Becoming a certified woman-owned business enterprise (WBE) has many benefits—but be aware: instantly lucrative projects aided by the magic wand of the Procurement Fairy are not among them.
Certainly, in the real estate and construction industries, there are public sector and large company projects where being a woman or minority-owned business will weigh in your favor. But certification is one factor among many—and that’s the way it should be.
In my experience of 13 years as a woman business owner, certification is a nice-to-have even for our clients with sophisticated supplier diversity programs. They’re looking for expertise, experience and results first, and certification is an appreciated value-add.
So is all that paperwork and verification a waste of time and energy? I say, definitely not. But every woman business owner should make sure she’s getting certified for all the right reasons.
Margy Sweeney, Akrete
The right reasons to get certified
For anyone who’s unfamiliar with the program, the WBE National Council certification (WBENC) is the most prominent certification for women-owned businesses in the U.S. Once certified as being at least 51% owned by a woman or multiple women, a woman-owned business (WBE) can tap into key benefits that range from access to targeted business opportunities and visibility in corporate and government supply chains to education, networking and mentorship.
Many large real estate developments have made commitments to achieve a percentage of woman-owned and minority-owned subcontractor representation, and typically it only counts if the developers choose certified businesses.
The certification can also provide business funding via specialized grant and loan programs, increasing the likelihood that your business can achieve access to the capital it needs.
Don’t brave the red tape for the wrong reasons
Clearly, there are a lot of good reasons to get certified. I am a huge advocate for going through the process every year. That said, please save yourself some time if the following ‘don’ts’ apply to you:
1. DON’T bother if you think it will make you a shoe-in for new business prospects. Even for government agencies and big companies with strong corporate social responsibility (CSR) missions, WBE certification is mere table stakes. You still need to be the best at what you do. Be confident in your expertise; that confidence is what really gets the referrals and revenue flowing.
2. DON’T bother if you’re expecting money to start rolling in the moment you post the news on your website. Although some of our clients appreciate that we are women-owned, in 13 years in business, not a single client has ever chosen us simply because we were certified.
3. DON’T bother if you think it’s the only thing you need to do to market your company. Holding a WBE certification is a proof point, but it is one of many. It’s not your core value proposition or your strongest marketing message.
4. DON’T bother if you assume certification automatically begets capital. While some lending programs target grants or loans to women-owned businesses, your company must also prove it is financially qualified.
The game-changer: Representation is worth it.
We’ve covered the wrong reasons to seek out a WBE. But in my view, one of the right reasons is the most important of all: representation.
I am a woman and the CEO of Akrete, a non-traditional national real estate and financial services PR firm that was hybrid before hybrid was cool, largely to support the needs of working women. I’m proud to play my part in the continuing effort to elevate women in business generally—and the commercial real estate industry specifically.
We go through the annual recertification process primarily because I believe in the power of standing up and being counted as a woman business owner. I am proud to show the world that women-owned businesses can be highly ranked, results-driving successful firms. I’m proud that companies like ours can and do lead their respective fields. After all, how can your example help counteract outdated gender norms in business, paving the way for other women, unless you get certified and show off your superpower?
Yes, you’ll still have to compete for business. And yes, every WBE is different and must work hard to be the best. But every woman-owned business does something well in part because of the woman who owns it. If you agree that’s worth celebrating, then join me in getting your woman-owned business certified as the women-led powerhouse that I’m sure it is.
Margy Sweeney is the Founder and CEO of Akrete, the nation’s #3 independent public relations firm for real estate investment and development and is passionate about expanding economic opportunity for women and minority-owned businesses. Based in Chicago, she leads a national team and has been in commercial real estate marketing and public relations since 1995. She is also the Chairman of the Board of Directors of SomerCor, a leading national SBA 504 certified development company based in Chicago.