More male business leaders used government support during Covid than female company owners, a national survey has found.
Addition, an outsourced finance solution for small- and medium-sized enterprises and start-ups, revealed that a quarter (25 per cent) of all male-run businesses required a government grant to survive compared to only 15 per cent of female-owned companies.
Businesses with female leaders were financially stronger, Addition said, with 40 per cent more male-run businesses seeing their cashflow impacted compared to female owners.
“At Addition, we believe it is critical to understand all the concerns business owners have in the short-term, so we can support them through any future economic challenges,” said Graham Davies, founder and chief executive at Addition.
“As government help ends and demand begins to fluctuate alongside the economy, there are many positives for businesses to look forward to – but these changes also bring challenges.
“Understanding your financials is vital to overcome these challenges and drive business growth. At Addition, we don’t just want to take the numbers off your hands. We want to empower you with targeted insights and one on one support – until you’re so big, you don’t need us anymore.”