasons Working with a Certified Women-Owned Business is Good for Your Company
Partnering with a certified women-owned business, what does it mean for your company? Here are a few of the reasons women-owned businesses can benefit your bottom line:
Diversification
Working with a certified women-owned business shows your company’s readiness to work with diverse markets, as well as support local communities. A recent Harvard study discovered that diversity unlocks innovation and drives market growth so a company’s willingness to work with diverse markets attracts other companies and business opportunities that also support diversity and women-owned business.
Tax Incentives
The government has passed laws that encourage companies or businesses to work with minority-owned businesses. “Minority,” as defined by federal statutes related to business, includes people who are African-American, Alaskan Native, American Indian, Asian-American, Hispanic and women.
Promotes Innovation
Through entrance of new products, solutions or services, working with a certified women-owned business encourages innovation and creativity.
Superb People
When you hire a certified women-owned business, you can be assured that these people are always at their best. WBENC gives regular training, workshops and offers regular professional summits to their members which means a consistent pool of skilled and competent business owners.
Increased Profits
A study conducted by Peterson Institute for International Economics and EY also showed that “In 91 countries from various industries and sectors and showed that having at least 30% of women in leadership positions, or the ‘C-suite,’ adds 6% to net profit margin.” As a women-owned business, they also open bigger opportunities to tap new consumer, especially female consumers.
These are some of the reasons why working with a certified women-owned business is good for your company. Not only can a woman-owned business provide exceptional services, increase your profits, but also promote innovation which gives your company an advantage in this competitive marketplace.