Empowering Women-led Businesses
For Inclusive, Fair, and Ethical Growth
Introduction
In our earlier blog post, we explored the significance of inclusive ownership models like the GALE model and their contribution to community wealth and rural resilience. Building upon that, in this blog post, we will delve into the key findings of the Highlands and Islands Enterprise (HIE) business panel survey, specifically focusing on the significance of women-led businesses, like GALE, in being inclusive, fair, and ethical. Join us as we uncover the empowering role of women-led businesses in driving social impact and community development.
The Growing Presence of Women-led Businesses
According to the HIE survey, 14% of businesses in the Highlands and Islands are women-led. This percentage aligns closely with the findings of the previous survey wave (June/July 2023), which reported 12% women-led businesses. This indicates stability and growth in women’s entrepreneurship in the region.
Women-led Businesses and their Industries
The survey findings also shed light on the industries in which women-led businesses are more likely to be found. The top sectors include arts and entertainment (30%), accommodation and food services (24%), creative industries growth sector (24%), and wholesale and retail (22%). These industries present ample opportunities for women to showcase their talent, creativity, and entrepreneurial spirit.
The Power of Social Enterprises
One significant finding from the survey is the strong presence of women-led businesses in the social enterprise sector. Social enterprises, like GALE, are known for their commitment to contributing to the community and operating with a focus on inclusivity, fairness, and ethics.
The survey revealed that 81% of social enterprises contribute to the community, while 46% prioritise being inclusive, fair, and ethical. It is important to highlight the significant difference in the focus on contributing to the local economy between social enterprises and other businesses. According to the HIE business panel survey, only 44% of all businesses surveyed prioritise contributing to the local economy. However, when it comes to social enterprises, this figure rises dramatically to 81%.
This finding underscores the unique and powerful impact of social enterprises, particularly those led by women, in driving economic development and community growth. Social enterprises, by their very nature, are driven by a strong sense of purpose and a commitment to creating positive social and environmental change. They prioritise the wellbeing of their communities and actively work towards contributing to the local economy.
Women-led social enterprises, like GALE, exemplify this commitment to community development and social impact. These enterprises not only focus on generating profits but also place equal importance on creating inclusive and sustainable business models that benefit the local economy.
Women-led Businesses: Champions of Inclusivity, Fairness, and Ethics
Another noteworthy finding is that women-led businesses, irrespective of their industry, are more likely to prioritise inclusivity, fairness, and ethics. The survey indicated that 29% of women-led businesses strongly emphasise these values. This demonstrates the significant role women entrepreneurs play in driving positive change and setting a high standard for ethical business practices.
Conclusion
The HIE survey findings highlight the growing presence of women-led businesses in the Highlands and Islands region. These businesses have the potential to drive inclusive, fair, and ethical growth, particularly in sectors such as arts and entertainment, accommodation and food services, creative industries, and wholesale and retail. Furthermore, the survey underscores the significant role of social enterprises, like GALE, in creating a positive impact on the community. By empowering women-led businesses, we can foster a more inclusive, fair, and ethical economy that benefits everyone.