5 Ways Partnering with a WBE Can Make Your Organization an MVP
Benefits of Working with a Women’s Business Enterprise
A Women's Business Enterprise, commonly referred to as a WBE, is an independent business that’s at least 51% owned and controlled by one or more women. The federal government's goal is to award at least five percent of all federal contracting dollars to women-owned small businesses each year.
Eligibility requirements come down to these three things:
- Be a small business
- Be at least 51% owned and controlled by women who are U.S. citizens
- Have women manage day-to-day operations and make long-term decisions
If looking to attain a WBE certification and want to see if you qualify as a “small business” for government contracting standards, you can check here.
If you’d like to see if you’d benefit from working with a WBE, read below:
1. Tax Incentives
The federal government offers tax incentives and breaks to companies that utilize the help of women-owned businesses to supply certain services. Depending on your partner and what kind of project, some businesses even receive rebates from aligning themselves with a WBE. Working with a WBE can not only save your organization money but sometimes improve ROI.
2. Diversifies Your Suppliers and Helps Build Relationships
When partnering with a Women’s Business Enterprise National Council (WBENC) certified business, you gain access to multiple channels for goods and services which allows you to analyze various factors and choose what options are the best fit for your company’s needs. Increasing your partnerships with WBENC-certified businesses gives you the added benefit of building relationships with suppliers’ alliances.
3. Faster Turnaround Times
While larger corporations are typically held to certain standards or must follow a specific protocol, organizations find some relief when working with a WBE. Often, WBEs are small enough where flexibility isn’t an issue, and changes can be approved more quickly to please a customer than it would in a Fortune 500 company or government agency. When there’s less red tape and middlemen, communication and solutions are reached much quicker.
4. Shows Your Company's Commitment to Diversity
WBENC-certified WBEs are among the fastest-growing sector of our economy. By working with a women-owned business, you show your company’s commitment to working in diverse markets and furthering economic growth in local communities.
5. More Profitability and Creativity
Research shows companies that embrace diversity are typically more profitable than culturally homogenous companies. This is partly because workplace members from diverse backgrounds, experiences, and perspectives avoid “groupthink,” which creates greater solutions and creativity.
If you have additional questions, contact a member of the 'A' Team today.
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