Weathering the Storm

How Women Business Owners Are Holding on During a Tumultuous Economy

A study from The Kauffman Foundation states that nearly half of the 2008 Inc. 500 businesses and more than half of the Fortune 500 were born during recessions and bear markets. It’s a silver lining to the great cloud that has been looming over this year’s economy. The realities of business for today’s women entrepreneurs are starkly different. NAWBO members are facing challenges at every turn, and yet despite it all, our members and women business owners in general have remained resilient, making an impact even during a downturn.  

This February, a vast majority of NAWBO members agreed that this is the biggest economic crisis the U.S. has faced during their lifetime. They ranked the state of the economy as the most important issue above health insurance cost and availability; business tax issues; fuel and energy costs; and education policies and their impact on the quality of the workforce. Still many women business owners are finding ways to be proactive and gain market share now so that as conditions improve, they’re poised for success and growth.  

Robin Murray, President of RM Strategic Marketing in New York, NY, got creative in searching out new opportunities. “When things get rough, I throw myself into marketing venues. For instance, I started blogging to complement my existing business (retirementyenta.com) and created an email newsletter to tell folks what the core business is up to,” she explains. “Sales equal opportunities that collide with preparedness.” 

Robin’s approach is representative of women business owners nationwide. In The Center for Women’s Business Research’s latest study on women’s economic impact revealed that women small business owners do disproportionately well in challenging economic times. The study shows that women’s natural ability for risk-adversity management, creative problem solving and team co-operation skills all contribute to their success.

The study shows that women also have a natural aptitude of business marketing. In times of hardship, marketing budgets are often the first to get cut. However, studies show that this is often a big mistake and that companies who retain their marketing budget are more likely to survive a downturn. Monique Terrell, Owner of Sparkle Today from Edmond, Oklahoma, says that’s what has carried her through this tumultuous economy.

“I have actually decided not to react, but to be proactive in my marketing efforts. I’m learning more about my target audience and refining who we are as a company so future clients don’t have to guess why they should work with us,” she says. “Also, I’m clarifying my marketing message and adding good people to my team. And perhaps more importantly, I am paying more attention to my business financials and increasing automation in an effort to operate more efficiently.”  

While markets are slowly but surely beginning to make a rebound, smart business strategies are still essential to long-term growth for women entrepreneurs. Sharing best practices at chapter meetings, access to corporate partners and local chambers of commerce are all NAWBO member benefits that will help women business owners in the long run. If you’re not a NAWBO member, contact your local chapter for more information or join today. 

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