Women-owned businesses are growing rapidly in numbers but lag in size and revenues compared to all U.S. firms. Finding the key to women-owned business revenue growth is a good starting point for closing the gap.
According to the 2017 State of Women-Owned Businesses report, commissioned by American Express, the number of women-owned businesses has grown 114% in the 20 years since 1997, much faster than the 44% growth rate for all U.S. businesses.
Despite the surge in numbers, women-owned businesses have significant room for growth in terms of revenue. Although women-owned businesses comprise 39% of all U.S. firms, they contribute a much smaller fraction (only 4.2%) of total business revenues.
As of January 2017, the report states, there are an estimated 11.6 million women-owned businesses in the United States that employ nearly 9 million people and generate more than $1.7 trillion in revenues.
A closer look at the numbers reveals that women-owned businesses are often small, with at least 2.6 million, having no employees. Thus, they employ just 8% of the private sector workforce.
What role does technology play in business growth? Modern technology allows small businesses to operate in new and exciting ways, opening creative paths to success. In addition, technology has become an equalizing force for startups competing with larger firms.
This is great news for those women-owned firms that fill the small business space. Since technology is the key to small business growth, one must conclude that it also provides the most effective tools for women-owned business owners who want to grow revenues and profits.
Properly deployed, technology enables business owners to manage costs and resources more efficiently and sell products and services through innovative channels.
For instance, cloud technologies allow team members to communicate more effectively with customers, vendors and each other. Furthermore, small businesses benefit from enhanced cyber-security and can grow without affecting the quality of service they provide.
Here are some current examples of how women are using technology to grow their businesses:
Just about everyone uses a computer in their business. But, technology has changed considerably in the past 10 years. It might be time to take a fresh look at how technology can help you grow your business.
Practical, affordable technology options abound. Experienced business technology consultants can assess your situation and make specific recommendations designed to increase revenues, cut costs and enhance customer satisfaction.
Modern technology is a boon to customers, business owners and employees who enjoy working more efficiently.
Outdated computers and systems waste time and introduce errors and cyber-security risks. In contrast, a modest investment in technology pays dividends quickly. Moreover, using technology to increase revenues works for businesses of all sizes.
Our society applauds women-owned businesses and women in technology. eMazzanti Technologies combines the two in a powerhouse New York City area IT consulting firm. Co-founder and CEO, Jennifer Mazzanti, has grown the business by double digits annually since its founding in 2001.
To emphasize her firm’s accomplishments, eMazzanti Technologies has made the Inc. 5000 list eight years running, is a 2015, 2013 and 2012 Microsoft Partner of the Year, 2016 New Jersey Business of the Year, five-time WatchGuard Partner of the Year and one of the TOP 200 U.S. Microsoft Partners!
“There are countless opportunities for women in technology. Likewise, women can lead the way in using technology to grow small businesses in innovative ways!”
Jennifer Mazzanti, Co-founder and CEO of eMazzanti Technologies.
As they seek to grow their businesses, women face unique challenges and a sea of opportunity presented by changes in technology. Modern technology, properly applied to business problems and opportunities, supplies an equalizing force that can empower women in business and increase competitiveness, revenues and profitability.
As a women-owned business, eMazzanti Technologies understands the barriers, speaks the language and has succeeded in growing customer revenues for 17 years. Much of that success is due to quickly adopting the latest business technologies.
In addition, eMazzanti knows that relationships make the difference in the outcome of any endeavor, including technology. Thus, we seek to build long-term partnerships with women-owned businesses based on trust, performance and mutual success.
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