“Has fear about the economic downturn loosened its grip on women business owners? The answer is resoundingly yes, according to the findings of the 2014 Business Outlook Survey, conducted by the Women Presidents’ Organization (WPO). Economic concerns have plummeted. Just eight percent of members said they believe economic conditions are the biggest threat to their bottom-line growth, a dramatic drop from last year’s findings, when half of the respondents (50%) cited the economic downturn as their biggest worry.
Sponsored by KeyBank’s Key4Women program, the annual WPO survey conducted by the nonprofit, peer advisory group for leaders of multi-million dollar companies focuses on attitudes regarding business challenges and opportunities, as well as forecasted outcomes of top women-owned and led businesses around the world.”
By: Beth Bronfman, CEO and Managing Partner, View the Agency
Selecting an advertising agency can — and should be — a positive experience for any business. With the right partner, you can grow and develop your brand and in turn, your bottom line. But like hiring the right employee, selecting an agency partner can be a challenge. To ensure that you find the right agency “match,” consider these five questions to help guide your search for a partner who will serve as a brand steward for you and your business.
1. What kind of agency am I really looking for? Are your needs more focused in digital, print or direct response? Or are you seeking a fully integrated approach? Regardless of your current needs, it’s key to focus on the big picture and to find a partner who can work with you now — and into the future as your business changes and evolves. What’s more, your winning agency should be one who fully understands your mission, core values and business goals. I believe that it’s the agency’s job to ask what keeps you up at night and to be a partner in facing and overcoming these challenges. To do this, it’s critical that your partner agency knows who they are, what they offer and how they can work with you to achieve the set goals.
2. How do they value their clients? If an agency has a number of long-term clients, this can only mean one thing: the agency is making money for these clients. In most cases, this level of ongoing and consistent success will translate to you and your business. Sure, clients shift with time, but there is a big difference between serial one-off campaigns and a healthy mix of new projects and long-term growth. Twenty-seven projects with twenty-seven different companies don’t show a strong track record. When interviewing your agency, inquire about the length and scope of their work with individual businesses and ask about clients who have taken the agency with them, when moving on to new roles. These are always my favorite case studies to share because they allow us to demonstrate both our work and our ability to build and maintain excellent client relationships.
3. Does all of their creative look the same? People are important, but the next step is to turn a critical eye to the end product. If you’re looking at an agency’s portfolio and see the same themes and styles each time, think about what you’ll be getting. Chances are, you’ll be on the receiving end of those same ideas — recycled for your brand. Instead, look for the agency’s work to echo their client’s individual brand promise, style and messaging. If the agency’s “stamp” is too obvious, it may be more about their brand than yours. Remember, the creative should work for the client, not the other way around.
4. Can I see myself working with these people every day? Simply put, the best relationship with an agency is one that will last for years and grow into a true partnership. When meeting with your agency as part of the pitch process, make sure that the A-team who presents won’t be walking away from your account the moment you’ve signed a contract. Then think about the chemistry factor: if you can’t see yourself working day-to-day with the people on your account team, chances are that the relationship won’t last for the long haul. These should be people you can see yourself collaborating with, who make it about you, the customer. On the flip side, I know that having an engaged and enthusiastic team that gets along well with the client will mean better work product, less account turnover and happier employees. Good chemistry is a win/win for both parties.
5. How will this agency expand my network? Whenever you are hiring a new partner, especially an advertising agency that will be charged with increasing your brand’s overall awareness, there is the potential to expand your businesses network. A good agency should be led by people who are resourceful and resilient and who can connect you and your brand to other people and organizations. They should always be on the lookout for ways to help grow your business and be a true brand ambassador. As the principal of my agency, I am always looking to expand my client’s networks through my own, like The Committee of 200 (C200) and the Women Presidents’ Organization (WPO), of which I am a member. Whenever I’m talking to fellow C200 and WPO members, or anyone in the business community, I’m always thinking about how these relationships can benefit my clients–because my business is only successful if my clients are successful.
This article originally appeared on Huffington Post on October 1, 2014.
Guest Blog by Manishi Sagar, CEO, The Kinderville Group
There are two kinds of people in the world—entrepreneurs and everyone else.
An entrepreneur is an artist. An entre- preneur is a magician. We have this huge dream, this huge ambition to create some- thing and on the other hand almost no resources and yet we make something out of nothing.
I have this huge dream of building bilingual schools where children can read, write, think and dream in French and English, where chess and yoga is an inte- gral part of the curriculum, where we will create the leaders of tomorrow—but we have no money. Yet somehow we build the schools. Somehow students trickle in. Somehow we create a team that we can trust around us. I feel like David Copperfield.
Translating zero resources into infinite dreams is my job.
As an entrepreneur I have learned to live on the verge of bankruptcy. I have a deal with my bank (they don’t know about it). For six months I own my house and for the next six months the bank owns the house. When I believed that I owned my home and I had to take a second or third mortgage to meet my payroll, I would get very tense and stressed. Now I have changed my attitude. Now I believe that the bank owns my home and has kindly allowed me to live in it. I am happy.
What is an entrepreneur?
I dare to answer this after almost a decade of study- ing and learning from my peers at my Montreal Women Presidents’ Organization. She is someone special. You know that within a few minutes of chatting with her. She is a leader, she has charis- ma, and she has vision. She is intelligent and ambitious, knows what she wants and has the con- fidence to build consensus around the table in five minutes. She is large- hearted and generous, and yes, at times too proud to ask for help.
A successful entrepreneur would be bold yet prudent, visionary yet practical, tough yet empathetic, focused yet flexible and brilliant yet humble. These are not my words; I am merely quoting from one of the great speeches I have heard and loved.
I hold entrepreneurs in the highest regard. They can change the world. And that should be the role of business—to make the world a better place for every- one. Business needs to make economic sense and must also be sustainable— socially, emotionally and environmentally.
This article first appeared in Vol. 15, No. 1 of Enterprising Women Magazine
To Read More, please visit www.enterprisingwomen.com.
By Guest Blogger & WPO London Chapter Chair, Sue Stockdale
If you are keen to grow your business, it is likely that this will require you to step into the unknown. That could mean diversifying into a new sector, launching your product or service into a new geographical sector, or recruiting talented managers so that you can step back from the day to day running of the business and focus on being more strategic.
Being prepared to boldly go where others fear to tread requires a preparedness to take risks, make mistakes but to potentially reap the rewards maybe in terms of increased revenues, larger market share or a robust leadership team.
However going into the unknown will mean accepting some type of change, and as humans we are hard wired to avoid loss. A study by psychologists Daniel Kahneman and Amos Tversky found that given a choice our brain will tend to choose the option that minimizes loss—the one with the least perceived change. So in other words, we have to work twice as hard to go into the unknown.
In business there are some great examples of women entrepreneurs who have achieved success by doing this. Sara Blakely, founder of Spanx knew nothing about the pantyhose industry when she started up her business. Similarly Kiran Mazumdar-Shaw, started Biocon Ltd, the biotech business based in India back in 1978 from the garage of her rented home, when the challenges that she faced from lack of reliable infrastructure, meant that she was stepping into the unknown as to whether it was viable or not.
Here are some tips to help you:
Practice being comfortable with uncertainty
It’s not the unknown that people fear, but the uncertainty that is associated with it. When I skied to the North Pole, there had been no UK woman there before me. But there had been other expeditions before mine, so I was able to learn from others about what we might encounter along the way. By doing this research is allayed some of my fears and I was then able to feel more confident about the factors that I could control. Take time to carry out research before expanding into new markets, or recruiting a key player to your team.
Understand your attitude to risk
Knowing your own propensity for risk-taking will help you understand how and why you make decisions. This can help when you are encouraging others in your business to take risks, particularly if they have a different attitude to risk than you do. Using an analysis tool such as Risk-Type Compass which identifies eight different risk types ranging from Prudent and Wary, to Adventurous and Spontaneous, can help teams to recognise what will encourage those with different attitudes to step into the unknown.
Your ability to be aware of, and question assumptions
We all make assumptions that influence our behaviour. For example. “If I lost money on the stock market, it might happen again, so I won’t do it” or “Venture Capitalists never fund our type of business” All of these statements contain assumptions that we may never even challenge. So when planning to step into the unknown, make sure you are aware of any assumptions you are making about the situation as they may hold you back.
For example, when US store chain, Best Buy expanded into foreign markets, Business Insider reported in 2011 that they messed up their European expansion by failing to observe that Europeans preferred smaller shops to large outlets, among other factors. Laurel Delaney’s article on Exporting can help you learn more about global markets and enable you to question assumptions, before you take action and embark on an ambitious expansion.
Sue Stockdale is Chapter Chair for the London WPO and is a Motivational Speaker and Executive Coach working with leaders worldwide. She was the First UK woman to ski to the North Pole and was recently awarded a Global Coaching Leadership Award in Mumbai. Sue is author of eight business books including The Growth Story and Secrets of Successful Women Entrepreneurs and writes regularly for a number of international publications.
Guest blog by Laurel Delaney
Think exporting isn’t for your business? Guess again. There are more than seven billion potential customers in the world, and 2.4 billion of them are online. How many of those customers is your company reaching? In a world that is now connected by the Internet, being a successful businessperson means no longer confining your business by borders—whether those of the city, state, or country. Exporting—or sending goods and services out of a country—increases a company’s sales and profits, enhances its prestige, creates jobs, and offers a valuable way to level seasonal fluctuations. Exporting is also a powerful force that contributes to economic growth, development, and prosperity in our world.
The explosion of US entrepreneurs and small businesses—more than twenty-eight million combined—engaging in the world economy in the last few years is largely attributable to the Internet. This transition has taken place as businesses have sought new ways to grow and tap into the more than 96 percent of the world’s consumers and 73 percent of the world’s purchasing power that lie outside the United States. Surprisingly, though, less than 1 percent of these businesses and individuals operate in the US export marketplace, even though the amount of exporters has grown faster than the amount of nonexporters in terms of both goods sold and employment.
Exporting puts you in the driver’s seat, so you can sell more everywhere, get on the world stage, and grow. Other benefits to exporting include:
• Improving your return on investments
• Creating jobs
• Overcoming low growth in your home market
• Outmaneuvering competitors
• Becoming more productive
• Generating economies of scale in production
• Exploring previously untapped markets
• Making productive use of excess domestic capacity
• Extending the product life cycle
• Insulating your seasonal domestic sales by allowing you to find new foreign markets
• Broadening your personal intellectual horizons
• Enriching your country
• Traveling to new countries
The Current State of Exporting
Export-driven entrepreneurs and small businesses play a significant role in the overall economic growth and prosperity of the United States and the world at large. They have the potential to improve productivity, achieve greater efficiencies, enhance world-class competitiveness, and create jobs. This is possible because:
• Exporting lends itself to small business. More than 293,100 US companies exported goods in 2010, nearly 16,500 more than in 2009. Small- and medium-sized enterprises (SMEs)—those with fewer than five hundred employees—accounted for 97 percent of all identified exporters in 2010 (Source: http://www.trade.gov/mas/ian/smeoutlook/tg_ian_001925.asp#P27_2705).
• Exports generate revenue. The known export revenue of small- and medium-sized enterprises in the United States rose to $383.4 billion in 2010, up 24.1 percent from 2009. SMEs were responsible for 33.7 percent of goods exports in 2010 (Source: http://www.trade.gov/mas/ian/smeoutlook/tg_ian_001925.asp#P27_2705).
• Exports are growing. US exports reached historic highs in 2011, which represents an increase of 33 percent from those in 2009. That year, US exports reached a record $2.1 trillion and supported 9.7 million American jobs. US exports of services reached a record $606 billion, boosting the 2011 trade surplus in services of the United States to a record $178.5 billion. Total global exports were higher in 2011 than in any previous year (Source: http://www.commerce.gov/news/fact-sheets/2012/05/17/fact-sheet-build-it-here-sell-it-everywhere-why-exports-matter).
• Exporting helps you find new customers and develop new markets. The International Monetary Fund (www.imf.org) forecasts that nearly 87 percent of the world economic growth during the next five years will take place outside of the United States.
The bottom line is whether you run a product or serviced-based business you need to be ready to take on the world, because the future of exporting literally lies in your hands. Are you ready? Let’s export!
Laurel J. Delaney is founder and president of Chicago-based GlobeTrade.com, a management consulting company that helps entrepreneurs and small businesses go global. She is the author of “Exporting: The Definitive Guide to Selling Abroad Profitably,” Apress, 2013 (www.ExportingGuide.com).
Guest Blog Post by Beth Bronfman, Managing Partner, VIEW
I believe in empire building. Especially when it comes to women in business. If you want power, I say go for it. But what happens once you get to that mountaintop that once seemed so unattainable? What happens when the hurdles that seemed so high are now considered nothing more than temporary speed bumps? When you have every reason to rest on a nice cushy bed of laurels?
Wake up. You are now at a make or break moment.
The care and feeding of a successful business is every bit as challenging and critical as the long climb it took to achieve that success. Thankfully, you are now in a position to delegate, draw on the support of longtime contacts, and get advice from those who once had no time for you.
Interestingly, Advancing the State of Your Empire was the theme and focus I chose as the chair of this year’s annual Committee of 200 (C200) Conference in New York City. C200 is an invitation-only membership organization composed of some of the world’s most successful female business leaders and entrepreneurs. I feel privileged to be a board member of such a prestigious group and to share ideas, experiences and visions for the future of our careers — and for all women in business.
Though women are quite savvy about the tools needed to start their careers, they are woefully deficient in understanding what’s needed to progress as leaders. Here are a few tips I consider indispensable, whether you’re in the corporate world or an enterprising entrepreneur:
- Continue building your list of contacts. It is important to know people with a variety of skill sets you are able to draw upon at any point in time. You never know when someone in another industry might become the perfect partner for your next business goal.
- Carefully select a board of advisors. It is the old adage: Two heads are better than one. And in many cases, multiple heads are better than a few. Having a trusted team of advisors to turn to for big decisions can help provide important perspective, drawn from combined years of experience in business.
- Never stop networking. Learn about what other leaders are doing and how they think can only expand your own vision. Surround yourself with equally ambitious and successful leaders, and you will never lack for inspiration or guidance when you need it.
- Don’t be afraid to ask for help. You’d be surprised at how many other successful leaders have faced similar challenges, and can provide valuable insight into how to approach a problem to find a workable solution.
These tips are valuable at any stage of a career, including the CEO level! In fact, at the C200 Conference, our members, all corporate leaders and entrepreneurs, participated in panels where we leaned on one another for advice on all kinds of topics, including how to make tough choices — in life and in business, how to apply the growing field of big data to improve businesses in any industry, and how to get the most out of each stage of a career. The point is that you’ve never climbed the ladder far enough to stop climbing, or to look around at the scaffolding for support.
*This article originally appeared on Huffington Post on December 4, 2013
Are you a small business owner? Make Nov 30 one of the biggest days of the year for your business by taking part in Small Business Saturday®. Check out resources that can help you stand out on the big day at ShopSmall.com.
• SPREAD THE WORD: Download marketing materials that can help you attract new customers on the day
• PROMOTE YOUR BUSINESS: Apply for free personalized online ads. Eligibility restrictions apply; see Terms of Participation for full details. Registration for free ads closes on 11/4/13 or while supplies last.
• GET INSPIRED: Visit ShopSmall.com to see what others have done in past years to make the day a success
This is a day no small business would want to miss. Make sure you’re a part of Small Business Saturday 2013.