Ink from Chase & NAWBO Survey Reveals Female Small Bus. Owners Are Most Likely to Turn to Social Media to Grow Their Businesses
September 08 2014 - 9:00AM
Business Wire
Half of U.S. Small Business Owners Find Time
Management / Delegating Work To Achieve A Better Work-life Balance
Challenging
A new survey of U.S. small business owners, from Ink from Chase
and The National Association of Women Business Owners (NAWBO),
designed to offer insight into the potential differences and
similarities of male and female small business owners shows that
female small business owners are more focused on increasing
marketing and social media outreach (62 percent) for business
growth than their male counterparts.
The joint survey, commissioned by Ink from Chase, the business
card portfolio of Chase, and NAWBO, polled 1001 small business
owners nationwide from companies that have between one and 99
employees.
Key survey findings include:
Small business owners are working to grow their businesses in
the next 12 months
- More than half (57 percent) of small
business owners plan geographical expansion during the next 12
months
- Small business owners plan to increase
marketing (61 percent) and social media outreach (56 percent) to
current and potential customers to help grow their business.
- Interestingly, just 25 percent of small
business owners plan to increase head count during the next 12
months to help grow business. However, those who are hiring, say
they will most likely hire full-time employees (74 percent of
female small business owners and 85 percent of male small business
owners).
- Part-time hires are also in the
forecast as 59 percent of small business owners plan to hire
part-time employees in the next 12 months to help grow
business.
Small business owners plan to implement new technology to
help grow their business
- Four in ten (40 percent) small business
owners plan to increase the use of new technology to help grow
their business. In fact, nearly two thirds (60 percent) say they
plan to use payment platforms in the next 12 months
- 44 percent of male small business
owners are focused on E-commerce
- More female small business owners (65
percent) are focused on social media platforms versus males (53
percent).
- Male and female small business owners
break even when it comes to mobile payments use (45 percent).
“The results of our survey show a strong small business climate
that is primed for continued expansion by utilizing new and
innovative ways to increase customer engagement,” said Laura
Miller, President of Ink by Chase. “The adoption of new technology
and abilities of small business owners to remain nimble while
focused on expansion are crucial for this critical portion of the
U.S. economy.”
“The majority of our NAWBO members are small business owners
themselves so we know first-hand that when small business owners
are equipped with the tools they need to grow and expand their
businesses, they do so and the results have a positive ripple
effect throughout our economy,” said Darla Beggs, NAWBO National
Board Chair. “These survey results demonstrate some different
approaches men and women may bring to their businesses as they
strive toward the same goal of growing their businesses and growing
our economy. It is our hope that highlighting these variances will
lead to an improved business environment for women business
owners.”
Female small business owners are more likely than their male
counterparts to find work life balance challenging
- Half (54 percent) of female small
business owners say time management / delegating work to achieve
better work-life balance is most challenging when it comes to
running their small business compared to 45 percent of male small
business owners.
- Male small business owners found
complying with tax and government regulation a bigger challenge
than female small business owners – 41 percent vs. 34 percent.
Personal experiences and peer relationships help shape small
business owners
- A majority of small business owners (89
percent) say their personal relationships influence the way they
run their business and nearly seven in ten (67 percent) admit to
being influenced by their peers .
- In fact, small business owners reflect
on past experiences working for other companies (68 percent) and
gut instincts (55 percent) when it comes to running their
business.
- However, they are also influenced by
mentors in the field (51 percent) and other small business owners
(53 percent).
- Maybe not so surprising, female small
business owners are more likely than male small business owners to
say their personal experience running a household influences the
way they do business (42 percent vs. 25 percent).
Ink from Chase is a portfolio of business cards offering robust,
flexible payment solutions and resources to meet the unique needs
of small business owners, from spending habits to cash flow needs
to rewards. This business card portfolio, includes the Ink Bold,
Ink Plus, and Ink Cash cards. Cardholders receive access to Jot SM,
a free mobile application and online tool designed to meet the
needs of small business owners who are often on the go. Jot saves
small business owners time in the back office by enabling them to
easily track, categorize and organize business expenses – including
actual receipts – in real-time from their iPhone® and Android™
mobile devices.
About the Survey
The phone survey was fielded by Braun Research from July 9 –
July 25, 2014. The survey reached 1,001 small business owners
nationally (520 women, 481 men) with one to 99 employees. The
survey has a margin of error of +/-3.1%.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.5 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
small business lending, mortgages, credit cards, auto financing and
investment advice. Customers can choose how and where they want to
bank: 5,600 branches, 20,000 ATMs, online, mobile and by phone. For
more information, go to www.chase.com.
About NAWBO
Founded in 1975, the National Association of Women Business
Owners (NAWBO) is the unified voice of America’s more than 9.1
million women-owned businesses representing the fastest growing
segment of the economy. NAWBO is the only dues-based organization
representing the interests of all women entrepreneurs across all
industries. NAWBO develops programs that help women entrepreneurs
navigate through the various stages of their business growth.
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Chase Card ServicesMedia Contact:Rob Tacey,
302-282-3094Rob.Tacey@chase.com
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