About one in two women-owned businesses (49%) report lower real volume sales in 2012 than they did in 2007, according to Chase Card Services and the National Federation of Independent Business. To help stay in business, women small business owners have concentrated on cost control (45%), increasing sales (31%), and employing a mix of cost control and increasing sales (10%). Women whose businesses employ fewer than 10 people are more likely than those with larger businesses to focus on increasing cost control.
The majority of these business owners (59%) are satisfied that they’ve chosen the best strategy for navigating through the recession.
Almost one in four women business owners (23%) have sought formal help to get them through the recession, with technology consultants being the most frequently chosen. About one in 10 (9%) hired help for advertising or promotion.
More than half (54%) opted not to change their target markets and instead made other business adjustments. The remaining 43% sought out new customers and market opportunities.
At the same time, 75% sought to increase revenues by increasing their sales-related efforts, most commonly in the form of improving customer service. Around four in 10 (39%) increased their involvement in civic or community activities.
Sources: Chase Card Services, Steve O’Halloran, 201 N. Walnut St., #2, Wilmington, DE 19801; 302-282-5699; steve.ohalloran@chase.com; www.chase.com.
National Federation of Independent Business, Cynthia Magnuson, 1201 F St., NW, Washington, DC 20004; 202-314-2036; cynthia.magnuson@nfib.org; www.nfib.org.
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