So, what are the benefits of a minority-owned business?
At Mahogany, Inc., we are proud of being a Minority Business Enterprise (MBE), and we have MBE certifications in Maryland, New York, New Jersey, and Pennsylvania. You may wonder what this means for you. Is collaborating with or purchasing from an MBE different than any other venture you’ve been in before? So, let’s go over the advantages of a minority-owned business!
An MBE Protects a Company’s Ability to Deliver
Creating a vast base of domestic suppliers protects the corporation from unexpected market shifts and disruptions in a supplier’s ability to deliver. Because of rising competition, there is a lower total cost of ownership. And it only makes good business sense to seek out and use the best business partners.
An MBE Partner Provides Tax Incentives for Your Business
Selecting a minority-owned business provides your company access to many tax benefits. Also, the U.S. government offers federal and state incentives, potential rebates, and tax breaks to those who perform business with certified-MBEs. In addition, a minority-owned business is eligible for a reduction in tax liabilities for projects. These projects are funded by federal and state grants and loans. You can also look around state and local incentives that encourage certified-MBEs.
Opens Door to a Myriad of Opportunities
Collaborating with a minority-owned business or a certified MBE allows you to expand your client base to a significant demographic. If your company is looking to complete more business with a particular ethnic group, a Minority Business Enterprise partner opens the door to several opportunities. Additionally, it helps enlarge your client base in the government field because corporations, state agencies, and the federal government want to perform business with minority-owned companies to meet compliance policies.
Demonstrates Your Company’s Support in Diverse Communities
Lastly, a certified MBE’s value to your company’s culture is essential since it strengthens your commitment to supporting diversity and encouraging the MBE. This is crucial when doing business with significant corporations, government agencies, etc., as you might attract to an organization with diverse plans. Fortunately, MBEs have connections in local businesses and access to workshops, training programs, and mentorship programs that inspire innovative strategies, cost-saving, and the opportunity to increase the bottom line.
Since MBEs work with exclusive government-funded projects, you get the assurance that their companies are being regulated and the peace of mind that they’re in good standing. This means you don’t have to worry about questionable business practices, under-qualified staff, or payment problems in your supply chain.
Contact Us Today!
Whenever you’re ready to build or renovate a business, Mahogany Inc. has your back. Call us at 410-727-0334 with any questions and speak to one of our licensed professionals. To see examples of our work or to gain inspiration for your next project, follow us on Facebook, Twitter, and Pinterest.