Sisters do it for themselves during credit crunch

16/06/2008

Women in the capital are more likely to survive the credit crunch than their male counterparts, a survey has suggested.

The survey, by Business Link London, revealed that female entrepreneurs’ ‘pragmatic and open approach’ means they are better at planning ahead and seeking support – factors which could lead to stronger survival rates during tough economic times.

The organisation, which gave support to more than 28,000 female-owned businesses in the capital last year, compiled a list of ‘key strengths’ which give women the edge.

The list cited traits such as speaking out about difficult experiences and being less driven by financial incentives as assets which could help weather the economic storm.

Dr. Abigael San, a psychologist specialising in gender studies, said women’s ability to speak out when the going gets tough could mean the difference between failure and success.

“Women aren’t afraid to hold up their hands and ask for help when needed,” she said.

“They are willing to share their knowledge and seek guidance to save them becoming overwhelmed up situations which could make them feel out of their depth.

“The provision and seeking of support promotes the building of trust-based relationships and fosters confidence – all of which are important during periods of economic difficulty.”

Fran Currie, head of the client service manager team for Business Link London, added: “The women we support on a daily basis continually prove themselves to be successful improvisers with huge amounts of intuition and self-determination – key ingredients for business success.

“However, as the credit crunch continues to bite, it’s more important than ever for women to seek independent advice to ensure their businesses are ‘crunch-proof’.”