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Women business owners leading digital transformation

Staff Writer | September 6, 2018
Women entrepreneurs are increasingly optimistic about the future and leading the digital transformation, according to the 2018 Bank of America Women Business Owner Spotlight.
Women business owners
Technology   Forty-nine percent expect their local economy to improve
The annual study of more than 1,000 entrepreneurs across the country found increased confidence toward future revenue growth, as 58 percent of women entrepreneurs expect their revenue to increase in the year ahead – up 14 percentage points from 2017. Optimism toward long-term growth, hiring and the economy is also on the rise.

Forty-nine percent expect their local economy to improve (up 4 percentage points from 2017 and up 12 percentage points from 2016).

Forty-eight percent expect the national economy to improve (up 4 percentage points from 2017 and up 23 percentage points from 2016).

With half of small business owners foreseeing a complete transition to digital payments in the next five years, it is women who are leading the charge in using mobile devices to process payments and manage other transactions. The survey found that 33 percent of women entrepreneurs use a mobile device to process digital financial transactions, compared to 26 percent of men.

Beyond digital payments, women entrepreneurs are also ahead of the curve in managing other aspects of their business on their mobile devices, including social media updates and hiring.

This year’s survey also examined women’s perspectives on barriers to establishing and financing a small business – including the extent to which gender bias may play a role. Sixty-one percent of women entrepreneurs say it was more difficult for them to get their business off the ground than it was for male business owners they know. Sixty-eight percent say women face greater challenges than men when it comes to accessing capital.

Despite this, a strong majority believe conditions for women-owned businesses to start up and succeed have gotten better over the long term, with 84 percent reporting their belief that access to capital for women has improved in the last 10 years.