EEDA - East of England Development Agency

East of England women mean business

19 November 2008

Today is national Women’s Enterprise day, and a special group of businesswomen are now just two days away from being crowned winners in the prestigious Enterprising Women Awards 2008, which is supported by the East of England Development Agency (EEDA).

On Friday 21 November, a panel of judges will announce the award winners across categories including ‘inspirational business mum of the year’, ‘best boss’ and ‘young female entrepreneur’ at a ceremony in Abington Hall, Cambridge.

Amongst those hoping to scoop a top award is Ipswich-based Karen Finch who is competing for the ‘high flyer’ award. This category recognises women who have grown a business’ turnover and profitability, or nurtured a successful team.

Case study: Karen Finch, The Hearing Care Centre Ltd, Ipswich

One in seven people suffer from hearing loss during their lives and caring for them is an extremely competitive business. Eighty per cent of hearing aids in the UK are supplied free by the NHS. Of the remainder, multi-branch national firms capture 17 per cent, leaving just three per cent for companies like The Hearing Care Centre which Karen Finch set up ten years ago.

Karen believed there was a need for a company which puts clients, rather than sales figures first; not a place just to buy hearing aids — more a centre for what she called "holistic and ethical" services for the hard of hearing. She was convinced people would respond to her ‘localness’, her commitment to customer care and willingness to develop long term relationships with patients.

On this basis, though a 34-year-old single-mother-of-two, she used her house as collateral to buy and equip the premises in Ipswich High Street.

The firm has grown from being "Karen and someone to run the office" to Suffolk's leading independent supplier with 12 centres across the county, and the only one offering such an ethical comprehensive service. Turnover reached almost £1.2 million in the last financial year while predicted turnover for 08/09 is £1.3 million.

The Enterprising Women awards and network — which on the week of national Women’s Enterprise day celebrated its 5,000th member — is just one form of targeted support that entrepreneurial women in the East of England have come to rely on. Enterprising Women has recently secured over £1 million from EEDA to continue their support businesswomen in the East of England through things like mentoring, training inspiration and networking events.

New investment has also been announced just this week in an ‘Inspiring Women’ programme. EEDA and the European Social Fund (ESF) have pledged over £778,000 to help unemployed women break down the barriers to finding work or starting a new business of their own.

Additionally, the recently-launched Beyond 2010 programme also has a significant focus on supporting women’s enterprise. Again co-funded by EEDA and the ESF, 50 per cent of the £6.2 million business training grants have been specifically earmarked for women in the region.

Deborah Cadman, chief executive of EEDA said:

“The East of England is home to a thriving and indeed growing population of women entrepreneurs who continue to have a tremendous impact on our region’s economy. The importance of their continued success is reflected by the commitment EEDA has placed in terms of funding and support.”

To find out more about business support for women in the East of England, visit EEDA’s new Business Map at www.bizmpaeast.co.uk.

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