In Business / November 2006
What the WOB's Say
Women business owners are a little less likely to be optimistic and confident about the business outlook for their companies than their male counterparts, but forty-two percent of women business owners love what they do and cannot imagine making a living any other way. In the semi-annual business survey by American Express, four in ten women business owners say living and working by their own rules is the most exciting part of owning their own business. They define success as the ability to create good relationships and a sense of community through their business (37% vs. 26% for men), the ability to strike a balance between career and family, living the lifestyle they want, and finding long-term financial stability.
Nearly one-third (31%) of women business owners attribute being knowledgeable about every detail of their business as the trait that helps them succeed in business. Conversely, being too hands-on is the trait that most negatively affects the business of thirty-one percent of women entrepreneurs. Twenty-four percent of women business owners say they need the most assistance learning how to make their business profitable (vs. 19% of men).
Forty-three percent of women business owners (vs. 32% of men) say the one thing they need to be more successful is money. Twenty-three percent of women business owners (vs. 14% of men) say the biggest challenge in growing their company is the rising costs of doing business. Other challenges include managing the uncertain economy, too busy satisfying existing customers to find new business, finding the right staff, financing and budgetary limitations.
Forty-four percent of women business owners (vs. 53% of men) report having cash flow issues. One in four, 24%, of women business owners will use personal or private funds in order to address cash flow issues. Seventeen percent will obtain and use a line of credit (vs. 26% of men).
Twenty nine percent of women business owners (vs. 36% of men) are planning to hire within the next six months. Most need to hire staff to handle their growing business, 87%; and to increase business volume (83%). Others are hiring due to a new business venture, 50%; because they have finally found the right candidate for the position, 40%; or because they need seasonal help, 38%.
Two in ten women business owners (45% vs. 66% of men) will make capital investments over the next six months, including purchases of computers and peripherals, manufacturing/production equipment, office equipment or furnishings and real estate investments.
More than three out of four female entrepreneurs (78%) say higher gas and energy costs have had a significant or moderate impact on their business. Seven out of ten say they reacted by reducing gas and energy use or raising prices. As a result of higher gas and energy use, seven out of ten businesses say they had to pay higher costs for materials and products (72%). Forty four percent changed how they market or sell, and more than a third (36%) say they lost sales.
Twenty-four percent of women business owners say they need the most assistance learning how to make their business profitable (vs.19% of men). Other areas that women said they need assistance are learning how to raise cash, learning how to cut costs and learning how to understand financial statements, and obtaining and managing credit and debt.
Over half of female entrepreneurs will make their business environmentally friendly by recycling waste products (56%). Women owners plan to follow environmental recommendations within their industry (44%), buy and use recycled products for their business (34%), and offer eco-friendly products and services to customers
According to the survey, the number of small businesses offering healthcare benefits to employees jumped significantly (71% vs 54% last year).
An increased number of small business owners are willing to take moderate financial risks to grow their business (41%) compared to (35%) last fall. Male entrepreneurs were most willing to take any type of financial risk (68%) when compared to female counterparts (49%) and small businesses overall (58%).
Male and female business owners agree there is less time than ever to do all they wish. One third of all business business owners say they are most frustrated with not having enough time, which was up sharply from the spring, 23%.
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