At Ser & Associates, we are incredibly proud of our “minority certifications.” However, while you may have seen various businesses represent themselves as minority certified, you have likely wondered exactly what the term entails and how it can benefit you.
Minority certification plays an important role in the business world, encouraging diversity and strengthening the sense of community between minority groups. It also helps minority-owned businesses gain visibility, resources, and other great advantages. Here’s what you need to know about minority certification and the bonuses it provides to clients of minority-owned businesses like Ser & Associates.
According to the National Minority Supplier Development Council (NMSDC), which controls one of the top minority certification processes, a minority group member is someone who is at least 25% Asian, Black, Hispanic, or Native American. In order to qualify for Minority Business Executive (MBE) certification, a business must be at least 51% owned, operated, and controlled by members of a minority group who are also US citizens. The next time you see a minority certified business, you’ll know it’s managed and operated mainly by people in a minority group.
There is also a certification for smaller businesses. These are known as Disadvantaged Business Enterprises or DBEs. This certification serves as the gateway for smaller businesses to compete with larger ones. Moreover, companies with 51% ownership by a woman, can obtain a Women-Owned Business Certification (WOB) or a Women Owned Small Business (WOSB).
When businesses become minority certified, they gain access to large government contracts and major corporations. They can also benefit from a wide range of exclusive benefits and services. Many MBEs are also able to pass down these advantages to their clients and customers. So what are the benefits?
Many organizations, including government agencies and large private corporations, aim to award contracts specifically to minority certified businesses. For example, the US Department of Transportation is mandated to spend at least 10% of its budget for certain projects on minority-owned businesses. Well-known brands like IBM, Microsoft, and Marriott also make a point of working with members of the NMSDC. Locally, Miami-Dade County and all surrounding municipalities, Miami International Airport, the School Board and other government agencies all require or strive for minority participation in their procurement processes. Thus, minority and disadvantaged certified businesses can take advantage of these big opportunities by obtaining their own certifications or partnering up with other small or minority firms that are already certified.
- Special training
MBE certification also grants access to a host of training programs, mentorship programs, and educational workshops. CEOs of minority-owned firms can participate in these programs to gain additional leadership tools, marketing strategies, and more. And, from a client’s perspective, you can trust in the extensive skills and knowledge behind many minority certified businesses.
- Networking and resources
When MBEs team up with other MBEs, they can form strategic partnerships for success. Extra access to other minority-owned businesses means minority business owners can work together and help each other get ahead. A minority certified business can also have exceptional resources like special databases, access to loans, networking opportunities, and more.
If you are part of a minority group yourself and own 51% or more of your business, an MBE, WOB or DBE can open numerous doors that may prove to be financially rewarding. Moreover, as a certified firm, your clients they can rest assured knowing that they are working with experienced, highly-trained, and resourceful individuals.
If you are looking to have your company certified, let Ser & Associates guide you through the arduous process. And if you are looking to work with a minority certified law firm that always takes your business interests to heart, call the attorneys at Ser & Associates. We will provide you with the strategic skills, extensive knowledge, and legal expertise you need to succeed in your business endeavors.