access to capital is a concern … and an opportunity for accountants.
by 卡塔尔世界杯常规比赛时间 research
despite a few challenges, small businesses are somewhat optimistic about their immediate future. according to the bank of america’s “2023 women & minority business owner spotlight,” 67 percent expect their revenue to increase over the next 12 months, and 46 percent plan to expand their business.
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this guarded optimism is in the face of several perceived problems. only 34 percent think the national economy will improve in that timeframe, a number unchanged since last fall. a few more – 41 percent – see their local economy improving, though that number has dipped 2 percentage points since last fall.
financial pros to the rescue
the main concerns:
- inflation: reported by 78 percent (up 3 points)
- u.s. political environment: 67 percent (up 1 point)
- interest rates: 65 percent (steady)
- commodities prices: 63 percent (down 6 points)
- recession: 60 percent (down 7 points)
actually, the list is long, ranging from health care costs to climate change to social/racial inequality, though the numbers for all are in decline. current supply chain issues have dropped significantly, from 80 percent to 68 percent.
financial professionals may be well positioned to come to the rescue of clients facing many of these issues. small businesses owned by women or minorities may be able to use the most guidance.
women more worried
the study found consistent, albeit small, differences in the optimism of men and women.
- revenue increases are expected by 70 percent of men, 63 percent of women
- expansion expected by 46 percent of men, 45 percent of women
- increased hiring expected by 35 percent of men, 32 percent of women
- new funding is expected by 80 percent of men, 74 percent of women
- equipped to handle a recession felt by 81 percent of men, 73 percent of women
obviously, women are a little more worried than men. in some cases, they have reason; in others, they might not.
maybe a cpa can help women identify the real problems and what to do about them.
access to capital
only 51 percent of women business owners believe they have equal access to capital. and 31 percent believe they never will. the other 18 percent think they will, but not until 2037.
but look: 42 percent don’t have a relationship with a lender, and 31 percent don’t feel confident applying for a loan.
this is definitely something their accountant can help with.
mental health
can an accountant help with mental health? while 53 percent of women business owners say their mental health is strong, 42 percent can only say it’s only fair, and 5 percent rate it as downright poor.
in most cases, the problem is probably more a matter of stress than mental illness.
- 44 percent of women report too little time to take care of personal stuff.
- 34 percent of women – vs. 23 percent of men – identify as caregivers.
- 33 percent of women feel tired and burnt out.
- 32 percent have to schedule their business around caregiving.
- 17 percent have less than full time to focus on their business.
most of these women probably don’t need a mental health professional. they need a business-oriented professional to help them with everything from bookkeeping to funding sources to cash flow management to the levers of technology. cpas might think of themselves as numbers people, but they would also be defined as stress-reducers.