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13 June 2007

Businesswomen go for growth, despite barriers to success

Australian businesswomen still face traditional barriers to starting and expanding their own businesses, but are more motivated than ever, with 57 per cent aiming to expand their businesses over the next two years.

According to Australian Women in Business – New Insights, commissioned by Westpac and conducted by research agency TNS, more than a third (34%) of businesswomen surveyed believed that having a family hindered business success and 46 per cent said they had encountered gender discrimination of some form. Lack of confidence was also cited as a key barrier to starting up a business by 25 per cent of women.

However, these traditional barriers are evidently not enough to curb the enthusiasm of businesswomen who were motivated to start up their businesses. Over 30 per cent of Australian small businesses are now owned by women and the New Insights study found that 79 per cent of respondents had started a small business so that they could manage their career around family life as well as wanting to do something they are passionate about (77%). Interestingly, wealth creation was at the bottom of the list of motivating factors (60%).

This passionate approach to starting up and expanding a business was evidenced by a strong appetite by women for further education, support and development. In particular, businesswomen surveyed were most interested in learning more about attracting and retaining good employees (57%), sustainability and the environment (37%), PR and marketing (35%), superannuation (23%) and networking (23%).

According to Westpac's Head of Women's Markets, Larke Riemer, the findings inspired Westpac's new 'Lead, Learn and Succeed' Business Events for Australian businesswomen, to be held in five capital cities throughout August and September.

"According to the research, the key priority for businesswomen in choosing a business bank is one that 'takes the time to understand my business," Ms Reimer said.

"Westpac's business events were created to both celebrate the achievements of Australia's female business community and offer women in business a forum for exchanging fresh ideas and gaining new inspiration.

"Event topics will include HR and Staff Retention, PR and Marketing, Beyond Survival – Going for Growth (Seven Secrets to a Successful Business) and Superannuation. Based on the strong interest in the area, we will also be hearing from a leading environmental expert on the issue of how to make your business more sustainable."

However, rural businesswomen often find it difficult to network with other businesswomen because of their remote locations.

In recognition of some of the challenges facing woman in business, particularly in the rural sector, Westpac is today pleased to announce it will offer the opportunity to five dynamic businesswomen from rural and remote areas across Australia to attend Westpac's 'Learn, Lead and Succeed' Business Event in their state.

"This opportunity has been offered based on evidence that businesswomen in rural and remote Australia are a growing force in regional economies, with 30 per cent of total small business in regional Australia operated by rural women(1)," Ms Reimer added.

Westpac will be offering one businesswoman in five states (Qld, NSW, Vic, Tas and SA) the chance to win travel, accommodation and a free ticket worth over $395 to attend the full-day 'Learn, Lead and Succeed' business event in their capital city.

Brisbane - Tuesday 14 August 2007
Sydney - Thursday 16 August 2007
Melbourne - Tuesday 28 August 2007
Adelaide - Thursday 30 August 2007
Hobart - Tuesday 4 September 2007

Entry is open to all women who own or co-own a business and live outside of metropolitan areas in Queensland, New South Wales, Victoria, South Australia and Tasmania. To enter, businesswomen are asked to download an entry form and write 50 words or less on why attending this event would benefit their business. Closing date for entries is Friday 13th July 2007, with winners being announced on Friday 20th July 2007.

Businesswomen interested in attending Westpac's 'Learn, Lead and Succeed' Business Events should visit Westpac Women's Markets for more information including details on how to register.

(1) Women in Business in Rural and Remote Australia, Rural Industries Research 2004.