In honor of Women's History Month, we're taking some time to appreciate and celebrate women in business and Women-owned Business Enterprises (WBEs). As business ownership has historically been dominated by men, women can offer new perspectives and benefits to the industry at multiple intersections. Keep reading for more on the best advantages of working with women-owned businesses.
1) Reduce Your Tax Liabilities
Yes, working with WBEs can save you on taxes! Some states encourage businesses to work with WBEs by offering local tax incentives. Similarly, many grants look to fund projects that have a WBE as a vendor or secondary supplier. As a certified WBE, we love that our clients can receive incentives, as this opens the door to work with a wider range of clients and makes funding more accessible for everyone. Check out buywomenowned.com for a list of WBENC-certified women-owned enterprises.
2) Increase Your Return on Investment
Another great thing about working with women-owned businesses is, statistically speaking, you get a lot of bang for your buck. A 2017 study by the Hackett Group shows that working with WBENC-certified businesses can drastically increase profits, yielding up to 130% return on investment. Higher profitability means you can offer more competitive pricing and allocate more funds for other areas of your business. In fact, the study found that businesses that work with more diverse suppliers and consultants had lower costs overall. Don't be skeptical, it's not because they're cutting corners--76% of all diverse suppliers meet buyers' expectations and an additional 23% exceed them (click here to check out the full study). Working with WBEs is really a win-win!
3) Promote Innovation and Creativity
This one may sound a little more corny, but it's probably the most impactful advantage of working with women-owned businesses. Going out of your way to work with WBEs not only supports that business itself, but all minority small-business owners you may stumble across in your search. These businesses in particular face more obstacles and have a smaller marketing budget. This makes it especially meaningful to purposefully find such businesses, rather than waiting for them to break enough barriers to find you. Practically speaking, working with women-owned businesses boosts your business as well. According to a study done by Glass Door, 76% of job seekers and employees alike report that a diverse workforce is a crucial factor when considering companies and job offers. Another win-win!
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