Florida’s Women-Led Businesses Continue 3-Year Growth Streak, Survey Finds

Entrepreneurship and passion are fueling the success of women-owned businesses, which are enjoying three straight years of growth, according to a survey released today from The Commonwealth Institute South Florida (TCI) and Kaufman Rossin, one of the largest independent accounting firms in Florida.

The survey of women owned businesses in Florida shows 55 percent reported growth in 2015, continuing the trend from 2014 and 2013.  At the same time, optimism for 2016 remains high with 81 percent of respondents projecting moderate or substantial growth this year.  Looking at how business financing may play a role in this projected growth, the data revealed that while the majority of businesses, 57 percent, are financed with personal savings, the number of women using angel investors and crowdfunding increased over last year, which may be a trend to watch in coming years.

With all this growth, the question of exit strategy is of greater importance. While in past surveys very few respondents considered selling their businesses, this year 45 percent more female leaders reported interest in selling their businesses to a friendly buyer or larger competitor rather than holding on to maintain an income or leave their businesses to their children.

In addition to questions focused on numbers, the survey also took a deeper look into the profiles of women business owners to learn more about why they started their businesses and how their leadership style differs from their male counterparts.  Sixty-seven percent of respondents said they started the company themselves as opposed to working their way up or buying in, and they cited their own entrepreneurial spirit and passion as the two top reasons that drove their decision.  When comparing themselves to men, nearly 80 percent believe they lead differently, but just four percent think they are better leaders.  The women surveyed cited communication, collaboration and goal orientation as the three top qualities that set them apart as strong leaders.

Similar to last year’s survey results, women still see specific obstacles for women in leadership roles.  The most noted was “women have mentors who give advice; men have sponsors who offer opportunities” followed by “family responsibilities” and “displaying leadership characteristics is seen as unfeminine.”

Other key findings:

• Hiring is on the rise with 61 percent expecting to increase staff, up two percentage points over last year
• Wellness programs, paid leave increases and improved retirement programs are the top benefits being offered this year

The survey from TCI and Kaufman Rossin polled more than 10,000 women-led businesses throughout Florida.  Over 70 percent of respondents have been in business more than 10 years with annual revenues ranging from less than $500,000 to more than $10 million. The majority of survey participants have one to five employees and range across numerous industries including professional services, health care, construction and education.

To download the full survey report, visit  www.kaufmanrossin.com or www.commonwealthinstitute.org.