Women make or influence over 85% of consumer purchasing decisions, make up 50% of the world’s population, and own 33% of all privately owned businesses. But we have yet to see a world where every woman-owned business has an equal opportunity to compete and thrive. This isn’t just a dream – it’s a $4tn opportunity waiting to be unlocked. Yet, today, women-owned businesses earn less than 1% of corporate and government spending globally.
We know the problem, we have the solutions, and we’ve put the tools in place. Companies and governments have implemented gender-inclusive sourcing to ensure that women-owned business suppliers have a fair and equal opportunity to compete within their supply chain. This not only contributes to economic growth but also drives innovation, supports local and global trade policies, mirrors the employee and citizen base, delivers on local and national content goals, accesses local knowledge and networks, manages risks and costs through competition, and builds community engagement. Additionally, they receive tax incentives as well as fast and responsive service. So why are we still getting so little?
The fact that women-owned businesses still secure only a fraction of procurement contracts suggests that more needs to be done. This needs to be a priority. The barriers are complex, involving financial, social, and systemic issues. Do we need to remind corporations and governments why they put certification in place to begin with? Why are companies accepting this disproportionate percentage? Why aren’t CEOs demanding change?