Owning and running a business requires significant planning, resources, strategy and capital. While all the aforementioned things help you establish your business, there are certifications that will help your business stand out from your competitors, easing your journey to success. Acquiring certifications will add to the foundation of your business making you a worthy contender in the corporate world and can also improve your chances of securing a government and private sector contract.
Staying ahead of your competition may be your biggest concern, especially if they are already established in your market, leaving you to find opportunities for market share growth. Registering your business as a Diverse Business Enterprise (DBE) with the Council for Supplier Diversity and obtaining additional certifications might just give you a strategic advantage.
Here are some key certifications available for DBEs that will greatly boost your chances of growth.
- Small Business Administration: Apart from giving loans to small businesses, the SBA also certifies companies making them eligible to work on federal contracts.
- National Minority Supplier Development Council creates opportunities for minority business enterprises to connect to the hundreds of corporate members who wish to build relationships with trusted MBEs
- U.S. Business Leadership Network is recognized for its Disability Supplier Diversity Program. It certifies disability-owned business enterprises and, service-disabled veteran-owned business enterprises.
- Women’s Business Enterprise National Council is the biggest third-party platform that certifies woman-owned business in the United States.
- The Vets First Verification Program promotes on priority the service-disabled veteran-owned small businesses and the veteran-owned small businesses.
- National Veteran Business Development Council is the largest centre for veteran-owned business certification.
- LGBT-Owned Business Enterprise Certification from the National LGBT Chamber of Commerce (NGLCC)
- Most states have certification programs as well. The California Public Utility Commission is one example.
How these certifications can be helpful for your business and why you should apply for them
- “Big fish eats little fish”, is a common instance in the corporate world. You certainly need some sort of connections to survive the competition and as a certified DBE, you get that protection.
- Certifications will establish your company as a preferred supplier for a network of thousands of corporate entities looking for diverse business enterprises for vendors.
- The federal government allocates 5% of its total budget for awarding contracts to small and disadvantaged businesses that hold specific certifications.
- Certifications increase your credibility with buyers while establishing your business as a trusted partner.
- Business diversity certifications make your business eligible for unique financial assistance opportunities. This assistance is available for companies that are in the start-up stage and those that are established. Additionally, as a minority, disabled, veteran and women-owned business, you are eligible for getting low-interest loans, grants and fiduciary benefits that greatly aid your business success and help you grow at a faster pace.
The Council for Supplier Diversity can certainly help you do the heavy lifting
Certifications are one additional way you can differentiate yourself from your competitors as a diverse business enterprise. Remember to renew these certifications every year and do not forget to take advantage of the perks these certifications bring along.
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