A certified woman-owned business is not a feat that is achieved overnight! Women-owned businesses undergo a thorough formal documentation and site visit from a third-party certifier (such as WBEC-West) before they are accredited.
The business is highly scrutinized and may take up to 6 months just to complete the paperwork and receive certification. If that justifies the importance of being a certified woman-owned business, there are more advantages to partner with one. The top reasons are:
This would be the primary and most important reason to partner with a certified woman-owned business. The federal government sets aside opportunities (contracts) every year for qualifying women owned small businesses. The number and size of these contracts varies by industry based on how well women are represented. As you’d expect, there are more opportunities available in industries that are underrepresented in women business owners.
- Drives Competition
After partnering with a woman-certified business your company has access to other multiple avenues for goods and services. This allows you to compare prices with your existing vendors and service providers and drive them to offer you more competitive prices. This opens up channels to build new supplier alliances.
- Taps Women Customers
Apart from women being a growing economic force for the nation and in the world, women themselves have a great buying power. Women customers not only drive sales up by their purchasing power but also market the services and products they like by speaking about it to friends, family and colleagues. This no-cost word of mouth marketing can lead to spiking profits for the partnering company.
- Showcases Diversity
Diversity positively impacts the bottom line of any business. Working with woman-owned businesses sends a message to vendors, investors and potential customers that your company supports diversity. This in turn, enhances economic growth in local communities.
- Promotes Innovation
Woman-owned businesses, normally being smaller companies, are aware of the tough competition and hence try to bring more innovative and creative solutions to the table. Partnering with a smaller team provides the advantage of getting prompt customer service. They are also able to assist by making quicker course corrections and provide much faster turn-around times than their larger competitors.
As woman-owned businesses grow, it will boost the nation’s economy. Moreover, it will leave a lasting impression on your company profile, by being one which has assisted economic growth by partnering with local, diverse and minority communities.