They aim to achieve this growth through new markets, innovative products/services, and strategic alliances-and shun short-term gains, cost-cutting measures, and the quick exit strategies of some businesses.

Eighty percent of female CEOs identified expanding customer relationships as the key priority for driving future growth. This was followed by new products (28%), new geographic markets (19%), and strategic alliances (18%). This is all from a new study on Women owned businesses put out by Babson College.

Other key trends found in the study:

• Significantly, nearly 98 percent of woman-led businesses regularly contribute to local charitable and nonprofit organizations, and nearly one-third are engaged in philanthropic activity on a monthly basis. The greater percentage of women employees in a firm, the higher the level of philanthropic activity of the company.

• Women business leaders are building their companies for the long-term instead of looking for quick exit strategies. The women CEOs were in their current position an average of 15 years, and 72 percent of the companies were founded by their current CEOs. Additionally the women CEOs bring professional experience and education to their positions; they have an average of 28 years of work experience, and more CEOs of larger firms have graduate level education.

• Debunking the perception that women typically own lifestyle and retail-oriented businesses, woman-led businesses are as diverse as the economy. There is virtually no industry sector in which a woman-led firm cannot be found. Mirroring the state's business environment, the top five sectors for woman-led companies are: professional services; high technology; construction; healthcare, pharmaceuticals and medical products; and travel services.

• The costs the CEOs identified as having the most impact on their businesses are: health insurance benefits for employees; information technology and infrastructure; and advertising and marketing. The CEOs are also looking at innovative and cost-effective approaches to grow their businesses, such as guerilla marketing. The costs of living in Massachusetts also were considered as having a significant impact on their businesses.

• Although most CEOs are founders and controlling owners of their firms, more than 77 percent use a participatory leadership style, seeking opinions of others in their decision-making.

Get the FREE full report Companies Led by Woman Focus on Long Term Growth