Benefits of Working With a Women-Owned, Minority-Owned Business

Businesses worldwide are actively seeking opportunities to work with women or minority-owned businesses. Big names like Proctor & Gamble and Netflix aim to increase diversity in their portfolio for social and financial reasons. This article will cover some advantages of working with diversity-based businesses like women-owned companies. So, read on to find out!

Benefits of Working With a Women-Owned, Minority-Owned Business

Here are some of the main benefits of partnering with a women-owned or a minority-owned business:

1. Tax Benefits?

Since governments worldwide aim to support diversity, they offer tax benefits for working with women or minority-owned businesses. Moreover, in cases where the supplier is a women-owned or a minority-owned business, the government also reduces tax liabilities for projects sponsored by state or federal grants or loans. You can also benefit from tax incentives by working with these businesses in many states. Therefore, it is a win-win situation for both parties.?

2. It Creates Additional Revenue Sources for Your Business?

According to research by the Hackett Group, working with a women-owned business can increase your profitability by 130%. In addition, it also offers you a unique competitive advantage.?

When you partner with diverse businesses, you are socially responsible, positively impacting your image and bringing in more revenue. Research also suggests that a lack of diversity in business may result in lost revenue.?

3. It Demonstrates Your Concern for the Local Economic Growth?

Like small businesses, diverse firms are among the most innovative and fastest-growing worldwide. Another plus point is that, unlike large companies, you can even find them in small cities, farms, suburbs, and wherever else you can think of.?

Therefore, partnering with women-owned companies means contributing to opportunities and economic growth in these areas.?

4. Job Seekers Will Favor Your Company?

According to research, before contemplating working for a firm, more than two-thirds of all job searchers want to know how they address diversity. Job seekers prefer working with firms that have a diversified workforce and suppliers.?

Today, a company cannot do well if it is not seen as socially responsible by the target audience. Individuals have become increasingly concerned with social responsibility, so businesses must act accordingly.?

Final Word?

If you want to reap the benefits of working with a women-owned business, look no further than MediaMorphosis. We have a Minority and Women-owned Certification and have successfully met the WBENC’s criteria for being a Women Business Enterprise (WBE).?

The WBENC is a federal initiative that encourages greater corporate diversity, believing it results in increased revenue and innovation. Moreover, they also believe it benefits the economy as a whole. They have a strict certification procedure that ensures a firm has at least 51% women ownership.?

We offer specialized multicultural marketing services to our clients worldwide to help them reach a diverse market.?

For more information, please feel free to contact us at +1 718 472 3700.??