Image courtesy of Shutterstock
Call it the year of the small business woman.
In 2012, statistics are showing that without women the U.S. economy would be 25% smaller than it is today and that women hold nearly 48% of all jobs. Women-owned business, according to BOLT Insurance Agency, now accounts for nearly $3 trillion in economic impact with 23 million jobs produced. In 2018, female-owned small businesses are slated to create one-third of the 15.3 million new jobs in the U.S.
Go ladies! Despite these fabulous numbers, 74% of women-owned small business owners are still worried about the impact that the economy will have on their business this year. Cutbacks for the year include 37% on hiring and 31% delaying raises with bonus eliminations at 30%. With many businesses ultimately too small to offer enough health insurance perks, it might look like businesses are cutting back for cost and not because of concern for the employee. Far from true- these are just some of the difficult 2012 hurdles businesses will face along with these additional factors.
“… many small business owners don’t understand that truly one event… can destroy a small business and wipe out its owner’s personal assets.” said Tom Hammond, executive vice president of operations at BOLT.
Apart from the difficulty of being able to be financially prepared for anything (literally), many women-owned businesses may not be as ‘connected’ in financial circles which will lead to tightening of the financial reins with banks.
Ah, this old familiar. The ever-ending uphill battle for many professional women but with compromise within both personal relationships and career life this door may soon be closing with women winning the battle. Studies have shown that women-friendly corporations have both higher profits and generally tend to be more financially successful than similar companies run by men. Will the stay at home dad be the new standard? Could be!Subscribe to She Takes On The World and never miss a post!