Smart Business Magazine, January 2016

January 2016 Smart Business Columbus 15 MARSHA FIRESTONE PH D President and founder Women Presidents Organization which began in 1997 as a peer advisory organization for women who own and lead multimillion dollar businesses Marsha is also a recognized expert in entrepreneurship and author of The Busy Womans Guide to Successful Self Employment 212 688 4114 www womenpresidentsorg com Women have grown and are continuing to grow substantial businesses that have a significant impact on the nations economy According to a new survey by the Women Presidents Organization staffing compensation and revenue are rising and thats good news for women challenged with managing expanding businesses The annual WPO Business Outlook survey focuses on attitudes regarding business challenges and opportunities as well as forecasted outcomes of top women owned and led businesses around the world A role in the economy Women owned led companies play a vital role in boosting the economy and enhancing job growth Ten years ago 7 percent of WPO member businesses had revenues of 10 million Today 25 percent of the memberships revenue is at 10 million or more With more women bringing their businesses to scale perceptions have changed that female founders only run small cookies and crafts businesses out of their living rooms Women business owners also have an outsized impact on the middle market according to the latest Middle Market Women entrepreneurs have a voracious appetite for growth On the risePower Index released by American Express Global Corporate Payments and Dun Bradstreet That research indicates women owned led firms account for about 13 percent of middle market firms They were responsible for hiring 25 percent of workers and generating 25 percent of total revenues for all women owned firms Theyre growing at a faster rate too While the number of middle market firms grew by 4 percent between 2008 and 2014 women owned led firms increased by 24 percent Super sized staffing A whopping 63 percent of WPO survey respondents said they plan to increase the number of employees this year 415 percent plan to increase by at least 5 percent 155 percent plan a 10 percent increase 6 percent plan to increase as much as 20 percent WPO members also generate average annual revenue of 132 million with an average of 92 employees Rising revenue B2B sales for women owned companies account for 359 percent or 432 billion of receipts When combined with selling to government entities women owned led businesses generate 754 billion in B2B receipts out of a total 12 trillion Compensation on the uptick Despite slightly less optimism about the economy respondents are sweetening their salaries The survey found they are planning to give themselves well deserved raises this year 269 percent plan a salary increase up to 9 percent 162 percent plan a 10 to 20 percent increase 48 percent will increase paychecks by more than 21 percent They also plan to share the wealth 648 percent anticipate increasing their employees salaries 3 to 10 percent Its lonely at the top Peer learning is a vital tool to help successful female entrepreneurs accelerate their growth trajectory Since joining the WPO 667 percent of entrepreneurs said their businesses have grown Of these 347 percent said their businesses have grown 5 to 15 percent while 179 percent have grown 16 to 25 percent At the same time relationships gained through WPO membership have proved fruitful 74 percent say they have done business with each other SOCIAL MEDIA To learn more about the Women Presidents Organization like its Facebook page http on fb me 1IudF9M or follow on Twitter @ WomenPresidents WOMEN PRESIDENTS ORGANIZATION