Women In Business

A Mediaplanet Guide to Starting or Growing Your Own Business as a Woman

Women in Business

Melinda Emerson America’s leading small business expert talks about supporting women entrepreneurs during a challenging time

How the HBA is paving the way toward a more equitable future of business Our expert panel discusses what it takes for women to thrive in business

MARCH 2022 | FUTUREOFBUSINESSANDTECH.COM

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Setting the Stage for a More Equitable Future While our United Force for Change community is emboldened by the progress we are witnessing in workplace equality, particularly in our healthcare and life sciences sector, we are acutely aware of the work that lies ahead to address the unacceptable reality that women — especially women of color — are still underrepresented at all levels of leadership.

Like many organizations over the past two years, our not-forprofit, the Healthcare Businesswomen’s Association (HBA), recognized and embraced the seismic shifts that widely exposed racial, gender, economic, and health inequities.

As we envision a more equitable future, it’s critical we learn from lessons of the past to inform @MEDIAPLANETUSA

and help us build a solid foundation to accelerate our journey toward even bolder objectives for a united path forward.

Since our founding 45 years ago by three women, we have grown in size, stature, relevance, and influence. Today, our reputation as a “United Force for Change” is fueled by a committed network of more than 13,000 members, 180 corporate partners, and the influential advocates and thought leaders of our 15 Gender Parity Collaborative companies. All said, these industry organizations represent a collective workforce of more than 5 million people of all genders.

While staying true to our core mission of advocating for gender equality, the HBA commits to working together with its members and stakeholders to build an even more inclu@FUTUREBUSINESSTECH

sive place of belonging. We are unwavering in our efforts to double down and fast forward our diversity, equity, and inclusion journey after hearing the personal stories of our BIPOC community and seeing the data now ubiquitous in the aftermath of COVID. In 2022, the HBA will be bolder and louder in advocating for companies to create inclusive business environments and invest in women’s economic empowerment.

We need look no further than our Collaborative companies who have embraced the call to action and willingly share their experiences and best practices with the global HBA community.

Coming together The Collaborative, a global consortium of pharmaceutical

and life sciences companies, was born out of HBA’s recognition that women do not need “fixing,” but rather it’s the systems themselves that need “fixing” to accelerate progress for all women. After three years of working together, we see positive trends for women in these organizations. Collaborative companies, on average, have nearly achieved equal gender representation at senior vice president (SVP) and manager levels, reaching 48 and 49 percent representation, respectively.

It’s also worth noting that while we have witnessed representation of women of color drop off between entry level and the C-suite in much of corporate America, Collaborative companies are building a diverse pipeline of women who are ready for leadership

roles and breakthroughs into the C-suite.

There are more women at the director, vice president, and SVP levels at Collaborative companies compared to the broader pharmaceutical and medical product sector average, and more women of color at all levels of management compared to the all-industries average. With the HBA as a trusted convener, these global leaders are systemically transforming their organizations to be as diverse as the communities they serve.

With the backdrop of Women’s History Month in March, it’s a timely opportunity to appreciate the trailblazers and pioneers who have paved the way and set the stage for women in today’s workplace.

We owe them an infinite sum of gratitude for their efforts and tenacity. It is now on us to promote, advocate, and be vocal, loud, and bold so that as a United Force for Change — together — we build an equitable and inclusive future for women worldwide. n Healthcare Businesswomen’s Association (HBA)

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Publisher Ellie Gouvia Business Developer Adrienne Macaluso Managing Director Jordan Hernandez Lead Designer Tiffany Pryor Designer Kayla Mendez Lead Editor Jon Adams Copy Editor Dustin Brennan Director of content and production Jordan Hernandez Cover Photo Courtesy of Cadey Reisner All photos are credited to Getty Images unless otherwise specified. This section was created by Mediaplanet and did not involve USA Today.

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of their customers, and have a view of an individual business owner’s management skills. Understanding this level of detail can result in an increased emphasis on a borrower’s character and skills rather than just the application of a credit-score model.

Understands SBA loans Does your banker have experience with the U.S. Small Business Administration (SBA) loan programs? Federally subsidized loans can reduce risk to the bank, which makes it easier for banks to lend money. SBA loans may be an option for businesses whose cash flow or collateral may be inadequate for them to obtain traditional bank loans.

What to Look for in a Lending Partner Many women business owners find the biggest obstacle they face when starting out is acquiring the funding they need to launch their company.

Fortunately, today there are a range of funding options available, and finding a lending partner who champions women-owned businesses and helps them find the financing they need to succeed is the first step.

The best lending partner is traditionally one that takes the time to understand your business, offers the type of financing you need to accomplish your goals, and aligns with your personal values.

You should be looking for a lender that...

Understands your business Finding a bank that will take the time to understand your business may sound simpler than it is. In today’s technology-driven world, business-banking relationships can become more comput-

er-facilitated than relationship-driven.

Look for a bank that will spend time to understand what makes your business unique. Spend time to tell them about your needs, strategy, customers, and challenges.

Offers the right type of financing All loans are the same, right? Not necessarily. Banks have access to several types of loans and each one has a unique purpose. Spend some time talking to your banker about the types of programs and industries in which they have experience. Discuss what their underwriting criteria is for distinct types of industries and loans.

Does the bank specialize in heavy machinery loans? Do they have experience with complex real estate transactions? Are they experienced with the cash flow challenges associated with insurance and Medicare that can burden healthcare providers? Understand-

ing your bank’s experience, underwriting criteria, and loan appetite can make a powerful partnership.

Has the authority You might think getting a loan approved follows the same process regardless of the bank. Although this sounds logical, it’s not how banking works. Individual bankers may have various levels of lending authority and decisions may — or may not — be made at the local level.

Asking simple questions about lending authority, the approval process, and overall authority can help to give you a picture of the approval process and how long it may take.

Knows the local market Smaller, regionally focused banks can sometimes be better partners because they know and understand local market conditions. They know the leaders within the market, have knowledge

Aligns with your personal values Finally, does the lender align with your personal values? Are they involved in the community? Do you know multiple individuals within the bank? Do they treat you like you are important? Working with a bank that not only understands your business, but also understands your personal goals, makes a world of difference and can make you proud of working with the institution.

Understanding what makes a good lending partner can help to streamline your selection of a bank and expedite your business goals. Make sure to ask many questions when selecting a financial partner so that you completely understand how they can assist your business.

At Valley, we’re committed to helping women business owners with the financial services, networking support, and resources you need. You can register for our Women in Business program today or contact us to learn more. n This article was paid for by Valley Bank Valley Bank

To learn more about registering for our Women in Business program visit valley.com

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Economies and communities thrive when women and minority entrepreneurs succeed, yet systemic barriers have blocked their access to capital and resources.

Our panel of experts weighs in on how women can break through to be a dynamic force in today’s business world.

What are the top challenges facing women in business today?

Dorothy Kahlau: It’s now well-known that, despite the advancements women in business have seen over the past several years, the COVID pandemic has set that progression back. While many of the same challenges continue (e.g., time and capital constraints, a limited voice in corporations), other challenges have been reset.

Why do companies that create inclusive business models and invest in women’s economic empowerment see greater business success?

Stephanie Mann: Women business owners generate nearly $1.8 trillion for the economy and employ 10.1 million workers. In short, women business owners play a key role in healthy economies. When traditional lenders and fintechs offer products and services tailored to women, they’re not just supporting individual business owners — they are making an impact in local communities, job markets, and economies.

It’s a win-win.

Nicola Greenway: Inclusion benefits everyone. When

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How Women Can Thrive in a Fast-Moving Business World

Dorothy Kahlau First Senior Vice President, Valley National Bank

Nicola Greenway SVP Human Resources, Takeda & Healthcare Businesswomen’s Association Board Member

women step off the career ladder or leave certain industries, it’s not just an attrition challenge; it’s a brain drain. Companies that invest in women’s economic empowerment are the beneficiaries of that brain drain. Those that don’t spend unproductive hours rehiring and retraining, and find innovation hampered by the lingering effects of employee burnout and the fatigue of financial insecurity.

What steps do you recommend for entrepreneurs to obtain and better manage capital?

Lori Greiner: Stay lean and mean, do everything you can yourself, and outsource things

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Stephanie Mann EVP of Corporate Development and Strategy, Live Oak Bank

Lori Greiner Investor, “Shark Tank”

that you need, as opposed to hiring staff to do things. Hire smart; you don’t need a big staff, you just need good people. You don’t need a big office space — people work from home. Don’t buy inventory without orders for it or a place to sell it. Be conservative and order carefully. The key here is stay tight to your budget and don’t overspend — only spend on what you absolutely must.

One of the greatest things for me was that I had to learn all facets of my business. I couldn’t hire on staff, I had to learn everything for myself.

It made me stronger, smarter, better, and more able to really run my business in all arenas.

Remember that no one will love your business like you do,

so it’s best that you be the one able to be involved in and make the decisions in all areas of your business.

DK: First, we agree the pandemic has shown how flexibility is essential for all businesses and employees.

With proper balance and technology, we found ways to integrate our personal and work lives. Second, many companies now use CRM (customer relationship management) tools to create transparencies in the HR realm — are women and minorities truly getting appropriate opportunities? Are companies holding themselves accountable for their HR practices?

These CRM tools allow businesses to be empowered with accurate data.

SM: The rise of fintech and its desire to create innovative and quick solutions to traditional processes and products in the financial services industry cannot be understated. Too often, big commercial banks tailored their offerings toward larger companies, leaving underserved markets — in particular, small businesses, especially those with women and minority owners — without access to the financial products and services needed to help them grow.

Which resources and technologies have you seen make the biggest impact when it comes to helping advance women’s rights and economic empowerment?

What qualities do successful female managers, executives, and entrepreneurs have in common?

NG: Collaborating across industries to achieve systemic change is a powerful way to advance women’s rights.

Industry associations, such as the Healthcare Businesswomen’s Association, provide networks, tools, and resources to help women advance into positions of influence within the healthcare industry.

LG: I look at both the product and the entrepreneur — to me, they are equally important.

For the product/business, I look for something that: Has broad appeal, something a lot of people would need or want; solves a problem; is unique or different to what else is on the market; and/or can be made at an affordable price. n

Women Business Owners Need Access to and Education About Capital When women business owners do well, our economy does well.

The National Association of Women Business Owners (NAWBO) was founded over 45 years ago to serve as the first advocacy organization for all women business owners. One of the strengths of NAWBO is the diversity of its membership. We are proud to represent women business owners of all sizes, in all stages of business development, and in all sectors of the economy.

I understand the unique needs of business owners. I built my company around my belief that every business has a unique set of needs for its financial and operational systems, and therefore a onesize-fits-all approach rarely — if ever — applies. However, when it comes to NAWBO members and women business owners from across the country, one of the common threads that unites this diverse ecosystem is access to capital.

All about access Reports from the National

Women’s Business Council show the urgent need to get more money into the hands of women entrepreneurs in order to help them start and grow their businesses. Among the key findings was that on average, men start their businesses with nearly twice as much capital as women. This disparity is slightly larger among firms with high-growth potential, and much larger in the top 25 firms.

According to the latest State of Women-Owned Businesses Report, women-owned firms now make up 30 percent of all

businesses in the U.S. -- and they’re generating about $1.5 trillion in revenue.

These statistics come during a time when women-led companies comprise a little less than 5 percent of all venture capital deals, received a little more than 2 percent of all VC dollars, and received approximately 4 percent of all commercial loan dollars. Imagine what the economic impact would be if women business owners had greater access to capital.

Knowledge is power At NAWBO, we will continue

to empower our members with information on funding options, and provide connections to those making lending decisions and measuring the effectiveness of financing programs. When women business owners do well, our economy does well. It is important we all do our part to ensure women business owners have education about and access to the capital they need. n Kathy Warnick, National Board Chair, National Association of Women Business Owners (NAWBO)

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Why Women Learners Become Women Leaders

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he COVID-19 pandemic has caused economic stress across all demographics, but the crisis has struck women particularly hard.

Not only have more women than men lost their jobs during this time, but working mothers of school-aged children also took on more responsibilities at home as schools transitioned to online learning. Both factors might have derailed some women from their academic and corporate ambitions.

However, there’s also good news. A time of economic

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upheaval presents an opportunity for people to rethink their career aspirations, and business education is a great place to start. Many enroll in business school to refresh their skills, improve their employment prospects, or launch themselves into leadership roles. Others enroll to enhance their business acumen as they pursue a new entrepreneurial venture. The appetite for lifelong learning is robust.

Value of education Women who follow this path will find that graduate

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business education is now more accessible than ever.

In efforts to make their student populations diverse and global, business schools are creating initiatives that not only encourage women, underrepresented minorities, and first-generation students to enroll, but also provide support for them to thrive in their programs.

And while schools still offer traditional two-year full-time MBA programs for students who seek it, many options exist for people whose time is less flexible or who want to pursue education in

a particular area of interest.

For instance, fully online programs allow students to learn wherever they are, whenever they want. One-year specialized programs give students deep expertise in high-demand disciplines in a shorter timeframe. At AACSB-accredited business schools, these online and hybrid programs ensure the same high-quality education as traditional, fulltime programs.

While a graduate business degree gives any individual the essential tools to succeed, historically only about half as many women as men earn

MBAs — but that number is growing.

And the degree pays off.

According to 2018 U.S. Census records, the median annual salary for women with master’s degrees is $56,545. By contrast, the average starting salary for men and women who earned their MBAs in the July 2018 to June 2019 time frame is $104,200.

When women pursue an MBA education, they learn foundational business skills, develop critical leadership abilities, and build powerful networks. When they join companies and take leadership positions, they bring broader perspectives to every challenge. Their presence drives innovations that benefit both business and society. n Caryn L. Beck-Dudley, President and CEO, AACSB International

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Why It’s a Critical Time to Support Minority- and Women-Owned Small Businesses

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The numbers tell the story: More than 100,000 small business owners were forced out of business during the height of the COVID-19 pandemic, with more than half of those businesses being owned by minorities or women.”

“People struggled with their digital pivot,” explained

best-selling author, keynote speaker, and marketing consultant Melinda Emerson.

“If they were not set up for eCommerce or with an email list to communicate with their customers, they were at a loss when the pandemic hit.Traditionally, minority and women businesses are not in high-growth fields, and access to capital was a

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challenge even before the pandemic for African American and women business owners.”

Providing opportunities Emerson, named by Forbes magazine as the No. 1 woman for entrepreneurs to follow on Twitter, says the fact that women of color have started businesses at 4.5 times the

How an MBA Can Launch Your Career in Business Leadership

Kara Montellano, MBA Student at Whitman School of Business, Syracuse University

Current MBA candidates discuss what led them to undergo this rigorous advanced business program, and the experiences they’ve had while pursuing their degrees.

Tell us more about your decision to obtain your MBA and why you chose this specific program.

Stephanie Torrico, MBA Student & Graduate Assistant at Lutgert College of Business, Florida Gulf Coast University

An accomplished finance executive for a conglomerate, I keenly desired greater enrichment, opportunity, and extended impact beyond

my sphere of influence and responsibility. The most fulfilling and gratifying career elements were leading people and change, and solving business challenges. Leveraging design-forward thinking and self-reflection, I ideated. My path forward must nourish my insatiable need to learn and contribute.

How do you hope obtaining your MBA will advance your career?

Obtaining an MBA serves three main purposes that will

rate of any other demographic over the past five years is encouraging, however, these businesses don’t tend to be in growth industries.

“Eighty-eight percent of women business owners don’t earn $100,000 in revenue, and African American women don’t earn more than $25,000. Thus, they are not scaling, and they are often underfunded ‘solopreneurs’ who need real business models and training.

“It’s so hard to get access to capital and hire a team when you aren’t generating recurring revenue. If we don’t start developing a pipeline of women and minority businesses who get funded to build high-growth businesses in the United States, we will not achieve economic equity for all in our society.”

Speaking from experience When Emerson realized she

advance my career: broader and stronger preparedness for highly complex business opportunities internationally, formal acknowledgement that is globally recognized, and precursor to a doctoral program on a leadership professor track. An ancillary benefit is increased exposure to board and advisory positions with organizations that align with my values allowing me to increase my contribution range.

My tuition is covered by my assistantship and opportunities for networking abound. I have worked on business and leadership initiatives that benefit the Lutgert College of Business, the Southwest Florida Leadership Institute, and undergraduate students.

wanted to start a business, she began doing her research.

“I bought business plan software, I took out a home equity loan and paid off all my bills, I even paid off my car,” she said.

“I took in my younger brother as a tenant to lower my mortgage, and I worked part-time for one year for a business like the one I wanted to start.

I learned it takes relentless consistency to be successful in business, and you must be a lifelong learner.”

Emerson ultimately wrote “Become Your Own Boss In 12 Months” because it was the book she’d never read.

“I wanted to shorten people’s learning curve as they started out in business,” she said. “I consider myself a master content developer and a teacher. My mission is to end small business failure. I love helping entrepreneurs win.” n Cindy Riley

With the guidance of Dr. Ashley Mandeville, I am currently working on scholarship and research. Dr. Manegold personalized my assistantship for me, which is a key factor to my satisfaction with the overall MBA program, as it provides a great deal of enrichment aligned with my specific goals.

The FGCU MBA program is the right environment for nourishing growth and achievement toward advancing my career, which allows me to exercise control — control over my future, my path, my way. n

Read the full discussion, including Kara Montellano’s responses, online at futureofbusinessandtech.com.

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