In August 2021, we discussed new data on women in marketing careers. Now, we take a broader view and examine the latest info on women in business.
Besides the information provided below, read this article: A look at Women-owned businesses in 2021.
A Look at the Workplace: The Latest Info on Women in Business
In spite of the effects of COVID 19, women-owned businesses have continued to flourish in many ways. Bank of America’s 2021 Women Business Owner Spotlight found that, of the women business owners they surveyed, 61 percent expect their revenue to increase in the upcoming year and 92 percent consider their current financial situation to be strong or fair. This report also found that women-owned businesses have been very adaptable amid the effects of the pandemic. 50 percent of women entrepreneurs have changed their approach to employee wellness, allowing flexible work schedules, work from home extensions, more paid time off, and sick days.
Women entrepreneurs also proved to be very community and collaboration-focused during the pandemic. Both relying more heavily on community support than male counterparts and giving back to the community. 46 percent of women entrepreneurs volunteered in their community since the start of the pandemic. Additionally, 29 percent of women business owners want to partner with more women- and minority-owned vendors in the future.
Securing funding is often a struggle for women entrepreneurs and business owners who want to grow their businesses. Biz2Credit research has found that the average-sized loan for women-owned businesses was 33 percent less than for male-owned businesses in 2020. They also found that only 27 percent of business loan applications were submitted by women-owned businesses.
Take a look at the excellent infographic from Bank of America on women business owners.