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Why Being a Women-Owned Business is Important

by Theresa

Established in 2002 and certified as a Women’s Business Enterprise (WBE), National Vending supports the growth of Minority and Women’s Business Enterprises (MWBE) within the communities we service. But what does it mean to be a women-owned business or support women-owned businesses?

For National Vending, it means things like supporting entrepreneurial growth and assisting clients in meeting diversity requirements. Statistics show that companies who embrace diversity are more profitable than companies who don’t. MWBE procurement has a direct and positive impact where corporations do business, which builds brand loyalty.

Tier I and II

Companies with supplier diversity programs are also interested in Tier 1 and Tier II supplier classifications. A Tier I supplier has a direct relationship with its client. To qualify under Tier II, a company’s direct supplier, like National Vending, contracts with other MWBEs and reports that spend back to the company.

“The reason diversity works is that on almost every measure, greater racially, ethnically, and culturally diverse workplace teams function more effectively than more homogenous teams. Members who come from diverse backgrounds, experiences, and perspectives avoid “groupthink,” whereas non-diverse teams get mired in it. …In short, the business case for diversity is overwhelming.” [1]

Tax Incentives

The federal government provides tax breaks for companies that utilize minority and women-owned businesses as suppliers.  A second tax incentive reduces tax liability to companies that use minority and women-owned businesses that supply labor or services to a project funded with federal or state grants or loans. State tax incentives may be available as well. Follow the link to see if your state participates.

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