David Adam

Benefits for Hiring a Certified Women-Owned Business

Could a diploma for women-owned enterprises be the key to promoting your organization's prospects? Uncover how getting a Women-Owned Small Business (WOSB), Economically Disadvantaged Women-Owned Small Business (EDWOSB), or Women Business Enterprise (WBE) credential is an alme-changer for your trade.

The State of Women-Owned Businesses Report emphasizes the outstanding improvement female entrepreneurs have driven across various ambitions, with women-owned trades seeing a remarkable 21% evolution between 2014 and 2019.

Obtaining certification as a women-owned business doesn't just open doors to potential private and government contracts; it presents a plethora of additional advantages waiting to be tapped into. Explore the distinct types of certifications available and gain insight into the certification process, which can propel your business to new heights.

With a certification in hand, you're not merely validating your status as a women-owned business; you're positioning your company to attract more leads, secure lucrative contracts, and forge valuable connections in a competitive business landscape. Don't miss out on the opportunity to leverage your business's unique identity and potential by exploring the benefits of certification for women-owned enterprises.

Understanding Certified Woman-Owned Businesses

A certified woman-owned business is an enterprise primarily owned and operated by women, with women holding at least 51% ownership and playing a significant role in its operations. Certification as a Woman Business Enterprise (WBE) signifies eligibility for exclusive contracts and resources offered by the federal government, which often extends to clients of these businesses. Additionally, businesses seeking certification must demonstrate fiscal responsibility, maintain up-to-date financial records, and get tax benefits for women-owned businesses. Proper licensing is also a prerequisite for official WBE certification.

For businesses meeting the criteria, pursuing WBE certification is a strategic move. A certificate unlocks a multitude of advantages, including enhanced access to business opportunities, comprehensive training and educational programs, extensive networking prospects, unique connections with specific buyers, access to bid and proposal leads, relationships with purchasing agents, and participation in mentorship programs.

However, it's crucial to understand that certification alone does not guarantee contract awards. Success still depends on the business's commitment and effort in pursuing opportunities and deliver value in a competitive marketplace. Certification is a valuable step, but sustained dedication is elementary for trades striving to succeed in the realm of certified woman-owned industries.

Exploring the Advantages of Engaging a Certified Woman-Owned Business

For entrepreneurs and business owners, obtaining certification as a woman-owned business offers many advantages while also creating opportunities for collaborative partnerships among women-owned enterprises. If you're in the market for services, product distribution, or consultancy, consider the benefits of engaging a reputable, certified woman-owned business through WBENC (Women's Business Enterprise National Council). WBENC is dedicated to fostering global economic growth by identifying, certifying, and nurturing women-owned firms. Here are some compelling benefits of doing so

Championing Diversity through Collaboration

When you collaborate with a certified woman-owned business, you send a clear message to potential clients and partners: your company is committed to promoting diversity and enthusiastically embraces opportunities in diverse markets. This commitment not only garners increased community support but also elevates your business's visibility and reputation. A recent Harvard study underscores the transformational power of diversity, revealing its role in driving market growth and fostering innovation. Remarkably, firms with diverse workforce see substantial benefits, with employees being 45% more likely to report increased market share in the past year and 70% more likely to cite successful entry into new markets. Over time, this commitment to diversity attracts new business and garners ongoing support, establishing a durable formula for business success.

Fostering Innovation Through Diversity

Diversity within a company breeds innovation. When you embrace diversity among your team and partners, you open the door to a wealth of "out of the box" ideas and discover numerous avenues for growth, profitability, and positive transformation. Collaborating with a certified woman-owned business sparks the introduction of fresh products, services, innovation, and creative solutions. Remarkably, 99% of diverse suppliers meet and often exceed client expectations, making partnering with a certified woman-owned business, such as Bee Line, an indisputably sound choice. Embrace diversity to fuel innovation and stay at the forefront of positive change.

Trimming Expenditures for a Brighter Future

Studies reveal that certified women-owned businesses secure a larger share of state contracts. Given the federal government's commitment to allocate a minimum of 5% of its contracting funds to women-owned businesses annually, your collaboration with such enterprises can lead to substantial cost reductions and channel more resources toward your long-term objectives. Engaging with diverse companies can also yield significant savings, typically amounting to approximately 20% in lowered overall operating expenses. By embracing these opportunities, you bolster your financial position and fortify your path toward achieving your broader business goals.

Maximize Tax Advantages

Collaborating with a certified woman-owned business offers the added advantage of tax incentives. The federal government extends various tax incentives to companies that engage with women-owned businesses, providing opportunities to lower overall taxable income and mitigate tax liabilities. In addition to federal incentives, several states offer further tax benefits to women-led companies. If you're seeking ways to reduce your tax burden, partnering with a certified woman-owned business presents an excellent opportunity. This strategic move delivers financial benefits and enriches your supplier and customer network with greater diversity, resulting in additional advantages. By harnessing these tax incentives, you can enhance your financial position and cultivate a more inclusive and thriving business ecosystem.

Boosting Profitability: The Power of Diversity

In pursuing business success, the ultimate aim is to increase profits and optimize your return on investment. Research conducted by the Hackett Group underscores the remarkable potential for profit growth when collaborating with a certified woman-owned business with an impressive 130% return on investment. Another study by the Peterson Institute for International Economics and EY unveils the financial benefits of gender diversity in leadership, revealing that having a minimum of 30% of women in leadership roles can elevate a company's net profit margin by 6%.

To attract top-tier talent that can drive your company's profitability, showcasing your commitment to working with diverse or minority-owned businesses is paramount. A staggering 67% of both active and passive job seekers now consider a company's diversity practices when assessing potential employers and job offers. Fostering diversity within your organization and through external partnerships not only enhances profitability but also bolsters your ability to attract and retain high-quality talent, positioning your business for enduring success.

Unlocking Educational and Networking Avenues

The Small Business Administration (SBA) administers the WOSB program, opening doors to a wealth of educational and networking prospects for certified businesses. As part of this, accredited enterprises can engage in the Mentor-Protege Program, a valuable initiative facilitated through the DOD Subcontracting Directory. Businesses can identify mentors, forge partnerships, and initiate the application process here.

Obtaining a WBE designation broadens your access to a rich tapestry of resources championed by the Women's Business Enterprise National Council (WBENC), which is dedicated to advocating for female entrepreneurs and fostering connections with industry leaders.
The array of potential opportunities spans various facets of entrepreneurship, encompassing:

Annual Summit & Salute Event: A flagship gathering offering insights and networking opportunities.

National Conference & Business Fair: A prestigious event featuring workshops, keynote speeches, and a bustling business fair.

Workshops: Educational sessions designed to enhance knowledge and skills.
Keynote Speeches: Inspirational addresses by prominent figures in the business world.

Webinars: Virtual learning experiences on pertinent topics.

Networking and Marketing Events: Strategic gatherings to expand your professional network and promote your business.

Participation in these educational and networking endeavors not only enriches your business acumen but also strengthens your connections within the entrepreneurial ecosystem, providing a springboard for future growth and success.

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