Women’s Small Business Month, celebrated each October, highlights the accomplishments and contributions of women entrepreneurs who have significantly shaped economies and communities globally. Founded in 1988, this month serves as a platform for the growing awareness of the economic impact of women-owned businesses (WOBs) and the desire to support and promote their success.
Federal’s Story of Becoming Women-Owned
Federal International is a private, women-owned company founded in 1914 and the parent company of business units Federal Eco Foam, Federal Recycling & Waste Solutions and Federal Foam Technologies. In 2022, company ownership transitioned from the third to the fourth generation, marking the first time in its history it was a 100% female-owned business.
That same year, Federal International applied for and received its Women’s Business Enterprise (WBE) certification from the Women’s Business Development Center (WBDC) Midwest, a regional certifying partner of the Women’s Business Enterprise National Council (WBENC). Founded in 1997, WBENC is the nation’s leader in women’s business development and the leading third-party certifier of businesses owned and operated by women.
Businesses who receive this certification must be 51% owned and operated by women, and must gather documentation on general business information, owner eligibility, financial structure, personnel & management information, and governance information. Applicants submit the proper documentation and partake in a site inspection by their local Regional Partner Organization (RPO), the certifying organization. Successful candidates are then notified by their local RPO and get access to WBENC’s network of supplier benefits.
With part of its business operations in Europe, Federal International is also certified through WEConnect International, a global network that connects women-owned businesses to qualified buyers around the world. While WBENC is nationally focused, WEConnect opens opportunities for the company in the global marketplace.
Benefits of Being Women-Owned & Doing Business with Women-Owned Companies
Being a WBE allows for business growth by opening doors to new partnerships and opportunities. This women-owned business certification is a strategic advantage for both the private and public sector, as many businesses work with diverse suppliers to enhance their supply chain.
Businesses with a WBE status are granted access to a network of benefits to aid them in their business successes, including but not limited to:
- Supplier diversity and procurement executives’ access from numerous major U.S. corporations and government entities at federal, state, and local levels that recognize WBENC Certification.
- Both formal and informal chances to pursue business opportunities with Corporate and Government Members, as well as fellow WBENC-Certified WBEs.
- Networking events, programs for procurement opportunities, mentoring, executive education, and capacity development initiatives.
These benefits provide WOBs with the resources necessary to help their businesses grow and customers to achieve their goals of building a strong and diverse supply chain.
By 2019, WOBs contributed to $1.9 trillion of revenue, with over 13 million WOBs currently active. Partnering with a Women Business Enterprise (WBE) can offer significant competitive advantages, such as:
- Tax incentives
- New revenue opportunities
- Supplier diversity
- Demonstrating an interest in working with diverse markets.
Supporting women-owned businesses helps to more equally represent the world’s demographics, leveling the disparity between businesses owned and operated by men and women.
How Federal International’s WBE Status Elevates its Business
Federal International’s WBE certification enables us to highlight our women-owned business status to new and existing customers, focusing on those with diversity spend programs and diverse supply initiatives. One of our key customers noted our certification fulfilled 100% of their diversity spend category. This achievement not only showcases our commitment to supporting supplier diversity initiatives but also our ability to effectively meet the needs of our customers.
Through this certification, we can connect with companies seeking diverse suppliers through business development and networking opportunities specifically designed for WBEs. These opportunities also encourage WBEs to work with each other in business.
Our certification stands as a unique differentiator in a competitive landscape where price and capabilities among the competition are even. In recycling and manufacturing, being a women-owned business is rarer, which also distinguishes us as a supplier.
Furthermore, existing customers without corporate supplier diversity programs can showcase our partnership as an example of their commitment to working with diverse suppliers, reinforcing the value of our business relationship.
Ultimately, our WBE status not only enhances our credibility as a company but also appeals to customers who prioritize corporate social responsibility.
How to Support Women-Owned Businesses
Companies who have supplier diversity programs or are starting them can become WBENC Corporate Members to help advance women-owned businesses. Once a Corporate Member, businesses can gain access to both B2B and B2C women-owned companies via WBENC’s events, networking opportunities and directory where they can search for suppliers using NAICS or UNSPSC codes. Even businesses who aren’t Corporate Members can attend WBENC’s National Conference to forge valuable connections with new service providers.
Businesses or individuals seeking to support women-owned businesses providing consumer products for both B2B and B2C can also find WBENC-certified businesses by searching the Women Owned Directory. By choosing to support women-owned enterprises, companies and consumers not only contribute to economic growth but also empower women entrepreneurs, fostering diversity and innovation in the marketplace. Engaging with women-owned businesses leads to unique products and services that reflect diverse perspectives and experiences.
The Future of Women-Owned Businesses
The future of WOBs is poised for remarkable growth and impact. With the increasing recognition of diversity and inclusion in the workplace, women-owned businesses are seen as powerful drivers of innovation and social change. Partnering with these organizations meets the rising demand of working with diverse suppliers, aligning with corporate responsibility and supplier diversity goals. With ongoing support and collaboration, WBEs will continue to make a profound impact by shaping an equitable business landscape.
To learn more about how Federal International can help you achieve your business and supplier diversity goals, contact our women-owned business based in St. Louis today.
