Business Trends


10 07 2013

10 07 2013

Women-Owned Small Businesses Getting More Contracts

Businesses certified by the Women President’s Educational Organization (WPEO) in the New York Tristate area reported a 221 percent increase in contracts in 2013. The data suggests an overall trend in women starting to overcome barriers that have held them back from obtaining contracts.

According to experts, networking has traditionally been a challenge for female small business owners.

“Women still don’t have the connections and don’t have the inroads,” WPEO founder Dr. Marsha Firestone, told Fox Business.

The business contract world, which Firestone refers to as the “old boy’s network,” can be inaccessible for women. Only 26 percent of female entrepreneurs say they are excellent negotiators, according to American Express OPEN’s 2013 State of Women-Owned Businesses Report.

But the WPEO has aimed to end that by forming a community of women owned businesses.

The organization, founded in 1998 by Firestone, seeks to “create increased access to business opportunities for Women’s Business Enterprises” by developing skills, advocating in the public, fostering relationships and providing certification. For a $500 fee, a business can apply for certification, which is awarded if, among other qualifications, at least 51% of the business is owned by women and the management is primarily female. Once awarded, the business is granted educational resources and access to a supportive network of other WPEO businesses.

Firestone says the 221 percent increase is unexpected and yields good implications.

“In 1977, when 4.5 percent of businesses were owned by women, women-owned businesses tended to be in fashion, fitness, and beauty,” Firestone said to Fox Business. “Today, that’s no longer true. It’s everything from construction to health care to human resources, such as executive and temporary search.”

She believes corporations will increasingly award contracts to women-owned businesses due to the knowledge they bring to the table, saying to the source “[i]f women make 85 percent of purchases – it’s a very large group to leave out.”

If you’re a small business owner in need of financing to apply for certification, or to expand your networking base, consider a merchant cash advance or small business loan from National Funding.


  • Future proof your business

    How to Future-Proof Your Business

    After the holiday rush, it's still important for businesses to continue innovating. To maintain longevity and keep an edge over their competitors, managers need to constantly think of ways to future-proof their companies. Although it can be difficult to know what exactly is coming next, a brand can take a few steps to ensure that a company's]… […]

  • Small business automation tips

    Small Business Automation: 4 Effective Tips for Success

    Running your own business isn't easy. There are countless tasks to accomplish and limited time to spend on them. Luckily, business owners today have technology on their side. Automating some of your business processes is beneficial on multiple levels. First, it saves you time and energy that you can be dedicating to another important feature of… […]

  • Press Release

    David Gilbert, CEO of National Funding, Named Entrepreneur Of The Year® 2017 Award Winner in San Diego by EY

    David Gilbert joins three decades of groundbreaking entrepreneurs in the Entrepreneur Of The Year® 2017 Finance category. SAN DIEGO, June 15, 2017 – EY today announced that Founder and CEO David Gilbert of National Funding, one of the country's leading financial technology companies for small and medium-sized businesses, received the Entrepreneur Of The Year® 2017… […]

  • How small businesses can retain customers

    Customer Retention Strategies for Small Businesses Success

    As a small business owner, you know it's much easier to work with existing customers than to bring in new ones. While a flow of fresh shoppers is always a good thing, the customers who learn about you and your store while returning time and time again are a very solid and useful base. Of… […]