Female entrepreneurs contribute £105bn to UK economy

(2 minutes to read)

Although women-owned businesses contribute a staggering £105bn to the economy, there are still some sectors that remain elusive, according to a recent report.

Latest research has revealed that women are increasingly becoming the job creators and growth drivers in the UK.

The report ‘Supporting Women’s Enterprise in the UK: The Economic Case’, compiled by the Federation of Small Businesses (FSB), revealed that women-owned businesses are now calculated to contribute an incredible £105bn to the UK economy, an increase of 40% since comprehensive data was last collected and analysed. This equates to women-owned businesses contributing £36k Gross Value Add (GVA) for each person they employ, 6.3% of total UK GVA.

However, despite the rise in female founders overall, the proportionate contribution from women-owned businesses in manufacturing has declined. Worryingly, the report findings show that over the period studied (2012-2015) there has been a reduction in the contribution of the manufacturing sector to women-owned businesses’ GVA (from 14.9% to 11%) and proportion of employment (from 8.7% to 7.1%).

The FSB says that this is concerning considering that manufacturing is a relatively high profit sector. Interestingly, a larger proportion of women-owned businesses are in the care sector which has low profit.

The report was launched at Facebook’s Community Boost event earlier this month where attendees were invited to join a series of free-to-enter workshops and talks designed to help boost their digital skills, expand their networks and grow their businesses both here in the UK and further afield.

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Commenting on the launch of the report with Facebook, Nicola Mendelsohn, Facebook’s VP EMEA said, “We all have a role to play in addressing the diversity imbalances that exist around the world. It’s unacceptable that our culture is still hard-wired against women in leadership roles. Until that changes we need to find ways to get behind the women who want to step forward and lead, to give them the skills and courage to succeed.”

Lina Bourdon, FSB’s Women in Enterprise lead, added, “Developing and supporting women’s enterprise is proven to be critically important for economic prosperity. The Government must now address this untapped potential with a range of suitable measures, such as career advice, role models, and access to business support and finance.”

Carolyn Currie, CEO of Women’s Enterprise Scotland, which compiled the report for FSB, commented, “Our research shows that women-owned businesses are providing critical employment in communities across the UK and now represent 11% of total private sector employment. We must ensure that this momentum continues and we are calling for economic development organisations to step forward and provide the needs based support that these businesses need to continue growing. With dedicated resources and support, women-owned businesses have the opportunity to harness the momentum already created and continue to grow their economic impact and value across all areas of the UK and all sectors.”

To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use CashPlus free of charge for the first year, saving you £69.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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