BENEFITS OF PARTNERING WITH WOMEN-OWNED BUSINESSES
Provides Tax Incentives
Collaborating with a Women’s Business Enterprise (WBE) can yield numerous tax advantages for your company. The federal government offers tax incentives to businesses engaging with minority-owned and women-owned groups. Furthermore, tax burdens are diminished for projects supported by federal or state grants or loans when the supplier is a women-owned business. Certain states may also offer tax incentives in this regard.
Opens New Sources of Revenue Opportunities
According to research conducted by the Hackett Group, collaborating with a WBENC-certified business can result in a significant boost in profitability, with a potential return on investment of up to 130%. This partnership offers distinct competitive advantages. Furthermore, the research findings indicate that procurement organizations that engage with a diverse supplier base experience reduced overall operating costs and spend 20% less on their purchasing operations.
Diversifies Your Suppliers to Provide Multiple Procurement Channels for Goods and Services
By establishing a partnership with a woman-owned business, you unlock access to diverse channels offering a wide range of goods and services. This enables you to carefully evaluate multiple factors and select the options that best align with your company’s requirements. Expanding your collaborations with woman-owned businesses also offers the advantage of cultivating relationships with suppliers’ alliances.
Promotes Innovation and Creativity
As a smaller company, we possess the advantage of innovation and agility, enabling us to swiftly make course corrections and deliver faster turn-around times when necessary. This flexibility allows us to implement innovative strategies that precisely address the needs of our clients.
Shows Your Company’s Interest in Working in Diverse Markets
Working with a woman-owned business demonstrates your company’s commitment to diverse markets and contributes to local economic growth. Embracing supplier diversity makes your business more appealing to corporations seeking second-tier sourcing suppliers that collaborate with women-owned businesses.