MetLife values the important role women-owned businesses play in communities and the economy
MetLife reveals female-owned businesses are surging in growth
Over the past 11 years, female-owned businesses have outpaced all other firms when it comes to overall growth, revenue increases and employment.
The MetLife & U.S. Chamber of Commerce Small Business Index indicates that the women behind the 12.3 million businesses are making an impact.
The Small Business Index examines what small business owners think about current economic and societal trends. The Index shows that despite a drop in small business owners’ confidence, the owners continue to be positive about the state of their companies.
Female-owned businesses seeing significant growth
The Index offers some interesting female-specific insight to overlay against other research data, including the fact that the number of women-owned businesses has increased. Total employment by female-owned businesses has risen by 21%, while for all businesses it has declined 0.8%. Index findings include:
- A total of 57% of female-owned businesses are reporting they are in good overall health.
- Total revenue of women-owned businesses has risen by 46%, while revenue for all businesses has increased by 36%.
- Female-owned small businesses are naturally optimistic about the future. In fact, 61% expect revenue to increase and a majority (57%) plan to keep their investment levels the same, though 28% report plans to increase investment.
- Thinking about the future of their staffing, nearly one in three (31%) female-owned small businesses report plans to increase staff in the near future, while 63% anticipate retaining the same size staff.
- Nearly three-quarters (73%) of female-owned small businesses also report feeling comfortable with their cash flow. Female-owned businesses that report being in good health feel greater comfort with their cash flow; among the 57% reporting good health, 89% report feeling comfortable with their cash flow.
Environment and healthy competition
Female-owned businesses are optimistic about the health of their local economy as well as the U.S. economy. Nearly half reported feeling like their local economy (46%) and America’s economy (48%) were in good health in 2018.
Three-quarters (74%) of female-owned small businesses report steady levels of competition, while 17% had more competition over the second six months of the period. Less than 1 in 10 (8%) female-owned businesses reported less competition, compared to the six months prior.
Female-owned small businesses are optimistic about the future. In fact, 61% expect revenue to increase and a majority (57%) plan to keep their investment levels the same, though 28% report plans to increase investment. However, in Q4 2018, a majority still shared a belief that revenue would increase. It certainly seems that there is a feeling of positivity for the future.
Sharing the findings with live local audiences
Discussing the Index, MetLife welcomes small business builders to informative events by sponsoring the U.S. Chamber of Commerce’s 'Small Business Series'. Houston marked the kick-off of the 2019 nationwide tour of cities across the US. Following up to similar series in 2017 and 2018, the events provide business owners and entrepreneurs with an opportunity to address key issues relating to business growth and provided opportunities for networking with key industry contacts within their communities.
Speaking at the Houston event, Jessica Moser, MetLife’s SVP of Small Business Solutions, explained that business is evolving and outlined how this affects business owners' needs.
Small business owners from across the state came together to hear from Jessica and other industry disrupters, seasoned entrepreneurs, and the best and brightest business leaders across various sectors. Presenters covered small business-specific topics ranging from growth strategies and maintaining company culture to branding and marketing.
The local events concluded with questions being posed to the women in attendance, which looked beyond the data provided in Jessica’s presentation to help everyone in the audience - men and women alike.
Further your career with a prime employer for women
The Small Business Index is just one of the many ways in which MetLife is demonstrating its commitment to diversity and equality in the workplace. If supporting women in business is a special passion for you, then search and apply for relevant careers with MetLife and enjoy working in role with a company that truly encourages female input and creativity.