Many major corporations—like Netflix, Visa, and Proctor & Gamble—are aggressively seeking diversity in who they partner with and hire. Besides the obvious social reasons to do this, there are many other important (and bankable…!) advantages to doing business with diversity-based companies, including those that are women-owned.
Here at TPC, we’re proud to be 100% women-owned, certified by the Women’s Business Enterprise National Council (WBENC). Here are five reasons doing business with a certified women-owned business will give your company more than just good karma:
1) Two words: Tax Incentives!
Working with a women-owned business will get you some well-deserved federal tax benefits. That’s right: the government wants to support diversity and is seriously putting its money where its mouth is. Some states even grant tax incentives for working with women-led companies (thank you California and Georgia!). What’s more, in many cases tax liabilities are reduced for projects funded with federal or state grants or loans. Because, let’s face it: nothing’s wrong with tax incentives.
2) Diversity Breeds High Quality and Reliability
We know…partnerships between companies can be risky. But amazingly, one way to mitigate that risk is to partner with a diverse supplier. Ninety-nine percent of diverse suppliers were shown to meet or exceed their client’s expectations. What more could you ask for?
3) It Shows Your Care About Economic Growth in Local Communities
Did you know that, like other small businesses, diverse companies are some of the fastest growing and most innovative companies in our country? And they are everywhere. They are in cities, suburbs, farmhouses…you name it. Working with women-owned businesses means you are investing in these locales, spurring economic growth and opportunity.
4) Say Hello New Revenue Opportunities!
OK, this one is almost too good to be true…but it’s true! Partnering with diverse organizations isn’t just an issue of social responsibility, it is actually proven to be good for business—including improved quality and increased market share. Research shows that up to 10 percent of sales come with supplier diversity requirements, suggesting that the lack of such a program can even result in lost revenue. This is impossible to ignore.
5) Job seekers will favor you
This one might surprise people. Over two-thirds of all job seekers want to know a company’s approach to diversity before considering working there. They are interested in a diverse workforce, which may include not only who a company hires as an employee, but who they hire as a supplier. The message is getting clearer: social responsibility is becoming more and more important to people (hello, Millennials!).
So, what is the WBENC?
The WBENC is a federal program designed to spur greater diversity in business. They believe that fueling diversity leads to greater innovation, revenue opportunities, and is overall good for the economy.They have a rigorous certification process (believe us!) which, to begin with, guarantees that a business is at least 51% owned and controlled by women. Read more about the WBENC certification here.
You Guessed It, TPC is Certified Women-Owned!
We’ve had the honor of being WBENC-certified since 2016. And although the process was rigorous and involved site visits and extensive documentation, it was well worth it. In addition to offering our popular visual storytelling workshops, we can offer partners and clients some valuable tax and revenue advantages. Win-win!
To find out more about our WBENC certification or corporate storytelling workshops, click here to get in touch.