Jan 02 2020 The Benefits of Partnering with a Woman-Owned Business
5 Benefits of Partnering with Edge, a WBENC-Certified Women’s Business Enterprise
The Women’s Business Enterprise National Council (“WBENC”) certification is the “gold standard” for majority women-owned businesses who decide to pursue a supplier diversity business program.
WBENC certification is nationally recognized and required by thousands of major U.S. corporations and government organizations because they have found that fostering diversity in the world of commerce is good for the bottom line!
In early 2008, I first learned about WBENC Certification and how it could help Edge Solutions’ clients. It took me almost a year to complete the paperwork and receive the certification—it was no small feat! Our company repeats this lengthy process annually, allowing ourselves to be intensely scrutinized every year by WBENC, because it is such a highly valued certification for our clients.
When a company partners with a WBENC-Certified Women’s Business Enterprise (WBE), they gain many benefits, such as:
1). Opens New Sources of Revenue Opportunities
Research conducted by the Hackett Group shows that working with a WBENC-certified business can increase profitability with as much as 130% return on investment, providing distinct competitive advantages. Additionally, the research concluded that procurement organizations who work with a diverse supplier base also had lower overall operating costs and spent 20% less on their buying operations. By bringing new WBENC-certified suppliers into the procurement process, it at naturally drives competition on price and service levels between the company’s existing and potential vendors.
2). Shows Your Company’s Interest in Working in Diverse Markets
The bottom-line revenue benefits of a strong supplier diversity program described in the latest research is achievable because diversity works in almost every measure: greater racially, ethnically, and culturally diverse workplace teams function more effectively than more homogeneous teams. Members from diverse backgrounds, experiences, and perspectives avoid “groupthink”; generating innovative solutions and creativity. Moreover, the latest research found that a robust supplier diversity program showcases the company’s interest in and commitment to the economic growth of all communities, and helps create good will that improves the bottom line.
3). Promotes Innovation and Creativity
WBENC-certified companies typically bring innovation to the table in order to stand out among their competitors. As a diverse, smaller company, Edge has the advantage of agility, making course corrections, with faster turn-around time if required, and implementing innovative strategies to meet the needs of our clients.
4). Diversifies Your Suppliers to Provide Multiple Procurement Channels for Goods and Services
When partnering with a 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. (Hackett Report)
5). Provides Tax Incentives
Working with a WBENC-certified WBE can provide your company many tax benefits. The federal government affords tax incentives to those who conduct business with minority and women-owned businesses. Additionally, tax liabilities are reduced for projects funded with federal or state grants or loan when the supplier is a women-owned business. In some states, tax incentives may be available. (Hackett Report)
Give your organization “the Edge”
When we founded Edge, diversity was added in our values statement and as a “pillar” in our business plan. Not only do we believe that fostering diversity is the right thing to do, but it also promotes innovation, opens new channels of revenue and creates partnerships.
That is why Edge is proud to be part of WBENC, which not only affords us great opportunities and partnerships as a business, but most importantly, the opportunity to pass along great benefits to our clients.
For more information about the WBENC certification, you can visit www.wbenc.org.