January 8, 2020
Here’s How Working with a WBE Certified Business Can Benefit Your Brand
At a time when diversity and transparency are at the forefront of many social, economic and political conversations, women-owned businesses are a growing economic force. The UN reports that women represent a significant share of employment generation and economic growth potential in the global economy. It is more important than ever for leaders to take stock of ways that they can increase diversity in their businesses so that they’re equipped to stay competitive in the future.
It’s within this context that PartnerCentric is proud to raise its flag as the only woman-owned and Women’s Business Enterprise (WBE) certified performance marketing agency in the industry. Becoming a certified WBE business is a tool designed to increase opportunities and visibility for women. It’s also a way for businesses looking to partner with women and minority owned businesses to find top notch companies that have met certain standards through an application process administered by an outside organization.
A certified WBE business has to meet a number of requirements in order to be given the stamp of approval that they are truly majority women-owned and women-run. Those requirements ensure that the business:
- Be at least 51% owned and controlled by women.
- Show fiscal responsibility via tax returns, bank statement and its business credit rating.
- Has the capacity to succeed. The company’s principles must have a certain level of experience in the market they are going into.
PartnerCentric is excited to hold the WBE torch in the affiliate space, but we certainly want to see this number grow. The good news is that there are a few measures in place that are particularly helpful for moving the needle forward. For example, at the federal level, the government has a goal of awarding 5% of the value of all of its contracts to women-owned and WBE certified companies, and similar goals have spread to state and local governments as well as into the private sector.
This is a big step forward for WBE-certified companies because procurement can be used as an effective tool to battle gender inequalities and to economically empower women by helping more women-owned businesses access the procurement market.
How working with a WBE certified business can benefit your company:
Research has shown that increasing diversity both in your subcontracting choices as well as within your workplace makes good business sense. McKinsey’s 2018 report, Diversity Matters, which examined diversity in the workplace over the course of several years, found that companies in the top quartile for gender or racial diversity are more likely to have financial returns above their national industry medians. And more specifically, companies in the top quartile for gender diversity are 15% more likely to have financial returns above their respective national industry medians.
In addition to potential financial gains, working with women and minority owned and operating companies can offer tax benefits as well. The federal government affords tax incentives to those who conduct business with WBE companies and tax liabilities are reduced for projects funded with federal or state grants/loans when the supplier is a WBE.
Finally, contracting with women-owned businesses improves your brand’s reputation as one aware of and interested in working with diverse markets, which can open new doors for revenue opportunities. PartnerCentric is excited to work with teams who are looking to capitalize on these numerous benefits and also help those who are realizing where they can improve in this area. Particularly for enterprise level companies with federally mandated WBE procurement quotas to meet, working with PartnerCentric makes excellent sense. We can fill this need for your business, while also providing award-winning and strategic support.
Contact us any time to chat about the WBE certification or anything else that’s on your mind. We’re always here to help.