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During the current uncertain economy in the U.S., more women business owners are concentrating on producing more cash flow and efficiency in order to improve their companies, according to a recent PNC Women Business Owners Survey.
However, almost half of the women from the survey do not believe their business will end up improving. According to the survey, only 44 percent of the women reported that they expect their sales to increase while 47 believe they will stay the same.
With an uncertain economy comes a tentative job situation for many people. Fortunately, the job outlook for women-owned business is looking up. The PNC survey found that only nine percent of women business owners plan to reduce their staff within the next six months with the majority of women, 75 percent, keeping their full-time employees.
Another issue concerning women entrepreneurs is customer service with 44 percent of women saying that is what they want to improve upon with their business. By increasing efficiency and using technology, women-owned businesses hope to create better customer service.
“Cash flow and efficiency are critical for every small business,” said Beth Marcello, director of women’s business development at PNC Bank. “These women owners are prepared to leverage technology and focus on efficiency until they see more growth in the economy and their sales.”
Breaking down how women want to use technology, 29 percent of women said they want to develop their company’s online presence and 23 percent want technology help improve customer service.
As for overall feelings on the economy, 54 percent of women responded that they are optimistic about how it is going while 43 percent are less than enthused with the progress of the economy.
Regardless, women are continuing to show how much of an impact they have on business and the economy. They make up over nine million business in the U.S. and have over $1.4 trillion in sales nationwide, according to The National Association of Women Business Owners.
The PNC survey is conducted biannually and consists of female respondents who have a small to mid-size business with annual revenues of $100,000 to $250 million and over 50 percent female ownership.