For women business owners, supporting local entrepreneurs may take efforts on several levels. The National Women’s Business Council, to that end, recently released research about the importance of supplier diversity. This refers to welcoming women-owned businesses into the supply chain, which could position them to be more involved on a larger level.
The source said that supply chains can be a prime entry point for women entrepreneurs, given the current lack of representation there, since most of these businesses are consumer-facing. The NWBC did say that these diversity programs are gaining ground as priorities for businesses, as owners understand why diverse types of suppliers are good for the economy and their business.
In a December press release accompanying this report, NWBC Chair Carla Harris explained some of the inequalities women business owners meet in the field.
“Supply chains can be a prime entry point for women entrepreneurs.”
“There are more than 10 million women-owned businesses in this country, but while women-owned businesses make up more than a third of the nation’s privately held businesses, only 3.4 percent of women-owned firms generate $500,000 or more in annual revenues,” Harris said.
Last September, a “Women In Supply Chain Survey” co-authored by Gartner, reported 35 percent of the supply chain was staffed by women, according to their figures. It also noted that there tended to be less women-led involvement higher in management.
To counter this, women business owners in the supply sector can look for the grants they need to overcome financial barriers, and there may be more than it appears. Growth Capital can connect owners with strong financing for commercial business loans, exactly the kinds of support they need to grow and gain more recognition. You can learn about one of these programs, the SBA 504 program, here.