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.