Breaking Barriers: A Broker’s Role in Supporting Women-Owned Businesses
Quick look: Women are no strangers to breaking down barriers to advance their businesses and growth opportunities. As a result of their determined efforts, they own approximately 40% of businesses in the U.S. and continue to be a powerful presence in the market. However, to continue this uptick in achievement, brokers can play a key role in women making headway in the world.
Historically, women have transcended setbacks in the business world (and beyond) to see their hard work come to fruition. Over the years, there have been new laws, programs, and organizations which have lightened their load and encouraged them to compete on a more equitable playing field.
However, there is still more work to be done. As we honor Women’s History Month, it’s important to recognize the contributions of women and find new ways to support their businesses. To do this, brokers are in a unique position to make an impact by connecting their clients with a professional employer organization (PEO) solution.
A PEO serves as a supportive growth partner, tackling the time-consuming administrative responsibilities of HR, payroll, and benefit management, as well as recruiting, retention, and risk and compliance in the workplace. This allows small and medium-sized businesses (SMBs), women-led or otherwise, to free up time to focus on strategy and scalability.
More importantly, it creates a strong connection, which drives SMBs to step into their next stage of growth and solidifies long-term broker-client relationships. Business success is often marked by adaptability, and creating purposeful partnerships makes this possible.
The power of a PEO connection
A PEO gives brokers the opportunity to expand their client offerings which wouldn’t be accessible otherwise, including Fortune 500-level benefits, tailored HR services, and a dedicated team of HR experts ready to provide personalized solutions.
This exclusive value has shifted into an in-demand expectation as SMBs now view brokers in an advisory light. In addition to securing their standard insurance needs, SMBs entrust brokers to come up with strategic ways to grow their businesses.
The structure, support, and insight of a PEO help make this happen. Among the many benefits this type of partnership maintains, here are a few of the most notable:
Saves business leaders time
Time is a treasured commodity among business leaders, especially those who are stretched thin on resources. Delegating HR responsibilities to a PEO optimizes and maximizes efforts, allowing SMBs to focus fully on other strategic areas of company growth.
To streamline PEO services, ExtensisHR is equipped with a fully-staffed customer service team, a dedicated SHRM-certified HR manager, and an on-demand knowledge base to give business leaders tailored solutions and immediate answers to their most pressing questions.
Handles risk and compliance management
Employment laws and workforce trends are constantly in flux. The complexity and nuance of these make it challenging for SMB leaders to keep track of, let alone initiate timely business adjustments.
PEOs ensure SMBs uphold local, state, and federal regulations and create a safe and compliant environment for all employees. They are well-attuned to what’s next on the horizon compliance-wise and are proactive in preparing businesses for any shifts they may need to prepare for in the future.
Provides expert guidance and support
As an integral part of its comprehensive HR solution, a PEO delivers industry knowledge and expertise to align with each SMB’s core objectives in order to produce favorable outcomes. This is especially invaluable for women-owned SMB leaders who may not be aware of the extent of government programs and incentives available specifically to them.
Brokers who make the PEO connection for their clients provide access to critical resources and networking opportunities to propel companies forward and initiate sustainable growth patterns.
Programs and incentives supporting women-based businesses
There is an extensive list of programs, organizations, and incentives geared toward women-owned businesses. To stay competitive in a rapidly growing, ever-evolving market, a PEO can help broker clients explore which benefits are most applicable, such as:
Certification benefits
Certifications like Women’s Business Enterprise (WBE) or Women-Owned Small Business (WOSB) are available for businesses with female ownership of 51% or more.
Certification approval opens the door to a wide network of support, targeted business opportunities, and education and development programs. There are also mentoring opportunities as well as a boost in visibility across government supply chains.
Grant opportunities
Free funding is an advantage for any growing business, and there are many grant opportunities and programs available in place for women entrepreneurs. Each opportunity has its own qualifications and deadlines, so it’s best to research ahead of time to see which would make the most promising fit.
Community support
Sourcing a network of support and mentorship is invaluable for women-owned businesses to share resources and business connections among those familiar with the unique challenges.
There are several opportunities for outreach through female-led organizations including the National Association of Women Business Owners (NAWBO) and The Women’s Business Network (WBN), among others.
Financial and tax incentives
Certain women-owned businesses may be eligible for tax benefits including deductions, tax credits, or loan guarantees.
For instance, the New Markets Tax Credit is available to women-owned businesses working in underserved communities. Other incentives are available based on industry, size, and also for those partnering with women-owned businesses.
Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered legal or tax advice. Tax advantages and eligibility criteria for women-owned businesses may vary based on individual circumstances, location, and business structure. Not all businesses may qualify for the benefits discussed. We recommend consulting with a certified tax professional or legal advisor to understand how these considerations apply to your specific situation.
A creative solution to common business challenges
Breaking down barriers for women isn’t achieved in one fell swoop but rather a consistent willingness to chip away at outdated norms. This involves introducing creative solutions and new opportunities, as well as making room for more collaboration in business.
ExtensisHR provides all of this and more.
By simplifying HR through a PEO solution, it makes it easier for both SMBs and their brokers to expand their presence in the market. Supporting the advancement of women-owned businesses benefits everyone, and the broker-PEO connection is a contributing factor to its success.
For information about how a PEO partnership benefits you and your clients, contact ExtensisHR today.
