WIPP 2014 Annual Survey Results Are Released
Wednesday, May 14, 2014
Click here to view the press release online.
FOR IMMEDIATE RELEASE
women business owners Continue to Be concerned
about our economy, yet 6 in 10 report plans to hire new employees in the coming
Impacting Public Policy (WIPP) Releases Annual National Survey Results on Top
Issues Impacting Women Entrepreneurs
D.C. (May 14, 2014) — As we honor the contributions of small
business this week during National Small Business Week, Women Impacting Public
Policy (WIPP) shares new data on the top issues impacting women-owned small
businesses. According to WIPP’s
National Survey of Women Business Owners, the economy continues to be at
the forefront of women business owners’ minds, but they remain cautiously
optimistic. Three-quarters of the women surveyed expect their revenues to
increase and more than half believe their company will grow, with six in ten
reporting plans to hire new employees in the coming year.
conducts this annual survey with the goal of assessing important economic and
policy issues that are on the minds of women business owners,” commented
Barbara Kasoff, president of WIPP. “They continue to be concerned about the
state of our economy and the impact of government regulations on their
business, however women business owners remain focused on growing their
half of all respondents report a strong impact on their business by
governmental regulations, continuing a steady rise since 2012. One of the biggest changes in regulations on their
business is the implementation of the health reform law.
healthcare is still an important issue according to the 2014
survey, fewer women business owners are offering benefits than ever
reported before due to prohibitive cost.
Offering healthcare to employees is less likely to be perceived as a way
to attract better employees and the expense prevents most smaller companies
from providing coverage.
Other survey highlights:
Business Owners & Contracting
Among respondents to this survey, the proportion of federal
contractors is about one business in three.
Federal contractor status is greatest among companies with annual
revenue over $250K.
Since the previous year’s survey, Subcontracts have gained
in terms of the proportion of contracts, and contracts are now split 50/50
Prime versus Subcontracts. Companies
with lower revenue are more frequently Subcontractors, while higher revenue
forms tend to be Prime contractors.
Nearly six respondents in ten (58%) think the WOSB
procurement program would benefit from giving contracting officers the ability
to award sole source contracts.
An overall inability to compete with larger companies is the
single greatest barrier to business growth, cited by respondents (50%). This was named more often by minority owned
businesses and by younger respondents.
The proportion of businesses seeking outside funding remains
steady, at just under four in ten.
Minority owned businesses and younger respondents were less successful
in obtaining outside funding, and often are unaware of where to seek funding.
Slightly more companies received funding through bank
financing backed by SBA in 2014, up 4% from last year. Most used the funding to finance the existing
13% of all respondents are currently exporting a product or
service, with 30% considering exporting in the future.
On average, they export to 5 countries.
Of those respondents that are currently exporting, on
average 20% of their total revenue comes from exporting.
Business Owners & Politics
63% of survey respondents have contributed to a political
campaign with a majority giving to a presidential campaign.
The survey was comprised of 376
responses from women business owners. WIPP conducts this survey annually. For the full results, see the 2014
WIPP National Survey of Women Business Owners.
Women Impacting Public Policy (WIPP)
is a national nonpartisan public policy organization advocating on behalf of
its coalition of 4.7 million businesswomen including 75 business organizations.
WIPP identifies important trends and opportunities and provides a collaborative
model for the public and private sectors to increase the economic power of