A recent survey has concluded that women-owned businesses (WOBs) have proven to be inspiring when it comes to other entrepreneurs.
The survey was a collaborative effort of the National Federation of Independent Business (NFIB), Chase Card Services and the Center for Women’s Business Research.
The study took a close look at how women-owned small businesses managed during the recession. While these business owners admitted that their overall sales volume was still less than when the recession started back in 2007, they did take steps to limit the reduction.
The survey showed that 45 percent of these owners focused on reducing their operating costs as much as possible. Another survival tactic implemented by 31 percent of owners was to focus a majority of their attention on increasing their sales.
Other insights revealed by the survey:
– regardless of the measures taken, almost 60 % of WOBs stood behind their decisions
– 54 % look to their existing customer base for new businesses: 23 % market to new customers
– since the recession, 50 % of WOBs use social media: before recession, only 4 % used it
– 56 % admit that using social media in business is either important or very important
– 23 % of WOBs use outside help to control costs and increase their sales
– 41 % of WOBs admit to working harder now than before the recession began
