What is MBE? Minority Business Enterprise is a certification intended for businesses to show their diversity. In order to qualify for this certification, you must have a for-profit business which has been running for at least a year in the United States. The main requirement is that at least 51% of the owners should have minority background such as African American, Hispanic, Native American, Asian, and more. The company’s day to day operations must also be controlled by a person of color. To ensure all this the business goes through the application process including a site visit from the organization. How can I get my MBE Certification? A lot of different organizations can provide the certification. To get started, you must fill out the related documents and take them to the organization you choose. After completing the application process, the business must also receive a visit from the organization to get an idea of how the business operates. This certification will be valid for 5 years before having to renew. Benefits of Being MBE Certified After obtaining the certification a whole new world is revealed! As part of the MBE community, you receive a lot of networking connections including events.
If someone asked how your business is doing today, how would you answer? Many business owners immediately look at one number, the balance in their bank account. While it’s certainly important to know how much cash you have available, your bank balance doesn’t tell the whole story. You might have a healthy balance today because a large customer finally paid an invoice, or you may have just purchased inventory that won’t generate revenue for several months. Your bank account shows where you are today. Key Performance Indicators (KPIs) help you understand where your business is headed. KPIs are simply measurements that help you evaluate the health of your business. They allow you to spot trends, identify potential problems early, and make decisions based on facts rather than assumptions. The good news is you don’t need dozens of reports, you only need to focus on a handful of numbers that truly matter. Gross Profit Margin One of the first numbers every business owner should understand is gross profit margin. This tells you how much money remains after covering the direct costs of providing your product or service. If your gross profit margin begins to shrink, it’s often a sign that material