NEW YORK — It’s lonely at the top. The need for continuing business education, specifically targeted to female founders of successful second-stage companies beyond the startup phase and focused on steady sustainable growth, has reached an all-time high. Local New York and Connecticut WPO members of The Women Presidents’ Organization (WPO), a peer advisory group for leaders of multi-million dollar companies, will share their experiences at a recruitment event for prospective Fairchester Chapter members on June 21st, at Putnam & Mason, 34 East Putnam, Greenwich, CT 06830, from 6:00 – 8:30 p.m. The event is sponsored by Wells Fargo.
The impact of women entrepreneurs is enormous and snowballing:
The number of U.S. women-owned businesses is growing five times the national average of all firms, according to the State of Women-Owned Businesses Report, Commissioned by American Express.
An impressive 1 in 11 adult women is an entrepreneur.
More than 11 million U.S. women-owned businesses generate over $1.6 trillion in revenues and employ 9 million workers.
According to the Center for Women’s Business Research, if U.S. women- owned businesses were their own country, they would have the 5th largest GDP in the world.
According to the 2018 Business Outlook Survey, sponsored by EY, women business owners have a positive growth outlook for 2018, expecting revenue to increase and their workforces to grow. The majority (61%) of women business owners are more optimistic about their company’s financial performance in 2018 than previous years.
WPO helps female founders who may need to make dramatic changes to their business models to adapt, survive and grow. “I have been a part of the Fairchester WPO group since 2009,” said Deb Volansky, CEO, Connex International. “From high-level support and sage counsel for my business, to a generous outpouring of empathy and aid during hard times in my personal life, I have truly benefited from and appreciate each and every member of our group. I cannot list all the tips, tools and techniques I have learned throughout the years and employed to the benefit and growth of my business—doubling my company’s net income.”
Women entrepreneurs across New York and Connecticut are strengthening the economy on a local, state, and national level, with the revenue they generate and the number of people they employ. Average annual revenues of area WPO member businesses are $13.8 million; aggregate revenues are $1.7 billion. The average number of employees is 37; total number of employees is 4,345.
“Wells Fargo is committed to helping women business owners access capital to help their businesses grow and thrive, having loaned more than $58.6 billion to women business owners since 1995,” said Jacqueline Schinnerer, Senior Vice President, Business Acquisition Manager NY/CY, Wells Fargo Bank.”
According to WPO Fairchester Chapter Chair Linda Price, “Our monthly meeting provides a confidential, non-competitive forum for a business owner to come to work ‘on’ rather than ‘in’ her business. This means learning how to tackle a multitude of strategic and operational issues. Members in the group say they gain confidence, connections, discipline, new habits, stay current on technology, see business trends, and drive revenue. They learn to create a new relationship with the metrics that drive the business, manage profits.”
Dr. Marsha Firestone, WPO President & Founder, said “Being an entrepreneur is the great equalizer for business leaders who seek to build success on their own terms. By taking charge, women have more power and influence, can pay themselves more and have control of their time. New York and Connecticut are two of the best places to build and grow your company.”
Eligibility criteria for WPO membership require prospective members to have an ownership interest in their companies (senior management for attorneys and accountants). Annual gross revenue must be at least $2 million for product-based businesses or $1 million if service-based.