Small Business Lessons of the Recession
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.”
- 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.
What We Do
NCRW is a network of leading university and community based research, policy, and advocacy centers with a growing global reach dedicated to advancing rights and opportunities for women and girls. We also have a Corporate Circle comprised of senior diversity professionals from leading U.S. and global member companies and a Presidents Circle of college and university leaders who share our commitment. NCRW harnesses the collective power of its network to provide knowledge, analysis, and thought leadership on issues ranging from reducing women’s poverty to building a critical mass of women’s leadership across sectors.