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5 Benefits of Partnering with Women Owned Businesses

5 Advantages of Partnering with WBENC
Miller Tanner in 1997

Updated: 11/29/2022

For 18 years, Miller Tanner has proudly maintained a Women’s Business Enterprise (WBE) Certification through the Women’s Business Enterprise National Council (WBENC), the nation’s largest third-party certifier of the businesses owned and operated by women in the U.S. Nationally recognized by thousands of major U.S. corporations and federal, state and local government entities, this certification is no small feat. The process is a lengthy and intensive one. To achieve WBENC certification, women-owned businesses complete formal documentation and a site visit process which is administered by one of WBENC’s 14 Regional Partner Organizations.

“I first learned of the WBENC Certification and how having this certification could help Miller Tanner Associates’ clients in 2002.  It took me over a year to complete the paperwork and receive the certification.  It’s intensely scrutinized because it is such a highly valued certification,” shares Marnie Battistini, Miller Tanner CEO.

That’s why Miller Tanner is proud to be part of this program which not only affords us great opportunities and partnerships as a supplier diversity business but in turn, the opportunity to pass along great benefits to our clients.

5 Benefits of Partnering with a WBENC-Certified Women’s Business Enterprise

When a company partners with a WBENC-Certified Women’s Business Enterprise (WBE), they gain many benefits, such as:

1). Provides Tax Incentives

Working with a WBENC-certified WBE can provide your company with many tax benefits. The federal government affords tax incentives to those who conduct business with groups that consist of minorities and women-owned businesses. Additionally, tax liabilities are reduced for projects funded with federal or state grants or loans when the supplier is a women-owned business. In some states, tax incentives may be available. When you partner with Miller Tanner, we conveniently provide you with all WBENC certification information needed for tax purposes in each final billing binder.

2). Opens New Sources of Revenue Opportunities

Research conducted by the Hackett Group shows that working with a WBENC-certified business can increase profitability with as much as 130% return on investment, providing distinct competitive advantages. Additionally, the research concluded that procurement organizations that work with a diverse supplier base also had lower overall operating costs and spent 20% less on their buying operations.

3). Diversifies Your Suppliers to Provide Multiple Procurement Channels for Goods and Services

When partnering with a WBENC-certified business, you gain access to multiple channels for goods and services which allows you to analyze various factors and choose what options are the best fit for your company’s needs. Increasing your partnerships with WBENC-certified businesses gives you the added benefit of building relationships with suppliers’ alliances.

4). Promotes Innovation and Creativity

Smaller companies typically bring innovation to the table to stand out among their competitors. As a smaller company, we have the advantage of agility, making course corrections, with faster turn-around time if required, and implementing innovative strategies to meet the needs of our clients.

 5). Shows Your Company’s Interest in Working in Diverse Markets

Partnerships

WBENC-certified WBEs are among the fastest-growing sectors of our economy. By working with a women-owned business you show your company’s commitment to working in diverse markets and furthering economic growth in local communities. As a supporter of supplier diversity, your business becomes more attractive to corporations that are seeking second-tier sourcing suppliers that work with women-owned businesses.

Miller Tanner Staff

According to WBENC, the Women’s Business Enterprise National Council WBENC certification standard is the most relied upon certification of women-owned businesses as a supplier diversity business program. This certification validates that a business is 51 percent owned, controlled, operated, and managed by a woman or women.

Women’s Business Enterprise National Council WBENC aims to “foster diversity in the world of commerce.  Diversity promotes innovation, opens new channels of revenue, and creates partnerships that provide opportunities that fuel the economy.”

For more information about the WBENC certification, you can visit www.wbenc.org.

Connect with us. We’d love the opportunity to share why we’d be a great supplier diversity partner for your company. 

Resources:

http://www.on3promopartners.com/huge-benefits-businesses-partner-wbenc-supplier

https://smallbusiness.chron.com/tax-incentives-using-minorityowned-business-30659.html

Frequently Asked Questions

In an effort to help readers to summarize the information found within this post, we’ve recapitulated the article in question and answer form.

What Tax Incentives are Associated with Being a WBENC-Certified Women’s Business Enterprise Partner?

Those who do business with minority and women-owned companies are eligible for tax breaks from the federal government. Additionally, when a project is financed with federal or state grants or loans, tax obligations are lowered when the supplier is a woman-owned company. Additional tax incentives may be offered in certain states.

What New Sources of Revenue are Associated with Being a WBENC-Certified Women’s Business Enterprise Partner?

Working with a WBENC-certified company may boost profitability by as much as 130%, according to research performed by the Hackett Group, giving you a unique competitive edge. Furthermore, procurement companies that operate with a broad supplier base have reduced total operating expenses and spent 20% less on their purchasing operations, according to the study.

How Does Being a WBENC-Certified Women’s Business Enterprise Partner Help with Supplier Diversification & Growing Procurement Channels?

When you work with a WBENC-certified firm, you get access to numerous channels for products and services, allowing you to weigh different variables and choose which choices are best for your organization’s requirements. Increasing your connections with WBENC-certified companies has the additional advantage of strengthening your supplier networks.

How Does Being a WBENC-Certified Women’s Business Enterprise Partner Help with Promoting Innovation & Creativity?

Smaller businesses are more likely to innovate in order to differentiate themselves from their rivals. We have the benefit of agility as a smaller business, which allows us to make course corrections more quickly if necessary and adopt new methods to suit our customers’ requirements.

How Does Being a WBENC-Certified Women’s Business Enterprise Partner Help Demonstrate Interest in Working in Diverse Markets?

WBENC-certified WBEs are one of our economy’s fastest-growing sectors. Operating with a woman-owned business demonstrates your company’s dedication to working in a variety of marketplaces and contributing to local economic development. As a proponent of supplier diversity, your company becomes more appealing to companies looking for second-tier sourcing partners that deal with female-owned businesses.