I write about the success factors of women entrepreneurs.
Tierra Kavanaugh of TKT & Associates, Mary Hensley & Julie Hashagen of Enspire Energy, Asma Ishaq of ... [+]
TKT & Associates, Enspire Energy, Modere, Battaglia Associates, Solvix Solutions, and KaTom Restaurant Supply
Between February and April of 2020, lockdowns and shifting demand
caused by the Covid-19 crisis hit women-owned businesses particularly
hard: 25% of women-owned companies closed.*
But, some not only survived, they thrived.
"At a time when bright spots are few and far between, we are thrilled
to celebrate the business accomplishments of these 50 inimitable
leaders," said Camille Burns, CEO of the WPO. The 50 Fastest-Growing Women-Owned/Led Companies
from Women Presidents' Organization (WPO) and American Express was
released a few days ago. "Not only do women-owned businesses fuel the
economy with trillions of dollars in revenue and the millions of jobs
they provide, many have also pivoted their offerings and business
strategies to provide essential services and accommodate their
employees, which has proven to be vital for navigating the pandemic,"
said Jessica Ling, Vice President and General Manager, Marketing
Strategy, Content and Experiences at American Express.
What lessons can be gleaned from women running the fastest growing
businesses that policymakers and women running companies can use?
1) Government Supplier Diversity Programs Are A Win-Win
A majority—68%—of the 50 Fastest-Growing Businesses do business with
the government. If you're 51% owned by women or other underrepresented
groups, you can take advantage of government supplier-diversity programs
at local, state, and federal levels. Creating more significant
opportunities for historically underutilized businesses to grow and
prosper through public procurement policy is a strategy that can help
women-owned businesses not just survive the pandemic, but thrive.
Local governments spend $1.8 trillion on goods and services, state governments $2.1 trillion, and the federal government $4.5 trillion.
Government supplier-diversity programs also improve the competitiveness
of their supply chains. Supplier diversity programs benefit government
agencies and taxpayers by:
increasing competition, resulting in better prices and service levels
highlighting their commitment to diversity and inclusion
building a shared and durable prosperity
becoming more flexible, agile, and resilient
Governments at all levels can leverage their spending to help women-owned businesses pull through the crisis and grow.
Of course, you'll need to get certified. How you do that will vary
depending on the government agency from which you are seeking to win
contracts. At the federal level, the certification process just changed.
2) Tapping Global Markets
For many chart-topping women run-businesses, the world is their
oyster: 56% of the 50 Fastest Growing do business globally. Those in the
US recognize that three quarters of the world's purchasing power
and over 95% of world consumers are outside US's borders. "... there is
vast upside potential for these and other fast-growing women business
owners to reach even further internationally ...," said Laurel Delaney,
president of GlobeTrade.com, founder of Women Entrepreneurs Grow Global,
and Chicago Chapter Chair of the Women Presidents' Organization.
Only 12% of businesses that export are owned by women.
To encourage more to do so, track trade by women-run companies,
highlight their importance in the global economy, offer gender-related
provisions that facilitate fast-track global growth, provide more
resources, such as training, financing, and mentoring, commented
Delaney.
3) Empower Employees To Work From Home
The coronavirus pandemic has caused a massive shift from working in
an office to working from home: Eight in ten—82%—corporate leaders plan
to allow employees to work remotely some of the time.** It's no
different for the 50 Fastest. Though the number of people working
partially or fully remote has been rising slowly, the coronavirus
pandemic dramatically increased that trend. Working from home was the
most significant adjustment for the six female leaders who shared their
experiences. Some now see a real benefit from work-from-home policies.
Transiting to a remote workplace was the biggest pivot that TKT &
Associates, the fastest-growing woman-owned business, made in response
to the crisis. The company assists public- and private-sector clients to
assess procurement, reporting, and compliance monitoring. It also does
staffing. The business was founded by Tierra Kavanaugh, who recently
passed away. Questions were answered by Kimberly Bunton, chief
administrative officer and general counsel.
Working from home was also the most significant pivot for Asma
Ishaq's company, Modere. She is the CEO of the third fastest-growing
woman-run company. Modere delivers innovative products—personal care,
health and wellness, and household care.
"I learned that we can work remotely and be effective and that I can
put a lot of trust in my employees," said Christine Meyer, president of
Battaglia Associates. The company is a general contracting firm
specializing in commercial and industrial services and materials. It is
the fifth fastest-growing woman-run company.
Solvix Solutions provides a single location to find all your business
technology solutions and is eighth on the list. "We have started
building our practice of supporting employees working from home and
helping businesses provide better support to those who will continue
working from home," said Stacey Rock, managing partner and president.
For employers, the benefits include lowering the cost of office
space. For employees, the benefits include a flexible schedule, the
ability to work from any location, and no more commuting. "We are
currently considering remaining remote indefinitely," Bunton said. "We
can be effective and, in some cases, increase productivity working
remotely."
However, as Mary Hensley, president and director of marketing for
Enspire Energy, points out, there are conflicting issues. She founded
the company with Julie Hashagen. Enspire is a full-service, natural gas
marketing company and ranked #2 on the list. Remote work fosters less of
a team environment. Some employees are thriving at home and want to
stay remote, while others want to return to the office. Policies need to
be developed that accommodate all workers' styles. Companies are learning lessons.
To mitigate the risk of a cyber threat, Enspire also has increase security measures.
4) Expand Digital Offerings
To make sure companies are meeting the needs of customers, they are
introducing more virtual products. TKT is expanding its digital products
and is not alone in developing online products. "We have added product
segments that weren't available through our company prior to the
pandemic," said Patrica Bible, founder, president, and CEO of KaTom
Restaurant Supply. It is one of the nation's largest restaurant
equipment suppliers, and ranked tenth on the list.
5) Move Fast and Be Agile
Finally, Bunton points out that whatever strategies you are putting in place for your company, "Be flexible. Adapt quickly."
What changes can you make so your business thrives despite economic uncertainty?
*Robert W. Fairlie, The Impact of Covid-19 on Small Business Owners: Evidence of Early-Stage Losses from the April 2020 Current Population Survey, NBER Working Paper No. 27309 June 2020 JEL No. J15,J16,L26
** Gartner Survey Reveals 82% of Company Leaders Plan to Allow Employees to Work Remotely Some of the Time
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