Many female owned businesses face barriers to growth, says Lloyds Bank survey

The report from Lloyds Bank surveyed 600 women from a variety of business sectors across the north of England, including 200 from Yorkshire, to provide an insight into the challenges and opportunities facing women in business.

The report, entitled Women Entrepreneurs: The Northern Perspective report, reveals that despite more than half (55%) of female-led businesses in Yorkshire reporting an increase in annual turnover during the past year, several factors were creating barriers to growth.

The data revealed that the respondents’ main concerns when running a business included changing customer demand (85%), competition (85%), political uncertainty (83%), the rising cost of raw materials (81%), and supply chain and supplier issues (79%).

More than two fifths (43%) also believe society’s attitude to women entrepreneurs is a barrier to their business’ development.

A spokesman said: “When asked about their male counterparts, 77% are concerned about not having equal opportunities – higher than the number in the North East (70%) and the North West (73%).”

“Over the next 12 months, three in five (59%) want additional training for staff, more than half (51%) want financial support, and more than two fifths (43%) need help in preparing a growth strategy.”

Nearly a fifth also feel increased flexible working would help their business while almost a quarter (24%) want help to adopt low carbon measures.

Catherine Rutter, Regional Ambassador for Yorkshire and the Humber at Lloyds Banking Group said: “Our research has shown that many women-led businesses across the region are seeing real success, but unfortunately, there are still areas where they face barriers to growth.

“Whether it’s tackling net-zero or juggling work and caring responsibilities, we can’t ignore the challenges that many women-business leaders are experiencing today.

“We want to face these issues head-on and provide the support needed for all business owners to thrive. From mentoring programmes and digital and business skills training to practical tips and expert advice and guidance, we have a host of resources designed to help businesses improve or learn new skills.

“Our aim is to create an inclusive environment for all. By speaking to business leaders, organisations, and local politicians about these challenges, we can start to have honest discussions about the problems many are facing and begin working in collaboration to find solutions that will empower women across the North.”