Female entrepreneurs tend to be more optimistic about their business prospects over the next five years but may be held back from achieving these goals due to a lack of financial awareness.
According to a study by everywoman and NatWest, 88% of women predicted business growth over the next five years compared to just 74% of men.
But while 74% of men said they understood the financial services available to their business, this was only the case with 48% of women. Over half (53%) of women said they did not feel confident they understood the financial products available, compared with just over a quarter of men.
The research revealed that the average female small business turned over around £200,000 a year and predicted an average increase of 25% over the next five years, which would add £12bn to the UK economy.
Those sectors most confident about growth were healthcare (where 51% predicted expansion) and marketing/media (42%).
"The fact that female-owned businesses are reporting a greater desire for growth is testament to the progress we have made as a sector in such a short space of time," said Karen Gill, co-founder and director of everywoman.
"In this current economic climate it is imperative these business owners have access to the advice and information necessary to maximise their business skills and achieve this growth."
Women also tended to have the structures in place to support their business, the survey found, with 55% working to a business plan (compared with 34% of men) and 47% allocating specific revenue and profit targets to their business (compared with 37% of men).
The biggest area for growth was seen as increasing brand recognition, cited by 61% of women, followed by increasing services (45%). Only 14% said they were happy to sustain their business at its current level.
