Their desire to lead the way in SME growth could represent a £12 billion pound injection to a struggling UK economy. These findings show that female enterprise has come of age in many ways, as today's women business owners prove they are more than ready to play their part in a fiercely competitive sector.
In a survey of over 1,500 small business owners (male and female), it was women who revealed the greatest entrepreneurial drive. With the average current female business turning over around £200,000, reporting an average increase in turnover of up to 25%, female entrepreneurs could be contributing an additional £12 billion to the UK economy in the next five years.* Those sectors most confident about growth are Healthcare (51%) and Marketing/Media (42%), both predicting growth up to 25%.
Those women surveyed also demonstrated good business sense by ensuring they put the structure in place to measure success and achieve their goals; 55% of women work to a business plan, compared with only 34% of men. In addition, women are more likely to allocate specific revenue and profit targets to their business (47% compared to 37% of men). For women ‘increasing brand recognition' (61%) was the most important area for growth, followed by ‘increasing services' (45%). Only 14% of women were happy sustaining their businesses at the current level.
Worryingly, over half (53%) of women business owners surveyed do not feel confident they understand the financial products available, compared with just over a quarter of men. Not being aware of all the methods of raising finance available could be the greatest barrier of growth as financial assistance is often required when taking a business venture to the next level.
Karen Gill, Co-founder and Director of everywoman, the UK's leading provider of training, resources and support services for women in business comments: "The fact that female-owned businesses are reporting a greater desire for growth is testament to the progress we have made as a sector in such a short space of time. In this current economic climate it is imperative these business owners have access to the advice and information necessary to maximise their business skills and achieve this growth. "
Angela Bate, NatWest Women in Business Manager, comments: "The lack of financial awareness identified in our research highlights the need for initiatives like our pioneering banking service for female business owners. Since launch, our Women in Business Service has attracted over 18,000 new female owned businesses in search of a bespoke banking service."
