Supporting Women-Owned Businesses & Our Economy

As Canada continues to strive for gender equality in the workforce, the importance of women-owned businesses in the economy cannot be overlooked. These businesses not only provide jobs and contribute to GDP growth, but they also bring a unique perspective and diversity to the business landscape.

However, while the benefits they offer to the economy are significant, the challenges facing women entrepreneurs are significant too. According to a report by the Canadian Women’s Chamber of Commerce, women-owned businesses (especially those owned by women of colour) are less likely to receive funding or access to business networks and mentorship compared to their male counterparts. This lack of support can hinder the growth and success of these businesses.

So, how can we support women-owned businesses in Canada? In today’s article, we’ll look at some of the ways to empower women entrepreneurs!

Investments

One way is by investing in them. Studies have shown that companies with diverse leadership teams, including women, tend to perform better financially. By investing in women-owned businesses, not only are you supporting their growth, but you’re also potentially making a wise financial decision.

Purchase Products & Services

Another way to support women-owned businesses is by purchasing from them. By choosing to shop at small businesses owned by women, you’re supporting their livelihoods and helping to grow the economy. Many women-owned businesses in Canada offer unique and high-quality products and services, so it’s a win-win situation for both the consumer and the business owner.

Mentorships

In addition, mentorship and networking opportunities can be a valuable resource for women entrepreneurs. By connecting them with successful business leaders, they can gain valuable insights, knowledge and support.

Shoutouts & Shares

Promote their businesses through social media and online platforms: Many small businesses rely on online presence and word of mouth to attract customers. By sharing information about women-owned businesses on social media, you can help them reach a wider audience and generate more business.

Take Initiatives

Participate in initiatives that support women entrepreneurs: Various organizations and government agencies in Canada offer programs and initiatives to support women-owned businesses. By participating in these programs and initiatives, you can help create a supportive ecosystem for these businesses to grow and succeed. One great example is the Canada-Ontario Job Grant (which you can access through META), that enables women entrepreneurs to access up to $10,000 per employee to train new and existing staff. Programs like these also help create professional development opportunities for women in the workplace.

Make Space for Women in Your Workplace

Encourage diversity and inclusion in the workplace: By promoting an inclusive culture in your own workplace, you can help create a more equitable environment for women-owned businesses. This can include offering flexible working arrangements, providing equal opportunities for women and promoting diversity in hiring and procurement practices.

Conclusion

Overall, the role of women-owned businesses in the Canadian economy is vital and it is our duty to support them. By investing, purchasing and providing mentorship opportunities, we can help these businesses thrive and contribute to a more diverse and prosperous economy

For more support with growing your business as a woman entrepreneur, or with making your recruiting and workplace more inclusive, book a free appointment with META today!

Supporting Women-Owned Businesses & Our Economy