Women Business Owners Staying Strong in this Rough Economy

A new survey of National Association of Women Business Owners® (NAWBO®) members has found that, while women entrepreneurs are facing the same economic difficulties as other businesses across the country, more than half say they have no plans to reduce employment, and nearly 25 percent say they actually plan to add jobs this year.

The findings come even as the nation's jobless rate is the highest in more than sixteen years as many of the nation's largest corporations have cut hundreds of thousands of workers. "These survey results highlight the strategic strength, compassionate responsibility, and maturity of the women-owned businesses that are uniquely reflected in our membership," said NAWBO President Cynthia McClain-Hill. Among findings from the new survey:

•    The state of the economy is NAWBO members' overriding concern, with three-quarters of respondents saying the current situation is the biggest economic crisis they have faced in their lifetimes.
•    Still, 52% of NAWBO members surveyed said they plan no changes in employment levels, while 24% said they will add jobs this year.
•    Just 17% of NAWBO respondents said they plan to reduce staffing this year.
•    40% of NAWBO members surveyed said they will keep capital investment levels at about the same this year as last — while 17% said they planned an increase.
•    More than half (53%) of NAWBO members surveyed said they plan to expand into new markets this year, while just 3% said they plan store or branch closures.

•    Aside from economic challenges, top issues NAWBO member respondents said they would like to see Congress and the new Administration address this year, in response to an open-ended question, include: healthcare/health insurance reform (45%); tax relief/business taxes (16%); education policies (15%); the war in Iraq (12%); and broader support for small business (11%).
•    54% of NAWBO respondents said they believe economic and business conditions will be at least somewhat better by the end of this year — and 54% believe their own businesses will be somewhat or much better than it is today.

Recent estimates by the Center for Women's Business Research indicate that the nation's more than 10 million women-owned businesses employed 13 million workers, generated $1.9 trillion in sales, and represented more than 40 percent of all privately held firms in 2008. HBM

Learn more at http://nawbo.org

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