Your Money & Business
|
|
How Women in Business have Navigated
the Challenges of an Unpredictable Environment
October 2022
By Karen Shan (with comments by Rachael D. Sampson)
According to a Met Life & U.S. Chamber of Commerce Special Report, the pandemic had a major impact on women-owned business, with the number of female business owners who’d previously ranked their business's overall health as "somewhat or very good" dropping 13 points during the pandemic, going from 60% in January to 47% in July 2020. Conversely, male business owners who’d reported a "good" business health, dropped five points in the same period (67% to 62%).
Those figures stoked my interest in learning more.
I heard about Key4Women®* through KeyBank and appreciated the program’s guidance on why it’s important for women to understand what’s involved in establishing and maintaining their financial health and the steps to take to ensure their financial well-being. To garner more information, I spoke with Rachael D. Sampson, senior vice president of KeyBank and director of Key4Women®, about how women in business have particularly handled the challenges of navigating a world-wide pandemic.
Those figures stoked my interest in learning more.
I heard about Key4Women®* through KeyBank and appreciated the program’s guidance on why it’s important for women to understand what’s involved in establishing and maintaining their financial health and the steps to take to ensure their financial well-being. To garner more information, I spoke with Rachael D. Sampson, senior vice president of KeyBank and director of Key4Women®, about how women in business have particularly handled the challenges of navigating a world-wide pandemic.
Here is what Rachael had to say about how women in business have responded to the rapidly changing business landscape during the height of the pandemic and beyond.
While we can’t say we’re living in a post-pandemic world yet, it is clear that business owners are adjusting to their new normal. While 2020 and 2021 were all about facing unprecedented challenges and reshaping the way we do business, 2022 has been about finding opportunities for growth amidst change. To better understand the struggles of women in business, Key4Women®, a program that provides financial guidance, resources, and advocacy for women in business, surveys its members regularly to gain their perspectives on the market and their plans for the future.
In our most recent survey, we asked women about their strategies for adapting to the pandemic landscape, growth plans, current roadblocks to success, and more. Nearly half of businesses report that they expect a “return to normal” within 4-12 months, and many have adopted permanent changes like increased digital presence, virtual networking, and more. While historically, about 60% of women reported they experience some barriers to success due to their gender, we also found that nearly three-fourths of women believe gender equality will improve in the next five years. Though women continue to face unique challenges and biases within the business world, if there’s anything the past two years have shown us is their strength and adaptability in trying times.
While we can’t say we’re living in a post-pandemic world yet, it is clear that business owners are adjusting to their new normal. While 2020 and 2021 were all about facing unprecedented challenges and reshaping the way we do business, 2022 has been about finding opportunities for growth amidst change. To better understand the struggles of women in business, Key4Women®, a program that provides financial guidance, resources, and advocacy for women in business, surveys its members regularly to gain their perspectives on the market and their plans for the future.
In our most recent survey, we asked women about their strategies for adapting to the pandemic landscape, growth plans, current roadblocks to success, and more. Nearly half of businesses report that they expect a “return to normal” within 4-12 months, and many have adopted permanent changes like increased digital presence, virtual networking, and more. While historically, about 60% of women reported they experience some barriers to success due to their gender, we also found that nearly three-fourths of women believe gender equality will improve in the next five years. Though women continue to face unique challenges and biases within the business world, if there’s anything the past two years have shown us is their strength and adaptability in trying times.
|
The constant stream of news regarding the pandemic, supply chain constraints, and potential market volatility has been unavoidable for the past two years. Two-thirds of respondents cited these as top concerns for their business, heavily influencing their confidence in growth, plans for the future, and overall outlook. Regardless of confidence levels, business owners agree that COVID, the economy, and attracting and retaining talent are always top of mind. While confidence levels haven’t yet reached where they were pre-pandemic, we are pleased to report that women’s confidence in a variety of areas is improving. From handling business and finances to conducting negotiations, women are feeling more capable than in previous years, and that’s a good thing. In the face of adversity, women business owners remain strong, adapting and thriving in a variety of conditions.
|
"While confidence levels haven’t yet reached where they were pre-pandemic, we are pleased to report that women’s confidence in a variety of areas is improving." ~ Rachael D. Sampson |
Changes are here to stay. No matter how COVID impacted your business, you likely had to make some changes to your operations. Things like increased digital presence and remote work options seem to be permanent fixtures in the new business landscape. The good news is that changes like increased digital presence in some cases have actually led to higher revenues. And things like innovating new products and services as well as investing in employee development seem to be key contributors to this growth.
One clear differentiator is those women-owned businesses that had strong mentors and advisors tended to fare better than those that did not. To grow their networks and find these critical partners, women are joining networking groups and attending virtual conferences to fill in professional development gaps that have resulted from the pandemic. Participation in these types of groups and events generally promotes increased confidence in business results overall.
So how do you start on the path to increasing your financial confidence? Strengthening your relationship with your bank is a good place to start. At KeyBank, our bankers can help you assess your business financials and discuss what the right next steps for your business might be. Plus, our Key4Women program can help you build your network and professional relationships to gain more insights into how your peers are handling current challenges, look for collaborative opportunities with other local businesses or connections in your network, and partner with other businesses to offer more comprehensive solutions and create operational efficiencies.
One clear differentiator is those women-owned businesses that had strong mentors and advisors tended to fare better than those that did not. To grow their networks and find these critical partners, women are joining networking groups and attending virtual conferences to fill in professional development gaps that have resulted from the pandemic. Participation in these types of groups and events generally promotes increased confidence in business results overall.
So how do you start on the path to increasing your financial confidence? Strengthening your relationship with your bank is a good place to start. At KeyBank, our bankers can help you assess your business financials and discuss what the right next steps for your business might be. Plus, our Key4Women program can help you build your network and professional relationships to gain more insights into how your peers are handling current challenges, look for collaborative opportunities with other local businesses or connections in your network, and partner with other businesses to offer more comprehensive solutions and create operational efficiencies.
*Key4Women® helps women secure needed capital and has lent more than $12 billion to women-owned businesses. The program’s 5,000-plus certified advisors provide advice and mentorship to women about leadership development, advocacy, connections, and empowerment, along with national webinars and coaching programs.
Note: This article is designed to provide general information only and is not comprehensive nor is it legal, accounting, or tax advice. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change. ©2022 KeyCorp. All rights reserved. 220829-1696268
Note: This article is designed to provide general information only and is not comprehensive nor is it legal, accounting, or tax advice. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and are subject to change. ©2022 KeyCorp. All rights reserved. 220829-1696268
Additional Resources:
SCORE - Free advice from business experts
Small Business Administration (SBA) - Advice about growing and managing your business
National Association of Women Business Owners - An organization with events, educational programs and other resources
SCORE - Free advice from business experts
Small Business Administration (SBA) - Advice about growing and managing your business
National Association of Women Business Owners - An organization with events, educational programs and other resources
Karen Shan is an award-winning writer who has enjoyed sharing news, insights and trends through her articles for Professional Office Design, Interior Design, the Poughkeepsie Journal, the Beacon Dispatch, Hudson Valley magazine and Hudson Valley Parent, where she also was the magazine’s editor. She currently works with the public relations firm C.C. Sullivan and is an associate editor for Sanctuary.
