Connecting women in the C-suite with strategies for accelerated growth
The undeniable impact of women entrepreneurs on today's economy is evident. Year after year, women continue to overcome barriers and obstacles, paving the way for future generations. Despite these strides, challenges such as the gender pay gap, the struggle for inclusion at decision-making tables, and perceived gender-specific responsibilities beyond work still influence the paths to success for many women.
In response, our team from BDO's Women Driving Growth services established the Accelerate Her Summit, to help cultivate connections among accomplished women business leaders in the C-suite. The summit featured a diverse panel of leaders spanning industries such as banking, manufacturing, auto, tech, agriculture, and professional services. Attendees engaged in discussions on real-world scenarios and strategies to navigate the complex business landscape. From these discussions, we've distilled five impactful takeaways.
Five insights that women can leverage to grow their business
Financing your business can be an uphill battle, especially for women-owned businesses. Despite the increasing rate of women initiating businesses compared to men, they often encounter greater hurdles in raising capital for their ventures. Added to this, banks have become stringent on their lending criteria and capital structure in an effort to combat increasing interest rates and rising inflation.
What does this mean for raising capital? Your business must craft a compelling case to justify why your venture is worth the risk. This includes conducting thorough due diligence, presenting comprehensive documentation, and ensuring the involvement of a trusted financial professional.
Establishing connections with banks, lenders, investors, and financial institutions, along with acquiring financial education, can enhance your access to the capital you need for securing and sustaining your business.
As part of due diligence, sound financial forecasting plays a crucial role in performance and resiliency. Here are three steps to fortify your business's financial foundation.
The growth of AI has been exponential in the last decade. From AI that was limited by rules and algorithms to the creative prompt generators we see today, AI is here to stay.
AI’s explosive impact has caused disruptions and chaos across many industries. But with chaos, comes opportunity. Although this tool excites many, embracing new technology requires a holistic shift within your company culture and a buy-in from every employee. Striking a balance between addressing concerns and showcasing the advantages of incorporating the technology into an employee’s day-to-day is essential for a successful implementation.
Your AI strategy needs to be all-encompassing and provide a compelling vision that enables innovation and digital transformation. Here are some components to consider as you begin your AI implementation journey.
In the post-pandemic era, the competition for talent has intensified. Navigating the complexities of today's labor market demands strategic approaches to talent acquisition and retention strategies.
The pandemic brought various issues to the forefront, including poor work-life balance, the need for workplace flexibility, and instability in childcare, among others. Although the job vacancy rate has decreased in 2023, many companies find that recruiting skilled employees is an obstacle that has a significant effect on their bottom line.
Being candid about your current recruitment process is part of a layered approach to building a team with diverse perspectives and experience. To learn more, read our article on how to manage the risks of labour shortages.
Successful leadership relies on the ability to navigate risks and uncertainties while embracing resilience and innovation. Despite considerable progress, women still encounter barriers to reaching leadership positions due to gender bias, unconscious bias, and societal expectations.
However, these challenges position women with a unique perspective that enables swift and effective adaptation. In the face of volatility, uncertainty, complexity, and ambiguity (VUCA), women can confront and redefine their approach, seeing VUCA as an opportunity for vision, understanding, clarity, and agility.
This strategic shift not only empowers women leaders to thrive in dynamic business environments but also unlocks numerous advantages across various dimensions of leadership. Navigating VUCA is a layered approach rooted in success. For a structured breakdown of each strategy, read our article on redefining your VUCA approach.
Women are dismantling biases and championing empowerment in various industries across the globe. While the total number of women in senior leadership positions continues to grow, it’s hard to deny that our work is not complete.
Many industries still grapple with a lack of diversity, potentially stalling progress for emerging female professionals. This raises the question: Why is it important for current women leaders to uplift their counterparts in the workforce?
Being a role model extends beyond holding a leadership title. It involves the responsibility of paving the way for future women, acting as allies, and showing up and taking an active role. Reflect on your early career experiences and consider the type of mentorship that would have benefited you.
Diverse leadership fosters diverse perspectives, and diverse perspectives are the catalyst for innovation. Explore how our partners are advocating for diversity in leadership.
Are you a female entrepreneur wanting support to scale?
Our all-woman-led Women Driving Growth team is here to support you and help empower and elevate women entrepreneurs even further. With a diverse advisory portfolio, industry connections, and resources, our team has the expertise and experience to accelerate your growing business.
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Shilpa Mishra, CPA, MBA – Partner, Leader Capital Advisory