Up & Coming Weekly

March 14, 2023

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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Page 18 of 24

WWW.UPANDCOMINGWEEKLY.COM 18 UCW MARCH 15 - 21, 2023 BUSINESS & FINANCE Women business owners are optimistic about the future a StatePoint STAFF REPORT Even as they ride out inflationary pressures, sup- ply chain disruptions and economic uncertainty, women owners and executives of small and mid- size majority-women-owned businesses have an optimistic outlook about the near-term future of their businesses, according to a recent survey. e PNC Bank survey found that women business owner expectations for their own companies remain strong, with 41% feeling highly optimistic — up from 29% in the fall of 2020 but down from 67% in the fall of 2021 — while the share of those feeling pessimis- tic has held constant at just 1%. e survey also indicated that more than eight in 10 women business owners are very confident about their future success and nearly half say it comes from their own hard work and drive. Similarly, 79% are very satisfied with their role as a business owner or leader compared to 67% of men business owners. "We are seeing a new pattern of self-empower- ment among women business owners that is very encouraging," said Beth Marcello, director of PNC Women's Business Development. "eir own hard work to survive the pandemic is the source of their confidence and optimism today." e survey suggests that women have a take charge, can-do attitude. When it was difficult to find employees, 49% of women business owners versus one-third of men business owners say that they or their managers stepped in to cover open staff hours themselves. "For the first time, we have evidence of increased financial confidence among women business own- ers. ey are two times more likely than men to say they're considering a new loan or line of credit to support business growth," said Marcello. "ey are monitoring their cash position and have a cash reserve, but they're investing excess cash rather than stockpiling it; they are continuing to leverage the increased efficiency of the digital financial tools they migrated to during the pandemic; and they are confidently increasing pricing as the economy allows for it." While women business owners have concerns about inflation, profitability and the supply chain, they believe they're prepared for these challenges. Women business owners also intend to main- tain or expand on policies they initiated during the pandemic, including allowing flexible work arrange- ments (48%), increasing compensation (38%) and implementing employee health or safety enhance- ments (33%). Women business owners are more likely than men business owners to adopt Corporate Social Respon- sibility policies or practices, including gender pay equity (34% vs. 9%) and diversity and inclusion (29% vs. 14%). ese disparities could be an indication of why fewer women business owners (30%) than men business owners (43%) are finding it harder to hire new staff compared to six months ago. Identifying and addressing challenges faced by women financial decision makers is a component of PNC's Project 257: Accelerating Women's Finan- cial Equality, an initiative to help close the 257-year economic gender gap. More information about these efforts as well as helpful resources for women financial decision makers can be found at pnc.com/ women. While the pandemic created new economic chal- lenges, many with lasting effects, women business owners largely overcame these obstacles, taking away lessons that have inspired their optimism and confidence today. Despite challenges, women business owners are optimistic about their own capabilities and the future of their businesses. Print and Business Services 910-860-1220 All in one place. NEW!!! HOPE MILLS LOCATION NOW OPEN 3333 N. Main St. | Near the DMV & Post Office 439 WESTWOOD SHOPPING CENTER | FORT BRAGG MINI-MALL, REILLY ROAD SEND PRINT REQUESTS TO PRINT2974@GMAIL.COM Get 300 copies today Open business mailbox Shred old papers Get quote on grand-opening banner Order signage Get form notarized Pack and ship computer Return Amazon/Spectrum items TO-DO: MY TO-DO LIST IS NOW MY DONE LIST! Partner with our friendly team of shipping and prin ng experts to grow your business. 910•484•6200 contact: editor@upandcomingweekly.com We can help give your business a voice! connect with the community What is your business doing?

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