Buyers have a lot of choices when selecting a service or product provider, so a differentiated marketing strategy is a key to business success.
One vital way to separate yourself from the pack is by certifying your woman or minority-owned company as a business that meets the criteria of certifying organizations.
Your small business can reap many rewards through certification by contracting or partnering on projects with other certified businesses, and by becoming a potential bidder on corporate and public agency contracts.
Tapping Into Supplier Diversity Initiatives
Many Fortune 500 and Fortune 1000 companies, through their supplier diversity initiatives, have annual diversity spend goals. These goals serve to promote the inclusion of diverse suppliers (that’s you!) into their supply chain.
This fosters a mutually positive relationship between corporations and M/WBE (Minority/Women Business Enterprise) businesses. These companies benefit greatly from utilizing diverse suppliers and suppliers grow their businesses through lucrative new contracts.
These M/WBE businesses are often more cost-effective and offer an expanded customer base and market share for the corporations who contract with them. Diversity-owned businesses also tend to have greater access to emerging markets in urban and global arenas and make outstanding contributions to the economic viability of the communities in which they are located.
State agencies also have diversity initiatives they must satisfy by contracting out to M/WBEs.
As a certified suppliers your company can bid on jobs in construction and related trades, janitorial services and supplies, landscape management services, subscriptions, internet technology, data management, and many more.
Being a certified diverse supplier offers a competitive advantage because large organizations can only count their diversity spend with certified suppliers. Therefore, actively seeking out the appropriate certification for your business is a key to winning these contracts.
© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.