A PNC Bank survey revealed that, compared to their counterparts nationwide, female business owners in New Jersey are more confident and focused on growth in the next two years.
The survey found eight of 10 women who responded to the survey say they hope to grow their business at least a moderate amount in the next two years. In New Jersey, responders were less likely to plan to reduce, sell or close their businesses than the national average. Three percent of New Jersey business owners anticipate selling their businesses, but nationally, 7 percent planned on selling.
“We continue to see that the women business owners we work with in New Jersey and the surrounding area have a deep sense of commitment to their vision for their business and a focus on navigating through economic uncertainty that business owners outside of our region may not share,” said Jennifer Deering, PNC business banking manager for greater New Jersey and metropolitan New York.
The survey also found New Jersey’s female business owners are more motivated by personal satisfaction than financial success, compared to owners in other states. In the survey, 50 percent of New Jersey business owners answered that personal satisfaction was a motivator, in comparison to 39 percent nationwide.
“I believe that as we look at the findings, and certainly through what we hear from women business owners, the emphasis on deriving personal satisfaction from their businesses is complemented by their balanced view toward risk,” Deering said. “In essence, they combine the best of both worlds — a passion for their business and their clients, along with a measured approach to managing, with an eye toward business growth and reliable revenue results.”
Deering also was not surprised by the fact that New Jersey business women are more likely to try new approaches than others.
“The diverse range of clients they support definitely influences the appeal to New Jersey women business owners of trying new, creative approaches for their business,” Deering said. “Certainly this provides more opportunities to try new ways to meet the needs of customers — they appreciate that there is no one-size-fits-all solution.”