NATIONAL SURVEY OF WOMEN BUSINESS OWNERS INDICATES SIGNIFICANTLY MORE BARRIERS FOR WOMEN-OWNED SMALL BUSINESSES IN SECURING CAPITAL THIS YEAR
Women Impacting Public Policy (WIPP) Releases Annual Survey Results on Top Issues Impacting Women Entrepreneurs
WIPP shares new data on the top issues impacting women-owned small businesses.
According to WIPP’s National Survey of Women Business Owners, three fourths of the women surveyed expect their revenues to increase and more than half believe their company will grow. Five out of ten women said they plan to hire new employees in the coming year. Tax burdens are now the prime concern for women business owners. Although healthcare remains an important issue it has declined in importance since 2014. Procurement continues to rise in importance.
“WIPP’s National Survey provides insight on the viewpoints of women entrepreneurs on key issues impacting their ability to start, manage and grow their businesses,” remarked Kristie Arslan, WIPP Executive Director. “Congress and the Administration need to focus on solutions to address the barriers to success for women business owners and work to provide them with the ability to attract and keep well qualified employees, implement environmentally friendly business practices for a reasonable cost, and operate economically sound organizations in the competitive global economy. Most importantly, women need equal access to capital and credit to spur growth.”
Other survey highlights include:
- Slight decline in importance to women business owners since last year.
- Companies offering insurance is down this year with only 50% currently offering health insurance.
- Larger companies and government contractors are more likely to offer health insurance.
- Because of health insurance costs being higher, many companies are putting the expense of healthcare on the employee.
- Increased significantly in importance since last year for women business owners.
- Percentage of women-owned businesses registered with SAM increased in 2015, returning to levels measured before the change in name from CCR to SAM.
- Prime contracts surpass Subcontracts in a ration of about 6 to 4.
- Certifications as WOSB and EDWOSB continue to increase since 2013.
Access to Capital
- Inability to compete with large businesses as well as general lack of new business opportunities are most frequently cited as the mist significant barriers to lack of business growth.
- Outside funding is secured after an average of 2.7 attempts, up from 1.6 last year.
- 2015 research revealed a significant shift in funding sources from collateralized bank loans to lines of credit.
- Median loan sizes in 2015 are $332,000.
Export and Trade
- While 14% of all companies responding are currently exporting a product or service, another 25% are considering exporting.
- 92% report they try to stay abreast of innovations that could be incorporated into their companies.
- Laptop, mobile devices and website management tools are nearly ubiquitous; being used in 9 companies in 10, 4 companies in 10 report plans to add even more laptops and mobile devices in 2015.
- Over half of respondents have no formal cyber security plan, and most feel vulnerable to cyber threats.
The survey was comprised of 376 responses from women business owners. WIPP conducts this survey annually. For the full results, see the 2015 WIPP National Survey of Women Business Owners.
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