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Advantages of Partnering with a Woman-Owned Business

Supporting and purchasing from Women-Owned businesses is an investment into economic empowerment, gender equality, vibrant communities, and the overall growth of the economy. Here are some reasons why partnering with a Woman-Owned business is both socially conscious and economically sound!

Cadence Studios | Advantages Of Partnering With A Woman-Owned Business

Shows Your Company’s Interest in Diversity

By partnering with a woman-owned business you are showing your company’s commitment to working in diverse markets and furthering growth in your local communities. This makes your business far more attractive to larger corporations that are seeking suppliers and partners that work with women-owned businesses. Women-owned businesses tend to be more diverse in their staffing, and diversity and inclusion have been shown to lead to higher profits due to collaborations and better innovation. Diversity inspires creativity, and with a diverse company, you will have a diverse group of critical thinkers on hand to help you gain perspectives you may have otherwise not had. You also will have the advantage of advertising that you partner with a woman-owned business, allowing potential customers or clients to search specifically for you.

Tax Incentives and New Sources of Revenue Opportunities

The federal government affords tax incentives to those who partner with groups that consist of minorities, including women-owned businesses. Tax liabilities are also reduced for projects funded with federal or stay grants or loans when the supplier is a woman-owned business. There are also tax incentives in some states and many other tax benefits.

Research suggests that working with a woman-owned business can also increase your profitability by over 100% and provide lower overall operating costs and expenses on their buying operations. All in all, partnering with women-owned businesses will help you come out with a better ROI in the end.

Inclusion, Safety, and Empathetic Support

Inclusion is critical for women in today’s world, especially when historically they have felt excluded within the workplace. A study has shown that women under 50 prefer a female boss, no doubt coinciding with the era of the “Me Too” movement. While gender stereotypes rightfully continue to be challenged, there are some female stereotypes that are a positive reflection when working with women-owned businesses, including the fact that women tend to be more nurturing, empathetic, and provide comfort to other women in a female-led space for them to speak their minds.

Working with those who are more naturally empathetic can boost someone’s comfort within a company while also boosting productivity. Comradery has always been a big part of company culture, and when you feel safe, included, and supported, you are setting your business up for a positive working environment.