What is WBENC?
Women’s Business Enterprise National Council
Sigma Supply has been a certified women-owned business since 2004, certified by the Women’s Business Enterprise National Council (WBENC). We are proud of this certification and the opportunities that it provides for our business and for our clients as well. WBENC works to foster diversity in the world of commerce.
What are the benefits of working with a WBENC supplier?
There are more than 350,000 US companies that have a Supplier Diversity program that are looking to do business with companies that support women-owned businesses. Partnering with Sigma Supply can bring your company new business.
Research shows that companies who embrace diversity are more profitable (some are generating more than 130% greater return, according to the Hackett Group’s research results) than companies that do not embrace diversity in its business suppliers. This is partly because diversity works in almost every measure, greater racially, ethnically, and culturally diverse workplace teams function more effectively than more homogeneous teams. Members from diverse backgrounds, experiences, and perspectives avoid “groupthink”; creating greater solutions and creativity. Also, many companies are mandating that as much as 25% of their purchases are allocated to Women’s Business Enterprises.
Get the word out! Let your clients know that you partner with a WBENC company, when you partner with Sigma Supply. Include this in your presentations, quotes and sales conversations. It may give you the competitive advantage in their decision-making process in determining who will get the company’s business. Corporations are seeking suppliers that work with WBE’s, this is referred to, as 2nd Tier Sourcing.
The federal government may provide tax breaks for companies that utilize minority and women-owned businesses as suppliers to fulfill city, state, or federal related contacts. There is also a second tax incentive that reduces tax liabilities for 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. Supplier diversity positively impacts a business!
A Supplier Diversity commitment benefits a company for many additional reasons:
- Promotes innovation though the entrance of new products, services and solutions
- Provides multiple channels from which to procure goods and services
- Drives competition (on price and service levels) between the company’s existing and potential vendors
- Displays an organization’s commitment to doing business, beyond consumerism, in diverse markets
- Showcases the company’s interest in and commitment to the economic growth of all communities.
As small businesses grow, so will our nation’s economy. Since most diverse businesses are small businesses, they aid in the economic recovery and sustainability of their communities. In addition, supplier diversity is important because it provides products and services to emerging consumer markets. While traditional products and services remain available to consumers, demographic shifts create opportunities for diverse suppliers to meet the needs of emerging and shifting populations in the US and across the globe.
Finally, according to Adele Gulfo, president of Pfizer, “When women are economically empowered, they become engines of growth for their communities”. So not only can women-owned businesses grow their markets, but corporations can now access quality services and products that meet their requirements! In fact, WBE’s are one of the fastest growing sectors of the American economy and a key force behind job growth and job creation in the economic recovery!
Contact us to learn how our WBENC certification can create opportunities for your business and help you meet your own diversity goals.