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Managing a growing startup or practice is a challenging endeavor. Competing in the marketplace, offering accounting services, and gaining more clients are all part of the process.
Partnering with a certified MBE (Minority Business Enterprise) allows you to tap into a large number of public and private sector programs. The increased access to government contracting opportunities that a partnership provides allows your organization to grow rapidly. According to research by the Hackett Group, working with a certified-MBE business can drive an additional $3.6 million to an organization’s bottom line. With as much as 130% return on investment for every $1 million spent in procurement operating costs, your company will realize distinct competitive advantages.
Besides the economic benefits, partnering with a certified MBE provides several intangible benefits. Working together, you can strengthen brand recognition, community outreach, company culture, and marketing efforts.
Provides Tax Incentives for Your Business
Choosing a certified MBE partner provides your business access to many tax benefits. The U.S. government offers numerous federal and state tax incentives, tax breaks, and potential rebates to those who conduct business with certified MBEs. Additionally, certified MBEs are eligible for a reduction in tax liabilities for projects or work funded by federal and state grants and loans. You can also explore state and local incentives that focus on encouraging certified MBEs.
Opens Door to Additional Revenue Opportunities
Partnering with a certified MBE allows you to expand your client base to a larger demographic. If your organization is looking to do more business with a specific ethnic group, an Minority Business Enterprise partner opens the door to a myriad of opportunities. It also helps expand your client base into the government realm because corporations, the federal government, and state agencies all want to do business with minority-owned companies to meet compliance policies.
With 23 affiliate nationwide regional councils and over 1,450 corporate members such as Goldman Sachs, FedEx, Coca Cola. Home Depot, etc., National Minority Supplier Development Council (NMSDC) helps connect more than 12,000 certified-MBEs to an extensive network of corporate members looking to purchase their products, services, and solutions. For instance, the Affirmative Marketing Program under the Greater New England Minority Supplier (GNEMDC) with oversight by the Division of Capital Asset Management and Maintenance (DCAMM) and the Supplier Diversity Office, manages goals for participation by Minority Business Enterprise(MBEs) and Women’s Business Enterprises (WBEs) in design and construction for the state and municipalities. Seventeen states and 25 cities accept NMSDC certification for programs designed to help eliminate barriers to participation in public-sector contracts.
Most states have formal targets as well as favorable contracts that are exclusively set aside and awardable to minority-owned businesses.
Shows Your Company’s Commitment in Supporting Economic Base of Diverse Communities
The value a certified-MBE brings to your company’s culture is crucial since it allows you to reinforce your commitment to fostering diversity and encouraging the minority business enterprise. This is important when doing business with large corporations, government agencies, etc., as you may appeal to organizations with strict diversity plans.
MBEs are well-connected in local businesses and have access to training programs, workshops, and mentorship programs that further infuse innovative strategies, cost-saving, and the ability to boost the bottom line.
As your trusted MBE partner, we’re here for small business accounting.
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