5 Benefits of Working With a Minority-Owned Company | Pallet Consultants
Minority-owned businesses, like Pallet Consultants, often have a fresh take on their market, unique local connections and special cost-saving opportunities.
More minorities are becoming entrepreneurs, collectively producing trillions of dollars in revenue. These entrepreneurs are often pioneering, hardworking and may have unique advantages when compared to other businesses. A Minority Business Enterprise (MBE) may have a leg up due to its local connections, dynamic management and special financial opportunities that can make their prices more competitive. For more information on how Pallet Consultants can help you benefit from our MBE status, start a conversation with us. Here's five ways working with a minority-owned business can benefit you:
- Greater Opportunities
- Cost Efficiency
- Strengthen Brand Recognition
- Innovation and Creativity
Check our blog for all the latest in the pallet industry:
1. Greater Opportunities
Diversity is highly valuable, and having a business relationship with a certified minority company shows that your business recognizes the value in diversity. As a supplier of diversity, your business becomes more attractive to companies who are looking for a second-tier sourcing supplier. Certain second-tier supplier diversity programs reward those who meet spending goals for minority-owned business and suppliers.
CEO Gus Gutierrez (bottom left, blue shirt) with the pallet production team at our Savannah facility.
Additionally, federal law mandates a certain percentage of contracting work must be from MBEs, ensuring they get tens of billions of dollars in government business. Working with a minority-owned company can partner you with a highly-qualified vendor and may open the door for future state and federal contracts. Increasing diversity spending can qualify you for government contracts. According to the Federal Reserve: "... the Board's contractors have a similar commitment toward diversity and inclusion of minorities, women, minority-owned vendors, and women-owned vendors in the contractors' own workforce and subcontracting activities."
A minority company can offer you tax savings and other financial benefits due to federal and state incentives. These benefits result in lower overall costs for you, and allows many minority businesses to operate in markets less accessible to other non-minority competitors. Between their local connections, diversity in staff and financial advantages, MBEs frequently offer strong value propositions for their services.
3. Cost Efficiency
Working with a minority business can also increase your cost efficiency and maximize profit margins. MBEs can implement special cost saving strategies through benefiting from diversity spend requirements, taking advantage of many federal and state tax incentives, tax breaks and potential rebates. Unlike the tax incentives mentioned in the previous point, which target entities that do business with minority companies, these benefits are aimed at the MBEs themselves and reduce their costs or taxes. You can increase revenue by taking advantage of programs that reduce overall expenses for your MBE partners and suppliers.
4. Strengthen Brand Recognition
Brand awareness is one of the most important aspects of a business, and working with a MBE can help give it a boost. Partnering with a minority-owned business can show that you support minority communities, which is a great public relations angle. MBEs are generally more connected to their local community. This can result in unique product ideas from undeserved markets, or can mean your brand gets free publicity in areas where there may not have previously been marketing and advertising efforts. These types of business relationships increase brand recognition and could help win future deals.
Pallet Consultants gives back to local communities, like our recent donation of pallets to firefighters for use in live fire training.
5. Innovation and Creativity
Minority owned businesses commonly bring innovation to the table because many have to standout against larger competitors. Minority businesses tend to have group dynamics that are more genuine and personal, which can lead to new ideas and fresh perspectives on established products and markets. Having a variety of perspectives available can foster innovation and collaboration, meaning more angels are considered. Pallet Consultants embodies this with our unique company culture.
We seek out professionals who have worked in a variety of industries and help them bring their uncommon experiences to new situations. Recruiting team members with alternative expertise and uncommon perspectives gives us a dynamic edge and facilitates out-of-the-box thinking. Through promoting a dynamic, caring and intellectually hungry work environment, our team members invest themselves into their work, meaning your products and services are of the highest quality.
There are many advantages of working with a minority-owned pallet company, and partnerships with them can lead to opportunities that are worth more than a simple dollar amount. Consider all the potential primary and secondary benefits your company could gain from working with a minority-owned company like Pallet Consultants! Contact us to learn more about how we have benefited our clients with our unique mix of financial advantages, creative teams and strong value proposition.
As your partner and advisor, Pallet Consultants can solve any pallet headache. We offer a variety of products and services across the country, including new or recycled pallets, heat treatment or total pallet management. Improve your service and pallets by starting a business relationship with a minority-owned business. Start a conversation with us to learn more!