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How to Support Women Entrepreneurs in 2021

KPMG is committed to empowering women in the workplace, marketplace, and community. Join us to learn more about how to support women entrepreneurs in 2021.

As a signatory to the UN Women’s Empowerment Principles, KPMG is committed to empowering women in the workplace, marketplace, and community. These principles lay a foundation for our efforts to create a world where everyone is treated fairly and gender, race and identity are not barriers to fulfillment (Our Impact Plan, Jan 2021).

New estimates from the U.S. Census Bureau have shown that businesses owned by women constitute about 40% of small businesses and 20% of employer businesses in the United States. Interestingly, women’s business ownership grew by 45% from 2007 to 2016, which is five times faster than the national average. While women continue to face barriers to founding businesses, there are many amazing resources designed to support women starting and scaling their businesses.

Here are 4 ways that women entrepreneurs will need support to start their businesses this year:

Funding

One significant hurdle to obtaining funding for start-ups and SMBs is having current, up-to-date financial information and accounting records. Without organized financial data to present to banks or potential investors, businesses aren’t able to apply for loans, grants, and other funding sources.

For both new and experienced business owners, KPMG Spark is a great resource to consider. The team of bookkeepers at KPMG Spark is assisted by artificial intelligence and machine learning, which allows businesses to maintain their bookkeeping automatically and access financial information in real-time. Keeping the books organized means that financial data is ready to use when seeking funding and investment.

Mentorship

Compared to working alongside peers, entrepreneurship can feel lonely for many business owners. The connections that mentorship fosters have the power to dramatically impact the success of a new business venture by creating connections and opportunities that might not have occurred otherwise. Women founders can benefit from opportunities to meet and be matched with mentors to serve as role models and advocates.

Support Systems

Support systems can help women with the time commitment that it often takes to build—and run—a company. These support systems can include childcare resources, encouraging partners, educational opportunities, and incubation programs that are designed specifically to support women. KPMG Spark is a supportive resource for women entrepreneurs, because it is designed to outsource time-consuming accounting tasks. Automated solutions like KPMG Spark free up time for entrepreneurs who would rather focus on building their businesses. Support systems and resources like KPMG Spark are essential to ensuring women don’t just start businesses, but that they also grow and thrive.

Advocacy

Diverse and visible examples of female founders are needed in media, schools, and communities in order for more women to consider the path of entrepreneurship. As part of our Inclusive Voices initiative, KPMG launched a Women's Voices series in 2018 to recognize and celebrate "the unique role women play in creating a shared future in an increasingly fractured world".

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG SparkJune 22, 2021Posted In: Business Tips

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