Over the last decade, the number of women-owned businesses has increased by 21% in the market. They represent 42% of all businesses in the United States – nearly 13 million – and employ 9.4 million workers. The annual growth rate of women-owned businesses over the last decade has doubled that of other businesses. In addition to supporting diversity in business, working with this growing sector can provide a number of benefits for your company.
The Advantage of Diversified Suppliers
Now more than ever, consumers are seeking authenticity and transparency in the marketplace. Working with a varied group of suppliers can demonstrate a commitment to diversity and a willingness to operate in a diverse marketplace. In a digital world where information can be fact-checked, a businesses’ reputation is to make or break through its operational integrity.
Aside from an improved reputation, a diversified supplier list can provide financial benefits as well. Investing in a variety of suppliers will allow your company to expand its network and even decrease risk within its supply chain. Research has shown that investing in multiple suppliers can significantly lower your supply chain costs.
Diversity Breeds Innovation
Countless studies have illustrated that diversified teams produce the most innovative results. This also applies to your business partnerships. There is no better place to look than to the sector which has doubled the growth rate of all other businesses, women-owned enterprises. With the high growth in the number of women-owned businesses earning $1 million (or more) in revenue each year, they must be doing something right. Working with a diversified group of businesses can expose your organization to new ways of thinking, and new opportunities for growth.
Considerable Financial Incentives
Studies show that diverse suppliers – such as women-owned businesses – tend to operate more efficiently with lower costs and increased productivity. With average cost savings of up to 20%, working with women-owned businesses can directly impact your bottom line.
In addition to more bang for your buck, there are significant tax benefits for working with women-owned businesses. The federal and many state governments offer programs designed to support minority-owned (including women-owned) businesses. Working with these organizations can provide eligibility for certain benefits on your tax return.
Working with Congruence Talent Solutions
As a Certified Woman-Owned Enterprise, Congruence Talent Solutions takes an empathetic and innovative approach to client staffing solutions that can help diversify your business. Our experts are adept at analyzing all aspects of a business, identifying strategic and tactical opportunities, and building customized solutions designed to improve sustainability, profitability, and ultimately, enterprise value.
Click here to learn more about our client partnerships and why corporations name Congruence Talent Solutions as their staffing agency of choice.