EnvirOx is proud to be a woman-owned business certified by the WBENC. But why is that important to you? And what does it mean? Today, we’ll be tackling both those topics, and we hope you’ll understand why we’re so excited by this certification.
What are the Benefits to You, Our Customer?
It Helps Your Bottom Line
The main benefit is that it helps your supplier diversity. We’ll dig further into this in a future blog, but if you’ve not heard of it, the basic idea is to strengthen a company’s supplier base by making sure it’s pulling from a diverse number of sources. The reason why more and more forward-thinking companies of all kinds have embraced this strategy is that studies have shown having a more diverse supply base helps the bottom line. In fact, the estimate is that for every $1 million spent operating a diversity supplier program, there’s a return on investment of $3.6 million.1 This is achieved by providing knowledge and inroads into new domestic markets, solidifying a flexible and reliable supply chain as demographics continue to shift, and providing a robust base for contract bids.2 That’s a fantastic number that highlights a practical reason every company should be interested in supplier diversity.
Tax Credits & Incentives
Another great benefit is that the federal government provides tax breaks for companies who use minority and women-owned businesses as suppliers. In addition, there’s a tax incentive that reduces tax liabilities for companies that use these same diverse suppliers for projects that are funded with state or federal grants and loans. Some states also have similar tax incentives.3 Be sure to consult with your tax professional about what incentives might be available to you if you use certified women-owned suppliers like EnvirOx.
So What Does WEBNC Certified Mean?
The Women’s Business Enterprise National Council (or WEBNC) is the largest certifier of women-owned businesses in the US. In order to receive certification, the WEBNC validates that a business is at least 51% owned, controlled, operated, and managed by women or a woman. Over 1,000 of America’s leading corporations, representing its most prestigious brands, accept WEBNC. The process WEBNC uses to certify members is rigorous and precise, and controlled by a National Certification Committee. This is one reason why WEBNC certification is trusted by so many. For more information about WBENC, visit their site here.
- CVM Solutions. (2018). What is Supplier Diversity and Why is it Important? Retrieved from https://blog.cvmsolutions.com/what-is-supplier-diversity
- ChicagoMSDC. (2016). A Strong Supplier Diversity Program Increases Corporate Revenue. Retrieved from http://www.chicagomsdc.org/downloads/14170627_1_ChicagoMSDC_WhitePaper_2016-single.pdf
- ON3PromoPartners. (2015). Huge Benefits For Businesses That Partner With A WBENC Supplier. Retrieved from http://www.on3promopartners.com/huge-benefits-businesses-partner-wbenc-supplier