London’s largest annual business survey shows female owned businesses on the rise
Findings released from the London Annual Business Survey show that London’s women now run more businesses in the capital than ever before.
One in six businesses is now majority female-owned, compared to less than one in ten three years ago, while they also employ more women than their male counterparts.
Manny Lewis, Chief Executive of the London Development Agency (LDA), which produced the study alongside its business support service operator Business Link for London, said: “Our economy will only reach its full potential if women feel they are able to compete with their male counterparts on an entrepreneurial level. The equalities gap is reducing and we are clearly heading in the right direction.”
Alison White, Interim Chief Executive of Business Link for London, which also provides a women’s business support centre through its website, said: “We are impressed but not surprised that the number of female owned businesses in London has increased. Working with women entrepreneurs on a daily basis shows us just how ambitious, creative and tenacious London’s women are and the determination they put into getting started and seeing their businesses grow.
Overall, across the 4,002 businesses that took part in the London Annual Business Survey, 27.4% more businesses reported increased productivity than reported decreased productivity. Using the same measurement, 6.1% more businesses reported increased employment, 13% more businesses reported increased turnover and 7.8% more businesses reported increased profitability.