WBE and WOSB
We are proud to be certified as a Women Business Enterprise (WBE) and Women Owned Small Business (WOSB) and are excited about the prospective new partnerships and opportunities ahead.
Women are becoming more and more of a force in the business world. By opening their own companies, creating solopreneurships, and leading major corporations, women are revolutionizing the business landscape. And why shouldn’t they?
Despite their significant contributions, women-owned businesses often confront unique obstacles, including limited resource availability and systemic biases. A powerful tool entrepreneurs use to overcome these challenges is through obtaining a Women-Owned Certification for their business. This opens the door to a myriad of advantages, from gaining a competitive edge to securing a stamp of credibility. Although you have to go through a rigorous application process, it’s a strategic move that opens up a world of opportunities designed to take your business to the next level.
Yes, It’s Worth It!
In the competitive business world we operate in, it's essential to have things that make you stand out. This is where having the official Women-Owned Enterprise and Women Owned Small Business certifications comes into play. In the private sector, there's been a heightened commitment among companies to engage with women-owned businesses. This is apparent as supplier diversity programs gain prominence, often fueled by shareholder objectives. Within these initiatives, companies allocate a portion of their procurement specifically for diverse businesses. As outlined in a recent study, 75% of companies with supplier diversity programs identified their diverse suppliers through certification agencies. By having a certification, your business is put on the map and sought out for partnerships versus being completely overlooked.
Benefits
While the application process is rigorous and time-consuming, the benefits make the time spent more than worth it. You gain access to a world of opportunity and a community eager to drive your business forward. Below are six major benefits to attaining a Women-Owned Business certification:
1. Access to Lucrative Markets
According to the Women's Business Enterprise National Council (WBENC), corporations in the U.S. spend over $1.8 trillion annually on goods and services, with an increasing portion allocated to supplier diversity programs. The WBENC Certification grants you entry into these lucrative markets, where corporations actively seek diverse suppliers.
2. Competitive Edge
Certification not only boosts your business's competitiveness but also positions it for financial success. A study by McKinsey & Company revealed that gender-diverse companies are 21% more likely to outperform their counterparts in terms of profitability. As outlined in our previous blog, businesses who prioritize diversity and inclusion stay ahead of the competition and are leaders in their field.
3. Supplier Diversity Commitment
As more organizations commit to supplier diversity, certification becomes a valuable asset, aligning your business with these forward-thinking entities. Over 400 of America's largest publicly traded companies have supplier diversity programs (DiversityInc). As mentioned, most of these corporations identify their diverse partners through certification agencies, providing access to formal and informal opportunities to engage with these organizations.
4. Awards and Acknowledgement
The WBENC honors the female leaders who have helped bridge the gap between revenue disparity among women-owned businesses and others. By becoming certified, your business becomes eligible to be recognized and awarded for your efforts to break down systematic barriers and pave the way for a more diverse, evolved field of business.
5. Networking Opportunities
The WBENC hosts over 14,000 networking events annually, fostering meaningful connections with like-minded entrepreneurs. Becoming certified grants you access to this extensive network, offering opportunities for collaboration and growth with fellow successful women passionate about helping you grow your business.
6. Eligibility for Exclusive Federal Contracts with WOSB Certification
The federal government aims to allocate a minimum of 5% of federal contracting dollars to WOSBs annually. By participating in the Women-Owned Small Business Federal Contract program, businesses gain access to contracts in specific industries where WOSBs are underrepresented, as identified by NAICS codes. Joining this program allows businesses to compete for these set-aside contracts, significantly expanding their federal contracting opportunities.
Being a certified Women-Owned Business isn't just a badge—it's a strategic move that unlocks doors to opportunities, fosters growth, and positions your business at the forefront of an inclusive business world. The WBENC and WOSB certification gives you credibility, tools, and access you need to become a voice promoting a diverse landscape, driving innovation and overall economic growth. We’re thrilled to be awarded these designations and are optimistic for the future.