After celebrating International Women’s Day this week, a recent report has revealed just how important women are with regards to their role in driving economic growth across the UK.
The report, compiled by Founder4Schools (F4S) in partnership with Mortimer Spinks, stated that at the heart of these ‘robust, dynamic and scalable’ businesses across the UK, these findings shine a light on the hidden figures strengthening economic growth:
- 1,283 growing women-led businesses with £1-250m annual turnover, grew at a median rate of 17% in the past year.
- 44% of businesses grew by 20% or more and 21% grew by 50% or more.
- The total revenues (together) increased by over £4 billion from last year. This was a median annual revenue increase per woman-led company of £1m, which represented an increase of £115,000 from 2017.
Kayleigh McHale, senior consultant at Mortimer Spinks, commented, “Women-led businesses made huge contributions to the UK economy in the past year, across a wide variety of industry sectors – with phenomenal growth in tech.
“Given what we know about female under-representation in technology, the importance of growth achieved by women-led tech businesses cannot be overstated. We must encourage more female students and women to pursue careers in tech to help the UK reach its economic goals.
“Our report in partnership with F4S, highlights the fact that women build impactful and dynamic technology businesses that scale – debunking the idea that women always seek to lead ‘lifestyle businesses’.
“It also shows that highest levels of growth are achieved through doing something that makes a difference. When you build or create something that’s important to people: customers, talent and investment will follow.”
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|Lucy Smith is the Managing Director for ContractorUmbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual. Learn more about Lucy on Google.|