Why you should hire a certified woman owned business
Minority-owned business enterprises (“MBEs”) – like East Coast Industrial Services – are companies that have been certified to be at least 51% owned and controlled by a minority principal who is a US citizen or lawful permanent resident.
Find out how you can benefit from hiring an MBE below:
Win more state contracts.
By meeting or exceeding MBE participation requirements, prime contractors can win more business because they will be more attractive to state and federal agencies that need to meet diversity spending benchmarks.
The purpose of these benchmarks is to provide equal opportunity for all businesses and to ensure that government funds are not used, directly or indirectly, to promote, reinforce, or perpetuate discriminatory practices.
To ensure that these goals are being met, often state and federal agencies have participation requirements for MBEs written into their RFPs. Participation requirements obligate prime contractors to designate a set percentage of the revenue they receive from the contract to spending with MBEs.
Enjoy greater flexibility.
While government and larger corporations are typically held to certain standards or must follow a specific protocol, these organizations find some relief when working with a women-owned business. Where their organization might be so large that they are bound by the rules to have procedures done a certain way, a certified women-owned business can offer greater flexibility when it comes to working on a project. Often, they are small enough where flexibility isn’t an issue, and changes can be approved more quickly to please a customer than it would in a Fortune 500 company or government agency.
The government offers tax incentives for companies working with women-owned businesses, and can also benefit from reduced tax liabilities on federal or state grants or loans for projects that use WBE suppliers.
Creating a more diverse market is critical, but partnering with a WBE also can end in more business to companies by demonstrating that they put their beliefs into practice. By advertising that your company supports MBEs, you can make your customers aware that you actively support business diversity. This will allow you to reach socially-conscious consumers and add a differentiation factor to your business.
Working with MBEs not only benefits the minority-owned business, but it also benefits your company, your customers, and your community. The business landscape is changing and the only way to stay competitive is to change with it.