How Customers Can Benefit from Working with A Woman-Owned Business
There are more than 13 million women-owned businesses in the United States, and that number is growing every day. Why? Because female entrepreneurs breed a new kind of innovation—one based on collaboration, empathy and a drive to do the right thing for their employees as well as their customers.
This business model is built on authenticity, which is a breath of fresh air.
Supporting women-owned businesses is integral to our core values as women in business. And while that provides plenty of intrinsic motivation, there is plenty of quantitative evidence to support the benefits of working with women-owned businesses as well.
What is the WBENC?
The Women's Business Enterprise National Council (WBENC) is a widely recognized organization dedicated to spotlighting women-owned business. This organization offers a certification program to make it easier to find and engage with women-owned businesses.
What does this mean for you as a customer? It means that you can trust the WBENC seal of approval to know that you are working with genuine women-owned businesses which align with your values, and that your partnerships will be eligible for certain benefits afforded to working with these organizations.
Carsten's is a WBENC-certified Business
To qualify for certification, a business must have a woman in majority control of the business. Specifically, at least 51% of the business's day-to-day operations are managed by women, more than half of the capital is invested by women, and the expertise driving the company forward is predominantly female. The WBENC has a thorough certification vetting process to make ensure all these requirements have been met.
Related: Carstens is Woman-Owned
Carstens checks all of the boxes and has received WBENC certification with the daughter of the company's original founder serving as the sole owner, president, and CEO of the company. Carstens achieved the WBENC certification in 2016 and is qualified to be your partner to satisfy requirements, take advantage of tax incentives, and support diversity.
Carstens is a woman-owned, family business providing innovative healthcare support products to the medical industry. Shop our catalog of products now.
Benefits of Working with a Woman-Owned Business
As a customer, being a supporter of diversity in business gets you more than recognition and appreciation, there are significant qualitative benefits as well. Let's take a look at what the perks are.
You’re likely to make more money--and that’s at the top of our list because it’s what being in business is all about, right? Research from the Hackett Group, an independent consulting firm, shows that diverse suppliers like women-owned businesses tend to have lower costs and better performance. It doesn't take a lot of math to figure out that if you are paying less for a service that is performing better, your profit is up.
Related Link: Carstens Products
It is hard to believe that anyone in your company wouldn't support a plan that lowers costs and increases sales, but in addition to these claims, keep in mind that women-owned businesses and promoting diversity are receiving a lot of attention globally right now. Imagine the boost that your brand image will receive simply by supporting causes that are popular with your target audience.
The United States federal government (and many state governments) have special programs to help minority-owned businesses, including women-owned businesses. You may be able to take advantage of reduced tax liabilities or special loan or grant programs just for supporting women-owned businesses.
Let's be clear--we don't mean that women-owned businesses get a break on paying taxes. What we mean is that there are programs designed to steer more business towards women-owned businesses, and those programs may lead to new benefits on your tax returns that your company previously could not claim.
Diversifies Your Suppliers
Business diversity means more than just engaging with companies lead by women or other minorities. Have you ever heard the advice 'don't put all of your eggs in one basket?' Yep--that applies here too. Relying on too few suppliers to meet your business needs can put your company in an awkward position when one of them struggles to deliver. Many companies prefer to spread their risk across more suppliers, giving each a smaller share of their business. And, research shows that diversification in suppliers helps lower your overall supply costs.
Related: 130 Years of Heritage and Innovation
Demonstrates Your Commitment to Diversity
In the modern business climate, authenticity is perhaps the most important aspect. Every decision that consumers make from what to buy and where to buy it values authenticity. And this trend is moving farther up the supply chain with increasing importance placed on distributors and suppliers to be transparent and authentic.
In a digital world where everything and everyone is fact-checked, there is no way around it. How you run your business and how you market your business needs to match. There is no better way to demonstrate a commitment to diversity than to actively partner with women-owned businesses.
Innovation drives change and makes the difference between a stagnant and irrelevant company and industry leaders. And, according to the experts at Harvard, more diversity in your business leads directly to more innovative ideas. Simply exposing yourself and your business to more diverse ideas is enough to unlock the creative potential needed to effect real inspiration on your company and your industry.
The Bottom Line on the Benefits of Working with Women-Owned Businesses
There is a whole subculture under the prominent business world made up of a diverse group of lively, vibrant female entrepreneurs and women-owned in business. Tapping into this network opens up the door for new possibilities and will almost certainly benefit your company's bottom line. Your customers will reward your dedication to women-owned businesses by buying more from you. Your employees will be more engaged and more productive. Your business network will grow ten-fold. And, new opportunities will be around every corner, including a helping hand through government backed programs.
Carstens is a leading supplier of healthcare support products, and a certified woman-owned business. Learn more about our commitment to heritage and innovation today.