Did You Know?
According to Manufacturers’ News, Inc. (MNI), there are currently 7,152 women-owned manufacturing companies operating in the U.S., making up roughly 2% of all U.S. manufacturers. Additionally, women-owned manufacturers are major exporters, with nearly a third distributing their products internationally.
The Women’s Business Enterprise National Council (WBENC) is a leading non-profit organization dedicated to helping women-owned businesses thrive. They provide valuable business tools and resources to help women-owned businesses succeed. The manufacturing industry has largely been underrepresented in terms of women working within the field, and these benefits exist to level the playing field in industries where women are largely unrepresented.
Certified WOSB Since 1999
For nearly 25 years, Alliance Rubber Co. has proudly maintained a Women’s Business Enterprise (WBE) Certification as a Women-Owned Small Business (WOSB) through the Women’s Business Enterprise National Council (WBENC), the nation’s largest certifier of the businesses owned and operated by women in the United States. Nationally recognized by thousands of major U.S. corporations and federal, state, and local government entities, this certification is no small feat. That’s why Alliance is proud to be part of the program which not only affords great opportunities and partnerships as a supplier diversity business but in turn, the opportunity to pass along great benefits to clients.
Providing Solutions to a Global Market
Alliance Rubber Company manufactures and distributes packaging, office, and ad specialty products to a global market. Since 1923, we have been committed to total customer satisfaction through continuous improvement goals and exceeding product expectations. We provide innovative, quality products at competitive prices and support what we sell with exceptional customer service.
Over the past century, Alliance Rubber Company has grown into a respected American manufacturer of the world’s finest rubber bands as well as many other innovative products designed for “Holding Your World Together.” Today, we are proud to offer over 2,400 SKUs of packaging and promotional products that provide solutions in the home and workplace to over 60 countries around the world. From Agriculture and Health & Beauty to Packaging, Commercial Fishing, and Promotional Products, countless industries rely on our products and services.
Benefits of Partnering with a Women-Owned Small Business
Alliance Rubber Co. is committed to a diverse work environment that backs its words with accountable actions. “We first received our WBE certification in 1999, and the value of this certification continues to prove itself not only for our company but also for our current and future customers committed to supplier diversity programs,” said Bonnie Spencer-Swayze, President of the company.
While there are many benefits of working with diverse suppliers, there are a few that stand out as being the most impactful to a business’s bottom line.
- The Federal Government Offers Tax Incentives
- Opens New Sources of Revenue Opportunities
- Diverse Partners Can Increase Procurement Channels for Goods and Services
- Faster Turnaround Times
- Promotes Innovation and Creativity
- Strategic Diversity Aligns Revenue and Economic Impact
Supplier diversity programs encourage partnering with organizations that are at least 51% owned or operated by a traditionally underrepresented or underserved group, including women. The 2022 State of Supplier Diversity Report showed that investments in such programs continue to grow; 21% of reported programs were less than one year old, the highest level of new program formation since the reports began in 2017.
FAQ: Frequently Asked Questions
Partnering with diverse and minority-owned suppliers, including WBENC-certified organizations, provides many tax incentives from the federal level. Not only does a business receive a tax break, but it also may be able to take advantage of reduced tax liabilities if minority vendors and suppliers are being used for federal or state-funded grants or loans. As a certified organization, we can provide you with all the information needed to leverage this opportunity.
Research from the Hackett Group states that working with a WBENC-certified business can increase profitability and create new revenue opportunities resulting in a 130% return on investment. Working with a diverse supplier base also contributes to lower operating costs overall and decreased buying operations expenses.
Diverse suppliers have deep relationships with other vendors that may provide additional savings across your business. The strength of these relationships and their commitment to quality and innovation often leads to a tangible increase in savings and resources for obtaining goods and services.
While larger corporations are typically held to certain standards or must follow a specific protocol, organizations find some relief when working with a certified Woman-Owned Small Business (WOSB) such as Alliance Rubber Co. That’s due to the fact that changes can be approved more quickly to please a customer than it would in a Fortune 500 company or government agency. When there’s less red tape and middlemen, communication and solutions are reached much quicker.
It is extremely important for companies to have a diverse pool of vendors and suppliers. It is well documented and confirmed by research studies that companies that embrace diversity are more profitable on average than those that don’t. According to Forbes, companies with diverse teams are 33% more likely to have a better-than-average profit. McKinsey and HBR also report similar benefits. Why? Creativity flourishes when diverse points of view are considered.
Supplier diversity programs offer an impactful and marketable way to differentiate yourself from your competitors to shareholders, employees, and consumers, which may increase business opportunities. Diversity-leading organizations know they need leaders who both understand and reflect the needs of their customers. Women-owned businesses are also one of the fastest-growing sectors of our economy. Showcasing your company’s commitment to doing business in diverse markets increases economic growth in many communities.