The Importance of Partnering with Women-Owned Businesses
Mary Susan Milbourne, CMM and Carmel Rose Caporale, CMM, CMP
As a certified Women’s Business Enterprise (WBE) and Women-Owned Small Business (WOSB), we sometimes get asked the question… Why is the fact that you are women-owned so important? Why does it matter? Today, we will look at women-owned small businesses and how they contribute to the local and national economies!
The certifications Lead Dog Meeting & Event Management carries help our company and yours to do business. When working with corporations in the private sector, the WBE certification is desired. Government entities typically want to work with WOSB certified businesses. We are proud to carry both certifications, which allows us to easily work within both economic sectors.
Reasons to Partner with Women-Owned Small Businesses
Gain Diverse Business Perspectives. Working with diverse suppliers helps corporations gain diverse business perspectives which can increase revenue and drive business results. Listening to and incorporating ideas from people with different perspectives will bring value to the organization. At the same time, diverse suppliers impact their local economies by hiring diverse talent.
According to the US Census Bureau, in 2018, women-owned businesses made up just 19.9% of all businesses that employed people. The good news is that number is growing. However, the average annual earnings of employees of women-owned firms are lower than average. Corporations can help even the playing field by hiring more women-owned businesses. Thankfully, this actually means that you will likely have a great experience as well since The Hackett Group’s research has shown that “76 percent of all diverse suppliers meet buyers’ expectations and another 23% exceed them.” Companies with demonstrated support of diverse businesses are also likely to attract additional customers.
Promote Your Company. Consumers value companies who demonstrate a strong commitment to corporate social responsibility and supplier diversity. Consumers, through social media, are likely to share information about various companies and their ethics and business practices. Very quickly, this can change the buying habits of many. Companies who actively work to increase diversity of suppliers, ideas, talent and customers can achieve more revenue opportunities by building stronger connections with potential buyers and customers. This strategy has the effect of opening the door to future business opportunities!
Benefit from Agility. Find out how agile a women-owned small business can be. You will often find smaller companies to be more innovative and creative because their structures allow for flexibility and customization of services. Large companies may have to allow time to conduct business through many layers – requiring approvals to make changes to their offerings. Smaller, agile businesses, such as ours, can pivot and change course much faster as needed. Lead Dog is just the right size to serve your company’s needs while being small enough to specialize in giving you the attention your company deserves.
Earn Tax Incentives. Significant tax incentives are available through the federal government to those companies who work and partner with certified women-owned small businesses. In some cases, states follow suit with these incentives. Gain reduced tax liabilities for projects for which you use federal or state loans or grants when you partner with a women-owned business. We provide our clients with copies of our certification as needed. Be sure to check with your tax professional to learn more about these benefits!
Who Qualifies as a “Women-Owned Small Business?”
It is not enough to have a woman on your Board of Directors. Your business must meet specific requirements to carry the label “Women-Owned Small Business.” It must:
1. Have at least 51% of the company controlled by one or more women.
2. Have a management team that consists of one or more women.
3. Be a “small” business as determined by the Small Business Administration (SBA).
Companies must meet these requirements before a business can call itself a Women-Owned Small Business and before it can actively participate in supplier diversity programs.
What Resources are Available to Women-Owned Small Businesses?
Many resources are available to women-owned businesses through organizations such as the SBA. Lead Dog belongs to and is certified through one such organization, The Women’s Business Enterprise National Council (WBENC). Leveraging a nationwide organization's benefits can help provide support and training to enable continuous improvement and growth.
WBENC - The Women's Business Enterprise National Council
WBENC provides independent certification to women-owned businesses. These certifications open opportunities to do business with major corporations through their supplier diversity programs. WBENC’s mission is "To fuel economic growth globally through access to opportunities, by identifying, certifying and facilitating the development of women-owned businesses."
Continuing education is a huge benefit of being certified by WBENC. Their excellent WeThrive program, which our executives at Lead Dog have completed, provides executive development for women entrepreneurs. We highly recommend it to other women-owned businesses.
Lead Dog Meeting & Event Management is a Women-Owned Business!
Doing business with Lead Dog Meeting & Event Management will help you realize the advantages shown above. Still, most of all, you will get the best in meeting and event management services. We specialize in events of all sizes and types and can put our experience and skill to work for your company and your next event.
Hybrid and virtual events are the newest opportunities to create memorable experiences for attendees. We are ready to handle all the complexities for you. Contact us today, and we can start a conversation about your next event!
Lead Dog Meeting & Event Management is a women-owned business, certified as a WBE and as a WOSB.