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Hi, I’m ___, a (or supporter of) local woman owned and operated business in Arizona here to share with you some reasons to support and invest in women owned & operated businesses privately held in Arizona.
Three times more women owned businesses are being started, which translates to higher levels of employment and economic growth. Moreover, women owned & operated businesses tend to:
…have a higher level of innovation
…place greater value on businesses that behave ethically
…reinvest a much higher part of their earnings in their families and communities, spreading wealth and creating a positive impact on future development.
…are more philanthropic at every income level, and give to charity more often and in larger amounts.
What does that mean?
Supporting women owned business has tremendous economic and social impact on our communities.
I look forward to working with you to advance female entrepreneurship in Phoenix.
Support statistics to use with the message:
The current numbers: it is estimated that, as of 2014, there are nearly 9.1 million women-owned enterprises, employing nearly 7.9 million workers and generating over $1.4 trillion in revenues. (1)
Between 1997 and 2014, the number of women-owned firms grew at 1½ times the national average. And revenue and employment growth among women owned firms tops that of all other firms—except the largest publicly traded corporations. (1)
Since 1997, the growth in the number and economic contributions of firms owned by women of color is nothing short of remarkable. Comprising just 17% of women-owned firms 17 years ago, firms owned by women of color now account for one in three (32%) women-owned firms in the U.S. (1)
The states with the fastest growth in the number, employment and revenues of women-owned firms since 1997 are: North Dakota, the District of Columbia, Nevada, Arizona, Georgia, Wyoming, Virginia, Maryland, Texas, and Utah. (1)
The metropolitan areas with the greatest growth in the number, employment and revenues of women owned firms since 2002 are: San Antonio, TX; Atlanta, GA; Baltimore, MD; Houston, TX; Portland, OR; Washington, DC; Tampa/St. Petersburg, fl; Seattle, WA; Dallas, TX and Riverside, CA. (1) Notice that Phoenix is not in this statistic!
Over the past decade, the growth in the number of women-owned firms with $10 million or more in revenue has increased by 56.6%, a rate 47% faster than the rate of growth of all $10M+ firms and nearly twice (+98%) the rate of growth of all women owned firms. (2)
Within the population of million-dollar firms, 75% have $1–$4.9 million, 12% have $5–$9.9 million, and 13% have $10 million or more in revenue. Among million-dollar women-owned firms, 82% have $1–4.9M, 10% have $5–9.9M, and 8% have $10M+ in revenue. (2)
Crossing the million-dollar revenue threshold is a feat that few U.S. firms achieve. Just 1 in 20 (5%) U.S. firms have met or exceeded the million-dollar threshold, and just 1 in 50 (2%) women-owned firms have scaled the “Heartbreak Hill” of the entrepreneurial marathon. (2)
Here’s a snapshot from the report of the growth trajectory of women-owned businesses nationwide since 1997. (3)
Incentives Linked to Business Operations
The federal government provides tax breaks for businesses that use minority companies in procuring materials and supplies. A second tax incentive reduces tax liabilities for companies using minorities that supply labor or services to a project funded with federal or state grants or loans. (4)
The Department of Commerce certifies businesses as “minority business enterprises (MBE)” under the requirements specified in S.560.036(2). This certification qualifies minority-owned businesses for special employment consideration and allows companies using the certified firms in contracts an opportunity to apply for special tax incentives, when available under the contract. (4)
So what are the benefits of including MBEs in your supply chain?
The most obvious benefit of doing business with an MBE is the tax breaks. Federal tax breaks are in place for companies who use MBEs to purchase supplies, parts and materials. Plus, tax liabilities are lowered for companies who use MBEs that supply services or labor to any project that’s funded by federal or state grants and loans. State tax incentives include tax credits for contractors and subcontractors using MBEs—and you can apply for additional special tax incentives depending on the contract you hold. (5)
SUPPORTING LOCAL BUSINESS
MBEs are typically involved in their local communities, as they often attend networking and business events (some states even require MBEs to be involved in their local business communities). That means they often have ties to other local businesses, so you’re not only supporting the MBE in your supply chain, but also your community of small business owners – who are likely to return the favor. (5)
DIVERSIFYING YOUR SUPPLY CHAIN
Research shows that consumers want to purchase parts, products and services from companies that they believe hold the same core values as they do. When you partner with an MBE and diversify your supply chain, you’re telling your existing and potential customers that you care about supporting minority and women-owned firms. (5)
DIVERSIFYING YOUR SUPPLY CHAIN
- The 2014 State of Women-owned Businesses Report commissioned by American Express OPEN at Openforum.com/womensbusinessreport
- Growing Under the Radar: An Exploration of the Achievements of Million-Dollar Women-Owned Firms commissioned by American Express OPEN at Openforum.com/womensbusinessreport
- The Rise Of Women-Owned Businesses [Infographic] https://www.americanexpress.com/us/small-business/openforum/articles/the-rise-of-women-owned-businesses-infographic-1/?linknav=us-of-topics-findmore-stateofwomen-ownedbusinessesreport-article
- Tax Incentives for Using a Minority-Owned Business by Lee Grayson, http://smallbusiness.chron.com/tax-incentives-using-minorityowned-business-30659.html
- PartPic, http://www.partpic.com/2015/10/21/the-benefits-of-working-with-minority-business-enterprises-and-women-businesses-enterprises/
Empowered PhXX is 100% community-owned and self-organized. Our movement is empowered through action. This content is empowered by the Communications Committee for Empowered PhXX, formally drafted by Denise L. Flynn, MBA, MSL, Founder – Impact Force LLC