“The Hand that Rocks the Cradle Is the Hand that Rules the World.”
That well-known saying is the title of a poem by 19th Century American poet William Ross Wallace.
And if you look at the dramatic increase in women small business ownership, today you might say that the hand that rocks the cradle is attached to the arm that is pulling the American economy out of the doldrums.
According to data released by the US Census Bureau in August 2015, between 2007 and 2013, the total number of US firms grew by merely 2 percent. However, over that same period, the number of women-owned businesses grew by 27 percent. It looks to me that when going get tough, women don’t go shopping – they go out and start their own businesses.
That impressive growth rate, by the way, means that women entrepreneurs are starting about 1,200 business every day. With those impressive figures in mind, it’s appropriate that October is National Women’s Small Business Month.
According to the Association of Women’s Business Centers, there are nearly 9.1 million women-owned enterprises, employing some 7.9 million workers and generating more than $1.4 trillion in revenues. Further, revenue and employment growth among women-owned firms tops that of all other firms, with the exception of the largest, publicly traded corporations.
Success creates opportunities and the success of women-owned businesses creates more opportunities for women and I recently saw an example of this when I was browsing the aisles of the local Sam’s Club.
Sam’s Club and Walmart are featuring the official Women Owned Logo in both stores and online. The Women’s Business Enterprise National Council (WBENC) in the United States and WEConnect International globally are certifying women majority ownership as well as responsibility for operations and management, and issuing a logo that shoppers can watch for.
I know that there is a significant group of buyers who like to support small businesses owned and managed by women, but in addition to that, companies are increasingly on the lookout for women-owned sources of supplies. Qualifying for the official Women Owned Logo can be the first step to becoming a qualified supplier for a wide range of larger industries.
I think our society in general has become more sensitive to supporting new groups as they begin to compete in commerce. Also, Millennials are noted for their sensitivity to social awareness and making it a priority in their lives. If this holds up as they grow older, I believe that something like being officially designated a women-owned business will be even more valuable. In some cases, a designation like this could be the noticeable difference that gives you an edge when it comes to making certain sales.
The bottom line is that if you qualify for the Woman Owned Logo, going through the application process could be a very smart business decision.