‘Recession-Tested’ Women-Owned Small Businesses Offer Key Lessons for Economic Recovery
Many of today’s women-owned businesses (WOBs) are led by recession-tested entrepreneurs whose experiences provide valuable insight into the challenges that may await aspiring small business owners. A new study released by Chase Card Services, a division of JPMorgan Chase & Co., NFIB and the Center for Women's Business Research, looks at how women small business owners performed during the “Great Recession.”
The study revealed how WOBs are dealing with the recession, including:
- Focus on cost control: 45% of WOBs focused on controlling costs in response to economic challenges, while 31% concentrated on increasing sales.
- Use social media as a business tool: Half of WOBs owners now use social media compared to 4% before the recession. Of those surveyed, 56% said social media is “very important” or “important” to their business.
- Promote the business through community activities: 39% of WOBs increased their involvement in civic, social or school activities to boost their exposure and create value for their communities.