Annual update sheds light on female-owned businesses

“The Center for Women’s Business Research launched the fact card 14 years ago,” said Margaret M. Smith, chair, Center for Women’s Business Research, in a news release.

“Today … everyone from researchers, government officials, business representatives and reporters knows that if they have this card, they have a good overview of the status and significance of this nation’s 10.4 million women-owned businesses at their fingertips.”

Among the key facts on the card:

• Women-owned firms employ nearly 13 million people and generate $1.9 trillion in annual sales.

• Between 1997 and 2006, majority women-owned firms grew at twice the rate of all firms (42 percent versus 24 percent).

• The vast majority (83 percent) of women business owners are personally involved in selecting and purchasing technology for their businesses.

• Women owners of firms with revenues of $1 million or more embrace financial measurements as management tools and produce financial reports more often than smaller firms.

• There are 2.4 million firms owned 50 percent or more by women of color in the United States, employing 1.6 million people and generating nearly $230 billion in sales.

• More than two-thirds (67 percent) of women business owners choose financial products and services based on their relationship and experience with a lender.

“The fact card speaks to the increasingly important and influential roles that women play as business owners, employers, and consumers,” said Susan W. Sweetser, vice president of focus markets at MassMutual.

The full publication can be ordered at www.nfwbo.org.

The mission of the Center for Women’s Business Research is to provide data-driven knowledge to advance the economic, social and political impact of women business owners worldwide, according to the site.