According to the Center for Women's Business Research, women-owned firms have a $3 trillion impact on our economy and employ 16 percent of all U.S. workers.

The study was unveiled Oct. 2 at a daylong national women's event in Washington, DC. Approximately 300 women business owners, female corporate executives, high-level government leaders and other critical stakeholders attended the Economic Summit for Women Business Owners, which was sponsored by Walmart. The Center for Women's Business Research--the only research institute focused on women business owners--has been the leader in gathering data on this important segment of our economy.

Nancy Zurbuchen, who has owned a business in Kansas City, Mo., for 25 years, attended. She said that everything rides on having good data, especially public policy initiatives. She also pointed out that the data compiled by the Center for Women's Business Research has been quoted now for almost 20 years.

The center, originally the National Foundation for Women Business Owners, is a sister organization of the National Association of Women Business Owners, which I served as national president in 1990. The center was founded on a belief that women business owners were not being recognized for their contribution to creating and maintaining a healthy and nimble national economy. Today, we benefit from the federal programs that originated out of the center's research.

The data nuggets from this recent study include:

• Women-owned firms produce employment for more than 23 million people in the United States, or 16 percent of our 2008 work force.
• About 8 percent of the total labor force works directly for a woman-owned firm.
• There are 175 countries with less population than the number of people women-owned firms employ (directly and indirectly); there are 150 countries with less population than the number of people women-owned firms employ directly.
• If U.S.-based women-owned businesses were their own country, they would have the fifth largest GDP in the world, trailing closely behind Germany and ahead of countries including France, the United Kingdom and Italy.
• If U.S.-based women-owned businesses were their own country, they would have a greater GDP than Canada, India and Vietnam combined.

The bottom line is that women-owned businesses have an economic impact of nearly $3 trillion. OK. So why are we falling behind in obtaining federal government contacts? Zurbuchen says, "Even with all of the data showing women businesses are growing and having such a sizable economic impact, women business owners are still not receiving their 'fair share' of government contracting. WBOs are growing in spite of being shut out of millions of federal contracting dollars, and this is probably true also at the state level."

These data reveal the phenomenal untapped potential of women business owners. So what are we doing about it? The ball has been in our court for years, so let's play. How do we get from 3 percent to 50 percent of federal contracting dollars? How do we obtain more seats on corporate boards? How do we obtain parity in the political arena?

It's time to move from the facts and boasting to a plan and action steps. Take your company to the next level. Band together, go after government contracts--and don't stop until you get there. Get involved in your community and state politics. Get to know your local, state and federal elected officials, who can help you with federal and state contracting issues, health care, taxes and many other policy issues. Give your time and money to political and philanthropic issues close to your heart. Stay involved with organizations such as Women Impacting Public Policy, National Association of Women Business Owners and Women President's Organization.

Finally, the role of women took center stage at the annual Clinton Global Initiative in New York where Secretary of State Hillary Clinton said, "We've seen again and again that women are entrepreneurial, accountable and practical. They invest earnings directly in family and communities and pay back loans at a higher rate than the norm. Women are a good investment."

The spotlight is on us and people are listening; it's now or never.