As the business world continues to evolve, diversity and inclusion have become a critical component of success. Companies are realizing that it’s not just about doing the right thing, but it’s also about making sound business decisions. One way businesses can showcase their commitment to diversity is by becoming certified as a diverse supplier. In this blog post, we’ll explore why your business needs to be certified as a diverse supplier.
What is a Diverse Supplier?
Before we dive into the benefits of becoming certified as a diverse supplier, let’s first define what it means. A diverse supplier is a business that is at least 51% owned and operated by a member of an underrepresented group. This can include women, minorities, LGBTQ individuals, and veterans. In addition, the business must be managed and controlled by the individual(s) who own it.
Why become certified as a Diverse Supplier?
Gain Access to New Business Opportunities
Becoming certified as a diverse supplier provides access to new business opportunities. Many corporations, government agencies, and non-profits have supplier diversity programs in place. These programs are designed to increase the number of contracts awarded to diverse suppliers. By becoming certified, your business can be part of these programs and have access to new business opportunities.
Diversity and inclusion are becoming increasingly important to consumers. Many consumers are choosing to do business with companies that prioritize diversity. By becoming certified as a diverse supplier, you can attract new customers who value diversity and inclusion. In addition, working with corporations and government agencies as a diverse supplier can lead to increased revenue for your business.
Enhance Your Reputation
Certification as a diverse supplier can enhance your reputation. It shows that your business is committed to diversity and inclusion. This can be especially important when competing for contracts or partnerships. Companies that value diversity are more likely to want to work with other companies that share their values.
Gain a Competitive Advantage
Becoming certified as a diverse supplier can give your business a competitive advantage. Many companies have supplier diversity goals that they are required to meet. By becoming certified, your business can help these companies meet their goals. This can make your business an attractive partner for companies looking to diversify their supply chain.
Access to Networks and Resources
Becoming certified as a diverse supplier provides access to networks and resources. Many organizations have networks of diverse suppliers that they work with. These networks can provide support, resources, and networking opportunities. In addition, many organizations offer training and development programs for diverse suppliers.
How to become certified as a Diverse Supplier?
To become certified as a diverse supplier, there are several steps you need to take:
Determine Your Eligibility
The first step in becoming certified is determining eligibility. To be eligible, your business must be at least 51% owned and operated by a member of an underrepresented group. This can include women, minorities, LGBTQ individuals, and veterans.
Choose a Certification Agency
Once you’ve determined eligibility, you need to choose a certification agency. There are several agencies that provide certification for diverse suppliers. These agencies include the National Minority Supplier Development Council, the Women’s Business Enterprise National Council, and the National LGBT Chamber of Commerce.
After choosing a certification agency, you need to submit an application. The application process typically includes providing financial statements, tax returns, and other documentation to verify eligibility.
As part of the certification process, the certification agency will conduct a site visit. This is to ensure that the business is owned and operated by a member of an underrepresented group.
If the certification agency determines that the business meets the eligibility requirements, the business will be certified as a diverse supplier.
Becoming certified as a diverse supplier can provide a variety of benefits for your business. From gaining access to new business opportunities, increasing revenue, enhancing your reputation, gaining a competitive advantage, and accessing networks and resources, there are many reasons why your business should consider certification. If you’re interested in becoming certified, start by determining eligibility and choosing a certification agency. By becoming certified, you can showcase your commitment to diversity and position your business for success.
If you need help through this process, BizCentral USA can help. Give us a call today at 833-217-9667.