Mompreneurs represent a growing group of small business leaders across Canada; with nearly 34 percent of all small companies either fully or partially owned by females. However, until now, there hasn’t been a lot of information about this group – so Sage and The Mompreneur ™ stepped in to survey these inspirational women. They set out to discover what makes them tick and how they could benefit from making a few small, but significant tweaks in the office.
Doing What You Love
As many Mompreneurs know, running a business is a great way to take charge of their passions while also being able to carve out their own schedules.
71 percent of business-leading mothers have two or more children, and 50 percent of the kids are at least school age. The top reason these individuals have chosen to start their own company? They simply wanted to do what the love, raise their kids and keep a family focus.
However, the number of responsibilities Mompreneurs have, has led to problems. For instance, 56 percent of respondents noted that they have difficulty with a work/life balance, and subsequent stress was cited by 35 percent as a major issue.
Understanding the Challenge is Key
“More women are becoming primary breadwinners, juggling multiple jobs and raising a family,” stated Nancy Harris, Sage Senior Vice President and General Manager, Canada. “Mompreneurs do it all. We wanted to understand their challenges and how we can help them to be even more efficient at managing these multiple demands, so they can spend more time on their businesses and with their families.”
The survey revealed that many female business owners with families cite that managing finances (32 percent) and taxes (40 percent) are among their biggest weaknesses in the workplace. As such, associated tasks take up a significant amount of time, especially given the fact that 15 percent of those surveyed noted that they still rely on pen and paper to keep track of their finances.
49 percent of Mompreneurs who don’t yet use accounting software explained that their biggest complaint is the time spent doing such tasks, while 48 percent pointed out that insufficient organization is a major problem. Two-thirds of respondents explained that they spend more than 20 hours per week on business responsibilities.
Mompreneurs are experts in running homes, their kids and whatever field they’ve chosen to start a business in – that doesn’t always leave a lot of room for involved financial matters.
Leveraging Technology
This population can solve such problems by leveraging technology to help them complete their tasks. There are many programs that can help automate tasks, with a few keystrokes. By using tools that address your specific accounting, procurement and HR needs, you can save time aggregating information and even delegate tasks to your team. After all, 81 percent of Mompreneurs told Sage that they handle billing and invoicing themselves, while 65 percent and 52 percent do the inventory management and accounting alone, respectively.
With the help of high quality products, Mompreneurs will be able to complete tasks with more accuracy, thereby better balancing their work and homes lives.