Women seek professional advice in business

Women in business are more likely than men to seek professional advice to deal with any downturn and to seek support from other business owners and partners, reports Westpac . Research just released reveals however that women are less confident about their ability to manage their business over the next 12 months.

Research agency TNS, commissioned by Westpac franchise financial services, surveyed 200 business owners and financial decision-makers employing between five and 50 employees across Australia during January 2009. More than 60 percent of all women surveyed had sought formal advice and many had taken steps to prepare their business for a slowdown. However only 52 percent of men had followed suit.

Kate Johnson, chairperson of the Franchise Council of Australia's Women in Franchising Forum, says "Women are more cautious going into a business and having a support structure gives some level of security. There is support too in terms of getting a balanced lifestyle. I think a lot of franchisors are looking for ways to promote to women now."

But the survey showed for both men and women the major concern is maintaining current business and sales levels. For women in business in regional areas the Westpac research indicated greater pessimism with 15 percent of women seriously concerned about the next year of business in comparison to just one percent of city-based women.

Larke Riemer, head of Westpac's women's markets, said "It is clear that many regional businesses are doing it tough so it is timely that we will be rolling out five additional Learn, Lead and and Succeed workshops in major regional centres across Australia in coming months. These workshops are invaluable sources of advice and information for our customers and through them we can help them build sustainable businesses that will endure throughout the economic cycle."

Ruth Swan, multi unit franchisee with Price Attack, and franchise woman of 2008 regional winner for NSW and ACT is on businesswoman confident about her business. Swan said she had just opened an outlet at Batemans Bay, her fifth franchise. "There is an opportunity for expansion and while I'm part of a franchise system my philosophy is that it's up to me."

This article appears courtesy of 5 Mintue Franchising Newsletter