I’m proud to be the owner of Koné Consulting - it enables me to pursue my passion of helping improve government programs that provide health and human services to people in our communities, and I get to work with people whom I respect and share values.
A few weeks ago, I listened to a podcast that quoted some statistics from a 2016 Women’s Chamber of Commerce report that really struck me, and I haven’t stopped thinking about since.
· Women own 9.9 million U.S. firms representing 35.76% of all firms and generate $1.4 trillion in revenues annually; however,
· women-owned firms produce only 4.23% of all U.S. revenues;
· 70% of women-owned firms have less than $25,000 in revenues annually;
· only 1.74% have annual revenues over one million; and
· only 10% have paid employees.
The obstacles women-owned businesses face isn’t just bad for women’s business. Those businesses contribute to employment growth as well, even more so recently. Total women-owned businesses’ employment has increased 21% since 2012, whereas employment in all businesses declined 0.8%. Furthermore, reports indicate when women work, they invest up to 90% of their income back into their families and communities, compared with around 35-40% percent for men.
“The obstacles to growth facing women business owners are dramatically impacting their business revenues and profits,” states Margot Dorfman, CEO of the U.S. Women’s Chamber of Commerce. “These struggles translate into massive opportunity losses for business owners, their employees, families and communities. It behooves every American to call upon political, governmental and business leaders to take action to open the doors to opportunity for women-owned firms.”
Koné Consulting has had paid employees since 2011. For the past several years we’ve had gross annual revenues well over $500,000, but we’ve yet to break the $1 million per year gross revenue glass ceiling for women-owned businesses. When we do (and we are on track to do so in the next year or so), we will be among a very unique group of women-owned businesses. We are proud to be in such rare company, but we don’t think it should be that way. We would rather be in good company – because we envision a future when the number of woman-owned businesses breaking the glass ceiling far exceeds 1.74%.
When women-owned businesses are contributing a larger piece of the economic pie, we can be certain greater strides are being made in all areas of our society, not the least of which are government and non-profit sectors.
To our clients, thank you for the privilege of serving you!
For more information on women-owned businesses: