In 2024, women in the US started nearly 50% of the 5.4 million new businesses, a dramatic increase from 2019’s 28%. Focused on overturning the status quo, women have taken to leadership roles more than ever. Recent research has discovered that organizations with women in leadership roles have recorded a 90% retention rate as opposed to the otherwise recorded retention rate of 57.3%. Women are not only able to take on extra challenges, but they are coming out as clear winners in almost every manner.
Source: proinsgroup.com
Contents
1. Strengthening Processes
There is no lack of stereotypes and preconceived notions regarding women in business. Terms like “emotional” and “docile” are often used when referring to female business owners. However, these are far from the truth.
In reality, female entrepreneurs have led the conversation across industries, be it high-tech or education. The index provider organization MSCI found that corporations with three or more women in the boardroom appeared to enjoy an average 10.1% return on equity. Companies without such a significant number of women on the board only saw a 7.4% return on equity.
As business owners, women often strengthen core processes integral to the organization’s growth. They bring new perspectives and disrupt business models to successfully pave the way for innovation. Not only do female entrepreneurs regularly obliterate gender stereotypes, but in the same spirit, they often break long-standing industry norms and effect real change.
Source: allnaturalcompany.com.au
2. Automation
Structured automation is considered to be an asset with limitless potential. Most enterprises regard it as a top priority. Women entrepreneurs are serving as catalysts to automation.
While many male-dominated companies continue working with old-school business models, more and more women are coming up with ideas to automate small and large processes.
For instance, take Pipedrive – one of the best automated CRM tools in the market today, leveraged by women entrepreneurs around the globe. When it started back in 2010, not many people understood the concept of automated CRM (Customer Relationship Management) or how significant its impact could be. A decade later, most companies are switching to an automated CRM system because it has proven to be massively profitable, not to mention highly efficient.
Source: prowly.com
3. Customer Centric Approach
Most entrepreneurs will tell you this little secret: The first rule of becoming a successful businessperson is being a people person. If you cannot provide services with a smile, somebody else will. Aside from a few exceptions, a business will never successfully get repeat customers and be able to scale if its customer relationship department fails. Given the tremendously competitive atmosphere, no matter the industry, customers today don’t lack options.
Women are far more socially adept. Their empathetic nature pays off when building strong, lasting relationships. This helps them excel at understanding the nuances of building and maintaining customer relations.
These aren’t mere observations concluded from speculation. Research has shown that companies led by women are substantially more profitable, socially responsible, and provide better customer experiences. Since any organization’s tone, attitude, and policies are almost always set in a top-down manner, it helps when the top management has well-developed people skills that call people in instead of calling them out.
4. Business Women Help Build Teams
Women leaders have a very different take on leading an organization as compared to their male counterparts. They are far more holistic, collaborative, and inclusive – all the qualities necessary for building a solid team foundation.
They work towards building morale through a positive outlook and a fighter’s spirit. They are never too quick to judge and will always insist on being fair. As opposed to being authoritarian, they are a lot more accommodating. Women in leadership roles are seen to give everyone an equal chance, and they always try to build a team where nobody feels left out. They help build close-knit teams and foster an environment of success. As they say – where there are women in charge, everybody wins.
With that said, female entrepreneurs have a keen eye on the goal and rarely deviate. They understand how a stellar team helps achieve explosive growth. Not only on the internal side, but this quality shows on the front-facing side as well.
In organizations where women hold key roles, the customer service teams are very well developed. They understand the value of placing the customer first, a quality that translates to their products. Most organizations even equip their customer service teams with advanced tools to streamline processes and provide flawless assistance. Made with that in mind, automated CRM systems leverage cutting-edge technology to get ahead in business.
Source: thebusinessblocks.com
5. A Strategic Mindset
Largely, women are known to take rational decisions and devise well-thought-out strategies by putting in the hours and hard work.
Through an undying positive spirit, women are able to smile even through the most difficult situations. They might not appear to be doing as such, but as business owners, women apply a 360-degree approach to almost all the decisions they make. They’re generally not ones to make rash decisions in the spur of the moment. Their calm demeanor, rich experience, and cool, collected self take over when times get tough. They wish to deliver value not only to their clients but also to their employees, stakeholders, and communities.
This attitude of theirs is best suited for establishing businesses firmly rooted in sound values and with the ability to scale rapidly.
As important as diversification is, it is even important to understand the reason behind advocating for it. With more and more women entering the business world, it would help bring plenty of new perspectives and ideas to the table. And with it will come a new era of intelligent innovation and diversified transformation.
Please check our website for more details https://www.pipedrive.com/.
