Celebrating National Women’s Small Business Month

10mil

by AnnaKate Moeller, WIPP Programs Manager

This October we are particularly excited to celebrate National Women’s Small Business Month because of the release of the results of the 2012 Survey of Business Owners (SBO) and the SBA issuing the final rule on Sole Source Authority. It has been a big year for women in business to say the least.

The theme for this year’s National Small Business Month is “10 Million Strong” recognizing the 2012 SBO results of the nearly 10 million women-owned businesses currently in the United States. This is a 27.5% increase from 2007 survey results, showing that women-owned businesses are growing and in turn boosting the economy.

We also have cause to celebrate as the Small Business Administration issued the final rule improving access to federal contracting opportunities for women-owned small businesses with Sole Source Authority. This rule is expected to be effective and available for use by federal agencies on October 14, 2015.

As we celebrate 10 Million Strong this October, WIPP will be highlighting women business owners on our boards, throughout our member base and networks. Please check out our twitter, Facebook and blog throughout the month to hear the stories of these female leaders.

Remarkable Advances For Women Business Owners

By Jake Clabaugh, WIPP Government Relations

Annual Mtg 2014 - #2The U.S. Census Bureau Survey of Business Owners (SBO) showed impressive expansion for women-owned businesses. The survey’s latest data, released in August, showed nearly 10 million women-owned firms in the United States. This represents a 27% improvement from the survey’s last results in 2007. In the long term, the number of women-owned companies has increased over 50% since the survey showed 6.5 million firms in 2002.

This growth in women-owned firms is an encouraging economic indicator. Just as important, this progress occurred during the largest recession since the Great Depression. It stands as a testament to the resilience and entrepreneurial spirit of our country’s female business owners.

The SBO is an important tool for assessing the state and growth of businesses, particularly women-owned. The Census Bureau describes this survey as providing “the only source of detailed and comprehensive data on the status, nature, and scope of women-, minority-, and veteran-owned businesses.” While only the preliminary findings have been released, it provides an important preview of the more comprehensive data that will be made available later this year. The complete dataset will include more specified demographic breakdowns of firm ownership characteristics, including women-, minority- and veteran-owned businesses as well as revenues, size, industry-classification data, and geographic information.

It is imperative to use the most complete, comprehensive, and timely data to structure reasoned, directed policy initiatives and make informed decisions, thus, we are looking forward to having the complete survey data later this year. It will be an invaluable tool for guiding our policy direction moving forward, educating government entities and providing useful comparisons for individual firms. We whole-heartedly expect the full dataset to reveal many more successes.