From large corporations to federal and state government agencies, more and more organizations want to partner with suppliers that represent the small or minority-owned business segment. So how do organizations identify suppliers that fit the bill, and what are the benefits of doing business with them?
Many states, including Connecticut, offer Supplier Diversity programs that allow small or minority-owned business owners to become certified as a Women Owned Business Enterprise (WBE) or Small/Minority Business Enterprise (SBE/MBE). These certifications not only make minority businesses eligible to bid on state contracts covered by the program, but they also increase their visibility and help connect them with companies that are looking for minority-owned suppliers.
Growing Market, Big Benefits
The University of Pennsylvania’s Wharton Magazine and the U.S. Small Business Administration say that minority-owned businesses are the fastest-growing segment of the U.S. economy – generating more than $500 billion in annual revenue. So it makes smart business sense to explore supplier partnerships within this diverse market. There are big benefits for doing so:
- Possible tax incentives and rebates
- Fulfillment of state or federal supplier diversity requirements
- Greater flexibility than what larger suppliers can offer
- Fresh ideas and diverse perspectives – often with an entrepreneurial spirit
- Competitive advantages – more supplier competition means lower costs and better quality of service
A.R. Mazzotta is certified by the State of Connecticut Supplier Diversity Program as a Women Owned Business Enterprise (WBE) and Small/Minority Business Enterprise (SBE/MBE). Not only does working with a minority-owned business like ours make good business sense, we also help build a better community by fostering strong relationships with the local employers and job seekers we work with. And you’ll find a level of personalized service that’s tough to find with larger staffing agencies.
Wondering if your own organization is eligible to participate in CT’s Supplier Diversity Program? Visit the Connecticut Department of Administrative Services website.