Customer experience is a pivotal component for female business owners in the U.S., according to the PNC Women Business Owners survey.
What’s more, female business owners focus on cash flow and improved efficiency.
According to the survey, 44% of respondents expect their sales to increase and 47% expect them to remain the same. In terms of profits, 35% forecast an increase while 47% foresee no change, according to the findings announced in conjunction with National Women’s Small Business Month.
The cautionary survey numbers reflect uncertainty about the U.S. economy as 54% are optimistic about the performance of the national economy in the next six months, while 43% are pessimistic.
In terms of hiring, three out of four (75%) said that their number of full-time employees will remain the same while only 9% plan to hire and 5% expect to reduce staff in the next six months.
The survey clearly shows that respondents plan to focus on increased efficiency and using technology to improve customer experiences. Among those not hiring, one in three (36%) choose to do more work with fewer employees. When asked about the role of technology in their businesses, respondents stressed improving their companies’ online presence (29%) and customer experience (23%).
Here are three actions female owners are most likely to take in the next six months:
Focus on ways to improve cash flow (68%);
Upgrade technology to improve efficiency (48%);
And improve the customer experience with technology (44%).
“Cash flow and efficiency are critical for every small business,” Beth Marcello, director of women’s business development at PNC Bank, said in a release. “These women
owners are prepared to leverage technology and focus on efficiency until they see more growth in the economy and their sales. It’s our goal, and the desire of each of our WBAs, to build trust and develop valuable relationships that help women business owners achieve their financial goals.”
The PNC Financial Services Group is one of the United States’ largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
The survey of female business owners was conducted between July 24-Sept. 12, 2014 by telephone within the U.S. among female respondents representing small to mid-size businesses with annual revenue of $100,000 to $250 million and over 50% female ownership. The results are based on interviews with 154 businesses nationally.