One need not look very far to assemble key information about women-owned business. There are several nationwide organizations that augment the information determined through Official Census.

Recent conclusions indicate that the overall theme is that women-owned businesses (WOB) are more optimistic about the economy and their revenue stream. Here are the findings and data from recent the Economic Blueprint organized through Women Impacting Public Policy (WIPP) and the Amex Open Forum; the National Association of Women Business Owners (NAWBO); the Center for Women’s Business Research and Dow Jones.

The Good News

Over the last 15 years, women-owned firms have grown by one and a half times the rate of other small enterprises and now account for almost 30 percent of all businesses. Additionally, one in five firms with revenue of $1 million or more is woman-owned. (CWBR)

There are 8.3 million WOB in the United States; 30 million total. 7.7 million people are employed by these WOB. A full 88.3% are non-employer firms (i.e. self-employed) with average receipts of $26,486.

The remaining 11.7% of these firms have paid employees with a total payroll of $217.6 billion. They have average receipts of $1.1 million.

Two percent have 10 or more employees. The total economic impact is more than $3 billion.

Between 1997 and 2011, the number of women-owned firms increased by 50%, 1⁄2 times the national average. These estimates of growth in number (up 54%), employment (up 9%) and revenues (up 58%) exceed the growth rates of all but the largest publicly traded firms.

Since 2007, women-owned businesses have led privately held company job growth in America, second only to publicly traded firms. According to the 2013 State of Women-Owned Businesses Report, commissioned by American Express OPEN, WOB added 175,000 net jobs versus a national net decline of 569,000 jobs among all privately held firms.

Women at the Wheel, an analysis by Dow Jones VentureSource of more than 20,000 venture-backed companies in the United States between 1997 and 2011 found that 1.3% of privately held companies have a female founder, 6.5% have a female CEO, and 20% have one or more female C-level executives.

The study also found that successful startups have more women in senior positions and more than twice as many women in top jobs like C-level managers, vice presidents, and board members. At successful companies, the median share of female executives was 7.1%, compared with 3.1% at unsuccessful firms. For startups with five or more women employees, 61% were successful and 39% failed.

Challenges

On the national front, WOBs have a more difficult time proving their value. For example, they average 4 attempts to obtain bank loans or lines of credit and 22 attempts to obtain equity capital.

Additionally, the largest employer in the country, the Government, has continued to struggle to meet their federal mandate of 5% contracts awarded to women-owned small business.

In FY 2012, only 4% of all government contracts were awarded to WOB – virtually unchanged from 2011 procurement statute for women-owned small businesses.

In addition, the SBA Goaling Report shows that the federal government failed to reach the small business goal of 23% in FY 2012, falling short at 22. 2%.

Future Optimism

The NAWBO and WEB.com survey of more than 600 women business owners across the nation divulged their views on the business climate for entrepreneurs and their marketing priorities for 2014.

Women business owners’ optimism is on the rise.

Optimistic about overall business climate is 89%; up 8 percentage points from 2013. Optimistic about the economic outlook is 87%; up 12 percentage points from 2013. Women business owners are bullish about the prospects for women entrepreneurs who are just starting out. 92% predict women will start more businesses in 2014.

Nine out of 10 women business owners said gaining new customers is their biggest near-term concern over the next 6 months.

There is a very strong emphasis on marketing investments. They’ll spend their dollars in these areas:

 69% on customer service

 62% on marketing.

 48% on product enhancement

 26% on hiring

There is an 18% gap between women business owners who say social media is important to grow their business and how many women ACTUALLY use social media. 85% say it’s important; 67% are using social media.

Only half of WBO’s (54%) are confident of their ability to build their social media presence online. 96% are more optimistic about their business growth going into 2014, than in 2013.

More programs are offered through the SBA, WBENC, NAWBO and the state economic development organizations’ outreach incubators. Women’s groups have the opportunity to support the growth of women-owned businesses. Statistics only go as far as you permit them to influence your planning. Contact any state or local business organization for more support.

Kayte Connelly, Best Principled Solutions LLC, is an award-winning author, leadership coach, and organizational development consultant specializing in personal, professional and community leadership. She facilitates corporate retreats and conversations with dissimilar parties and helps individuals and organizations identify and eliminate what stands between themselves and their goals. We provide enriched customized services that are designed to create and sustain generations of leaders for our community and elsewhere, based on research and global development. Please “like” us at www.facebook.com/BestPrincipledSolutions. Call 484.769.2327 for more information on how your company could become more collaborative, flexible, imaginative, and innovative and/or to discover your leadership “edge.”