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Small Business Lessons of the Recession

‘Recession-Tested’ Women-Owned Small Businesses Offer Key Lessons for Economic Recovery

‘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.

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NFIB WOB Study

About the Survey

The Small Business: Lessons of the Recession study was a telephone and online survey conducted between March 28 and April 11, 2012. The survey polled a total of 760 business owners, 559 women and 201 men.

WOB Study Videos

5 Lessons from Women-Owned Businesses Surviving the Recession

Prof. Patricia Greene of Babson College shares 5 lessons from women-owned businesses surviving the recession based on an NFIB - Chase study: 1) Maintain focus on cost controls. 2) Get outside help. 3) Understand who your best customers are. 4) Get involved with community. 5) Make time for yourself

Women-Owned Businesses and the Recession: Social Media and Cost Cutting

An expert panel discusses highlights of a study on how women-owned businesses performed during the recession. Only 4% of women-owned businesses used social media to help their business before the recession, but nearly half do today. Many cut costs by placing more emphasis on customer service, leveraging community involvement for PR, narrowing sales focus to existing customers, and using an outside consultant.

Women-Owned Businesses That Survived the Recession: Which Metrics Matter

Many of today’s women-owned businesses (WOB) 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 research suggests small businesses should focus on metrics: understand your business, how to measure finances, and keep current.