Innovation drives change and makes the difference between a stagnant and irrelevant company and industry leaders. Furthermore, according to the experts at Harvard, more diversity in your business leads directly to more innovative ideas. Simply exposing yourself and your business to more diverse ideas is enough to unlock the creative potential needed to foster real inspiration on your company and your industry.
In the modern business climate, authenticity is perhaps the most important aspect. Every decision that consumers make from what to buy and where to buy it values authenticity. In addition, this trend is moving farther up the supply chain with increasing importance placed on distributors and suppliers to be transparent and authentic.
In a digital world where everything and everyone is fact-checked, there is no way around it. How you run your business and how you market your business needs to match. There is no better way to demonstrate a commitment to diversity than to actively partner with women-owned businesses.
Business diversity means more than just engaging with companies lead by women or other minorities. Have you ever heard the advice ‘don’t put all of your eggs in one basket?’ Yep–that applies here too. Relying on too few suppliers to meet your business needs can put your company in an awkward position when one of them struggles to deliver. Many companies prefer to spread their risk across more suppliers, giving each a smaller share of their business. And research shows that diversification between suppliers helps lower your overall supply costs.
Related: 130 Years of Heritage and Innovation
The United States federal government (and many state governments) have special programs to help minority-owned businesses, including women-owned businesses. You may be able to take advantage of reduced tax liabilities or special loan or grant programs just for supporting women-owned businesses.
Let’s be clear–we don’t mean that women-owned businesses get a break on paying taxes. What we mean is that there are programs designed to steer more business towards women-owned businesses, and those programs may lead to new benefits on your tax returns that your company previously could not claim.
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