Dear Freedom Achiever,
What does an inclusive and equitable economy mean to you? In the past year, the global pandemic has further widened the gender divide especially in the arena of entrepreneurship. One of the most striking insights from Facebook’s State of Small Business Report showed a higher closure rate for women-owned small businesses (28%) when compared to those run by their male counterparts (22%). While both groups have been facing challenging setbacks, 47% of women-owned small businesses reported experiencing drops in sales by 50% or more in comparison to 41% of male-owned small businesses.
In your local area, how many businesses run by women have you noticed missing from the mall or high street over the past year?
With the challenges currently facing women-owned businesses, women’s economic empowerment is severely being impacted globally.
Why is that important? A lot of women are the backbone of their families, so when they can’t provide economically, there is a ripple effect that impacts the wider society. It also has been shown that women-owned businesses tend to spend more on local goods and services than men-owned businesses do, which means more money circulates within the local economy and in turn, this also creates more jobs! Women’s economic empowerment is not feminist, it’s not charity, it’s not a favour, it’s not a handout, it is simple economics at work!!!
Generally, when talking about women’s economic empowerment, the conversation turns to discussing changes at the government level which include government-led and implemented plans, grants, etc. While these measures are necessary, they often take time to implement. In the meantime, we can all do our part to contribute to the growth of our economies by consciously directing some of our personal and business spending power to purchasing products/ services from women-owned businesses. Together we can create a critical mass to grow our economies and positively impact everyone’s lives. That’s right, everyone wins!!!