October is Women’s History Month and National Women’s Small Business Month, which makes it the perfect time for small businesses to celebrate the role and impact that women have in the success of businesses across the country (and around the world)! According to the National Women’s Business Council in 2023, 14 million women-owned businesses make up 39.1% of all U.S. businesses. This month is a time to appreciate the achievements of women in business as well as support their future growth and success.
The Importance of Celebrating Women in Businesses
There are obviously so many reasons for celebrating women in general and in business. It provides women with the recognition they deserve, highlights their hard-earned accomplishments, and encourages more women of all generations to pursue entrepreneurship and business ownership, making the space for women in the workplace more viable than ever before.
It also helps shed light on the specific challenges women face in business. Although their contributions continue to grow, they still face roadblocks like less access to funding, gender bias and stereotypes, and lack of mentorship. These challenges can make it difficult for women entrepreneurs to scale their businesses and take part in economic growth. When we put a spotlight on these issues, it leads policymakers and business leaders to take action toward change and provide more support.
Ways to Celebrate and Provide Continued Support
Celebrating women’s accomplishments not only improves diversity, equity, and inclusion (DEI) in the business environment, but it also helps redefine the experience of underrepresented groups and encourages the upward trend of women-owned businesses to continue rising. Here are a few great ways you can support and celebrate.
Share success stories — The stories of underrepresented groups like women are often centered around the negative experiences they’ve had like inequality, harassment, and other challenges. In celebration of National Women’s Small Business Month, consider sharing positive, uplifting, and encouraging facts either to your team or to your network that highlight women’s success, progress, and strength.Support women-owned businesses — Make a conscious effort to give your patronage to women-owned small businesses like local shops, restaurants, or online stores.Share your voice and perspective — Representation matters, whether that’s through a large, developed community or through online forums. The more women in business share their stories of success, the more it encourages others to follow suit.Volunteer or mentor — If you are an experienced woman entrepreneur or professional, you can volunteer for organizations that support women in business or become a one-on-one mentor to another female entrepreneur. Two minds are better than one!Advocate — It’s important to support and advocate for the policies that help female business owners succeed, like increased access to venture capital, promoting DEI, and supporting access to resources and training for development.Say thank you! — Simple, but important. Just take a little time to show your thanks to the female business owners you know or the women you work with. Maybe sprinkle in a small gift to show your appreciation. Everyone needs to know that they are supported and celebrated.
Female entrepreneurship has a bright future, but it also relies on all of us as a business community to continue our efforts of appreciation and advocacy. Together we can help individual business owners thrive while simultaneously contributing to the economic and social well-being of the communities we love.
To get in touch with us at Republic Bank, call 800-526-9127. Plus, explore other small business topics here.