Supporting Women in Business

Women are integral to the Australian workforce, both as employees and business owners.

In January 2019, there were 715,000 women business operators in Australia, making up 34.9 per cent of all business operators. Women who operated their own business made up 12.1 per cent of the 5.9 million employed Australian women.

In this current day and age, there is more support and encouragement for women in leadership roles, especially when more and more female entrepreneurs become successful in their businesses. As businesses look into a post COVID-19 world, a 2020 report has found a compelling relationship  between female leadership and a business’s productivity, profitability and performance.

The study, which based on six years of Australian companies’ gender reporting to the federal Workplace Gender Equality Agency (WGEA), has found that companies with a female CEO increased their market value by five per cent, or $79.6 million to an average ASX200 company.

These findings show the opportunity that female leadership gives in helping businesses to recover and flourish in the post-COVID-19 economy.

Government Support

For female entrepreneurs wanting to start their own business, Australia has many grants available to help women thrive. The Boosting Female Founder Initiative program has previously offered grants between $25,000 and $480,000. This initiative was aimed to help businesses expand into domestic and global markets for female founded startups. While round one is now closed, the program will commence its round two process shortly.

The Australian Government announced a total of $52.2 million in grant funding for this Program. Although there is support for women in leadership roles, there is still room for growth. In 2020, only one woman was promoted to a chief executive role out of 25 appointments at Australia’s largest companies. This signals a huge gender discrepancy in the professional world.

As a society, we should continue to support women so there is a more inclusive business world for all. At Wagtail Wealth, we are big believers in supporting women in business. For more information on how we can help you, contact us today.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

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