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WIPP 2014 Annual Survey Results Are Released

Wednesday, May 14, 2014  
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FOR IMMEDIATE RELEASE

MEDIA CONTACT:

Kristie Arslan

415-434-4314

karslan@wipp.org

 

 

women business owners Continue to Be concerned about our economy, yet 6 in 10 report plans to hire new employees in the coming year

Women Impacting Public Policy (WIPP) Releases Annual National Survey Results on Top Issues Impacting Women Entrepreneurs

 

WASHINGTON, 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.   

 

“WIPP 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 businesses.”

 

Nearly 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. 

 

While 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:

 

Women 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.

 

Access to Capital

·       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 business.

  

Export & Trade

·       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.

 

Women 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.

 

About WIPP

 

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 women-owned businesses.

 

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