Nowadays, businesses are finally understanding the value of diverse partnerships and the power of women-owned businesses. Many businesses are vying to work with a credible and certified women-owned business. This is because they understand the value and merits of such a promising collaboration. They also know that a business certified by WBENC will certainly help them reach new heights of success. But what exactly is WBENC?
Let’s find out.
What is WBENC?
Women’s Business Enterprise National Council (WBENC) is a federal program that was founded in 1997. It’s the largest third-party certifier of women-owned businesses. It’s designed to stimulate greater diversity in business. It offers a rigorous certification process, which promises that a business is at least 51% owned and controlled by women. To be certified by WBENC, a business must submit the appropriate documents and undergo an on-site review by a regional Partner Organization.
If you are wondering whether you should work with a WBENC certified women-owned business, then you will be happy to know that it will be greatly beneficial for your business.
Let’s see how!
Benefits of Working with a Certified Women-Owned Business
Here are 5 incredible benefits of working with a certified women-owned business:
1.Stimulates Creativity and Innovation
Working with women-owned businesses creates room for new solutions, products, and services. It provides you with a wonderful opportunity to collaborate with different minds and come up with innovative and creative business solutions.
Partnering with a women-owned small business will also bring in more diverse clients, which can also benefit your company. A Harvard study pointed out that diversity helps boost innovation. The diverse nature of these businesses and the minds behind them will provide you with fresh approaches that you might not have thought of before.
2.Highlights Your Enthusiasm to Work in Diverse Markets
Working with women-owned businesses also highlights your readiness and enthusiasm to work with diverse markets that support the local community. Your willingness to branch out and explore diverse markets will also attract clients and businesses that support women-owned businesses and diversity in general.
Moreover, it goes to show your commitment to seeking opportunities from every arena and market. It highlights your open-mindedness, which is always appealing to customers. It’s also a great way to build a diverse network and strong reputation.
3.Provides You with Compelling Tax Incentives
As a responsible business, you want to pay your taxes on time. But it can surely take a lot out of your business. So, it is always helpful to think of ways to save yourself from too much trouble during tax season. This is where working with a certified women-owned business can work wonders.
The federal government provides tax incentives to businesses that work with minority and WBENC-certified women-owned businesses. Moreover, when your supplier is a women-owned business, the government reduces the tax liabilities for your projects that are funded with state or federal loans and grants.
4.Gives You Access to Numerous Diverse Suppliers
As a booming business, it’s always a great idea to work with numerous suppliers from diverse markets. Working with a women-owned business that is certified by the WBENC is an excellent way to build your professional network. It will provide you with access to multiple new procurement channels for your goods and services. This allows you to choose which option will be the best fit for your business.
5.Offers Great ROI
All businesses love a great return on investment. However, that’s only possible if you set yourself up for success. Working with a women-owned small business is certainly one way to do it. This is because working with a business owned by women can boost your revenue. Research indicates that companies working with businesses certified by the WBENC spend 20% less than businesses that do not.
These were some compelling reasons to work with a certified women-owned business. So, what are you waiting for? Start collaborating with a WBENC-certified business today to make the most of these benefits!
Fortune Transportation Group LLC is a WBENC-certified, women-owned business. We provide superior limousine transportation for weddings, proms, casino outings, and more! We also offer a wide array of options, including sedans, shuttle vans, town cars, hummer, exotic SUV, and stretch limos to customers in Philadelphia County and beyond!