It also found that women-led businesses made fewer redundancies and were better equipped to deal with Brexit
Addition, the outsourced finance solution for SMEs and startups, has published a new national report – Women in Business. It highlights how female business owners have managed their companies more effectively through the pandemic and beyond, in comparison to their male counterparts. The survey of business leaders across the UK showed that companies with female leaders were financially stronger, required less government support, made fewer redundancies and were better equipped to deal with Brexit.
The data showed that 40 per cent more male-run companies had their cash flow impacted in the pandemic compared to female owners. The data also highlighted a quarter (25 per cent) of all male-run businesses required a government grant to survive - as opposed to only 15 per cent of female owners. In fact, male-run firms needed more Bounce Back Loans, Government Grants and the Furlough Scheme.
The report highlighted how women have outshone their male counterparts throughout COVID-19, and believe they are better equipped at navigating Brexit - with only 18 per cent of female owners stating that it was a concern for their business, in comparison to 20 per cent of male owners.
Addition’s goal is to give small businesses the financial savvy of big ones. They offer the full suite of financial services - from bookkeeping to growth funding. Their flexible plans offer scale-up options for the fraction of in-house finance team costs. The forward-thinking firm is currently a financial ally to 150 startups (from pre-revenue to £10m turnover), supports growth and offers expert guidance at each step of their business journey.
Addition founder and CEO, Graham Davies, said: “At Addition, we believe it is critical to understand all the concerns business owners have in the short-term, so we can support them through any future economic challenges. Our national reports give detailed insights into how businesses are coping with every aspect of running their business and help us to understand future trends or potential concerns.”