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.
Women-owned firms often small
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.
The secret to women-owned business revenue growth
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.
Women using technology to grow revenues
Here are some current examples of how women are using technology to grow their businesses:
- The owner of an office-sharing space uses subscription software to streamline bookings, invoicing and communications. She also relies on technology-based services for CRM, accounting and human resources.
- The co-founder of an incubator for women-owned businesses says technology keeps costs down and her team connected. Access to technology helped her launch the idea with a minimal investment.
- A frozen yogurt shop founder explains that technology facilitates her marketing, inventory control and record keeping.
What can I do with technology?
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.
Work from anywhere
- Use mobile devices and laptops to check email. Equip field reps with tablets and smartphones to take photos and relay information, saving trips to the office.
- Take along portable printers to produce customized sales materials and contracts to close more deals on the spot.
- Switch to cloud business apps to access orders, inventory, accounting and other business processes from home or on the road.
- Track purchase history and preferences to delight customers with customized merchandise and offers.
- Deploy carefully chosen IoT devices like digital displays to enhance the customer experience.
- Create an easy-to-use customer app for orders, inquiries and loyalty programs.
- Offer customer Wi-Fi for a seamless mobile to in-store buying experience.
Sell more for less
- Be highly visible with local search listings, a website with virtual shopping cart and digital marketing, including social media.
- Use photos, charts and interactive software on tablets to impress clients and prospects in presentations.
- Set up an inexpensive mobile point-of-sale (POS) system with micro credit card readers and online payment processing.
- Employ software and apps to schedule work, manage projects more effectively and cut costs.
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.
Women-owned technology for women-owned business revenue growth
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.
Performance, trust and mutual success
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.