“There’s this absolute belief that you’re not going to give up on something, sometimes to our detriment and sometimes to the sacrifice of our own personal health, but you will not give up.”
By Charlotte Executive Chair Jane McNally’s words at our Sydney roundtable for women who own and lead small-and-medium businesses (SMBs) captures the resilience and dedication we often see in women entrepreneurs.
But it also sheds light on the deeper sacrifices and structural barriers they are working against.
Women’s Agenda has partnered with CommBank to look closer at what these issues are.
Through a series of roundtables that build on findings from our 2025 CommBank SMBs report, we are uncovering how women in the industry are finding success, what is holding them back and what must change to unlock the impact they are making against all odds.
New South Wales is home to more than 850,000 small businesses that employ near 2 million people and generate over $550 billion.
Women represent more than one in three of these businesses.
While the number of women running and starting businesses has grown noticeably, they face a unique set of barriers often compounded by gender-based issues.
“Maybe we’re a bit hard on ourselves but the barriers are real: burnout, mental load, and persistent gaps in access to funding,” says CommBank Commercial Banking NSW General Manager Jackie Cooper.
“And I know these challenges aren’t just written up in a report.
“Because like many of you, I’ve had those moments where the juggle feels absolutely impossible.”
The insights gathered from our Sydney roundtable show that women running SMBs are pushing ahead while quietly taking on the burden of housework and caring obligations.
Many are sandwiched between children and grandparents while some are even taking on the care of partners who become frail.
Businesswoman and tourism executive Margy Osmond’s personal experience with this shows how much women in the SMB sector are carrying without notice.
“If you choose to step away from your work or career, you can find yourself in the bucket where you are only a carer and you are not actually providing the best care because you are no longer who you should be, ” she said.
“So I stayed working and had someone care for [my husband] during the day at home and then I cared for him at night.
“But I think this is an increasing problem for everyone because there is a stigma too about accepting the diagnosis of Alzheimer’s and knowing that you will have to consider a nursing home option.
“It’s one of those things, particularly if it’s a partner and you’ve always promised them it would never ever happen under any circumstance.
“When he died, I had to reinvent myself because I had spent so long in the box where I was a carer or a worker and nothing else. There was no time for anything else in my life.
“So I think there are challenges coming for so many women now – if it’s not the partner, it may be parents, and it is so all-consuming because kids grow up and they take on a life of their own and they’re independent.”
The system needs to change
In 2025, just 2 per cent of over $5 billion worth of investment deals for startups went to teams founded entirely by women.
It’s one part of a broader systemic issue highlighting the need for change.
The NSW state government says it is actively working to boost women’s economic representation and equity.
NSW Minister for Women Jodie Harrison says a number of initiatives have been set up to support women in business but more work needs to be done.
“Women-led businesses are vital drivers of economic growth for our state, increasing workforce participation, creating more jobs, expanding services and fostering innovation,” she said.
“We know that women-owned and led businesses face disproportionate challenges when it comes to support and investment.”
Supporting women founders and business leaders to unlock their full potential would mean levelling the playing field.
This cannot be achieved with just one person or organisation.
Women’s Agenda has spoken to stakeholders across the board from policymakers in government and financial institutions to founders at every stage.
Based on this research, we have developed some practical steps that can be taken to help reduce barriers and open up opportunities for women in the private sector.
But business communities around Australia come with their own unique traits and challenges.
For NSW, our research shows that policy makers and corporate partners can make a significant difference through dedicated grant and funding pathways for women SMB owners, investing in dedicated networking, mentoring and training programs, supporting child-friendly work events as well as concierge services to alleviate some of the care and housework burden.
Broader systems and structures working against women, especially those who may be Indigenous, culturally and linguistically diverse, living with a disability or are marginalised in other ways, also need a closer look.
Bringing down rates of violence, boosting economic opportunities and continuing to improve access to support, resources and education are critical.
Our latest report on SMB leaders in New South Wales offers a blueprint for this work to continue and the role each of us can play moving forward.