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The Pandemic and Women-Owned Businesses

There was a survey of a number of women business owners and how the pandemic has affected them. Here we will provide you the answers to the major questions the survey asked the women. It is interesting to see how these women business owners feel about the Covid-19 pandemic and what they intend to do about it.

What is the biggest challenge for you today?

Many women business owners felt that their biggest challenge today was finding a way forward with the pandemic and taking action. Some said that they are wasting a lot of time “overthinking” the uncertainty that the pandemic will bring and that they need to make important decisions faster. 

The women business owners felt that instead of being overwhelmed by the number of tasks that they need to achieve to move forward during the pandemic they need to break these down and prioritize them. They also felt that breaking large tasks down into smaller chunks was the best way to proceed.

Who are you calling on for help to keep your business afloat?

Women business owners are looking for innovative solutions to keep their businesses afloat during the pandemic. It is important that they do not feel they are alone in this endeavor and that help is available to them.

Survey participants said that they felt the Small Business Administration website was a good starting point as it provides advice and guidance on many different business issues including financial support. 

They said that they would make use of federal resources too such as the ability to secure loans with low interest via the government’s Payment Protection Program. There are other federal resources available such as the Women’s Business Centers that provide a number of free resources including training.

Another good resource for help and support is SCORE. This is a non-profit organization that has many volunteers that can provide mentoring services for free as well as online classes and webinars.

What are your financial plans for the coming fiscal year?

Most of the survey participants agreed that caution was required with future financial plans due to the uncertainty of the Covid-19 pandemic. Despite this, women business owners recognized that they need to set financial goals for the coming fiscal year and plan how they will achieve these goals while staying relatively financially safe.

A lot of the women business owners said that having a budget that they would stick to was an essential tool for controlling expenditure going forward. The budget would provide them with control and ensure that they could continue with their current financial commitments and make better financial decisions going forward.

How do you balance your work and home life if you are a parent?

The female survey participants felt that they needed to be realistic when it comes to balancing their work and home lives as a parent. They felt that they needed the right support system in place so that they could maximize the time spent with their children.

A good support system was likely to include:

  • Getting enough sleep
  • Getting their children involved in self-directed activities
  • Establishing efficient routines
  • Having a supportive partner
  • Living a simple life
  • Having a good sense of humor
  • Being flexible
  • Getting rid of the clutter in their home

What action must you take now to keep your business operating?

The women business owners felt that they needed to take a step back and observe what is working in their business and what they need to change. A strength and weaknesses assessment of all employees was also a good idea.

They also believed that establishing a stronger relationship with their bank was an action they must take. This will help if they need to obtain funds quickly due to the pandemic. A stronger relationship with their bank should also help them to access the various government support programs.

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