Are you looking for a way to break through the glass ceiling and take your company to new heights?
Obtaining Minority Business Enterprise certification can give you just the push you need to reach the next level as a business owner. While becoming MBE certified isn’t a free ticket to success, as long as you put the work in it can be a very real game changer. Find out how you can generate growth and open potentially lucrative doors as a Certified Minority Business Enterprise.
Who Qualifies for MBE Certification?
If you own a minimum of 51% of your company, or its stock, and at least 25% of your heritage is Black, Hispanic, Native American, Asian-Indian or Asian-Pacific and you are a United States Citizen, your company probably qualifies for certification as a Minority Business Enterprise. Businesses owned by women and economically disadvantaged groups can also qualify for special certifications, as can those owned by United States military veterans.
Programs for certification exist through NMSDC (National Minority Supplier Development Council Certification), SBA (Small Business Administration), and through both state and local programs.
How Becoming a Certified Minority Business Enterprise Helps Your Company
When you obtain MBE certification, you’re able to access a wide range of both private and public sector contracts specifically earmarked for MBE fulfillment. A good example is the state of Maryland, which legally requires that at least a quarter of all government contracts be awarded to minority-owned businesses. Programs like these exist in many states or even city governments, giving you the opportunity to boost business growth dramatically by accessing high-paying, high-profile contracts which may otherwise be out of reach.
While lucrative government contracts can be a game changer for any company, successfully fulfilling them also creates opportunities in the private sector, which can be notoriously difficult to break into for minority-owned businesses. For a strong example of how certification can make a difference, consider SDI International. A certified minority- and woman-owned corporation, SDI International has been named “National Minority Supplier of the Year,” generates revenue in excess of $1.6 billion annually and boasts more than 2,000 employees.
Maximizing Your Potential as a Certified MBE
Obtaining certification for your business does have the potential to make a world of difference for your enterprise, but it’s not a free ticket to success. You’ll still need to work hard and develop your business strategies for success. A great example of tenacity and hard work by an MBE is Irvine CA based, African-American owned Spotswood Consulting, an MBE Certified and SBA 8(a) government contractor, founded by CEO Derek Spotswood. Spotswood Consulting recently became the 2nd fastest growing company in Orange County, CA, within 18 months. The firm ranked #325 in the 2015 Inc. 500 list, experiencing a 1439% growth over a 3-Year period as one the fastest-growing privately owned companies in America. Spotswood Consulting’s CEO developed a multimillion-dollar business in the large private sector first via a laser focused supplier diversity strategy, and recently entered the government contracting world as an SBA certified 8(a) company. In April 2015, the U.S. Navy awarded this minority owned firm a large, multi-year Information and Communications Technology (ICT) Prime Contract Award.
Ultimately, MBE certification will help to level the playing field to give you the tools you need to capitalize on your own talents, but it won’t make you successful without further effort.
Strategic partnerships can help you to maximize your company’s earning potential, especially those which offer assistance navigating both private and public sector contracts of high value.