We Need More Women Business Owners

The role of Business Ownership is crucial for driving innovation, creating jobs, and fostering economic growth. Here’s why we need more woman Business Owners and their presence around the table where Business Owners meet.

Driving Economic Growth?

Women Business Owners profoundly impact economic growth. Studies show that women-owned businesses contribute significantly to job creation and GDP. According to the Global Entrepreneurship Monitor, women own approximately 252 million businesses worldwide. There is potential for much more.

Diversifying Perspectives

Women Business Owners bring diverse perspectives and approaches to problem-solving and decision-making where Business Owners meet. This diversity of thought is invaluable in today’s complex business environment, where innovative solutions are essential for success. Women often approach business challenges differently than men, leading to a broader range of ideas and strategies.

Enhancing Social Impact

Women-owned businesses tend to prioritize social impact and community engagement. Women Business Owners are more likely to invest in social causes, create inclusive work environments, and implement sustainable business practices. This focus on social responsibility benefits society and enhances the reputation and long-term success of their businesses and those of their fellow Business Owners.

Boosting Innovation

Innovation is the lifeblood of business success, and diversity is a key driver of innovation. Woman Business Owners often bring unique perspectives and experiences that can lead to groundbreaking ideas and approaches. By fostering an environment that supports Woman Business Owners, we can boost innovation across industries. This not only benefits individual businesses but also contributes to the overall dynamism and competitiveness of the economy.

Expanding Market Opportunities

Women understand the needs and preferences of women, a market segment that represents a significant portion of global purchasing power. Women Business Owners are well-positioned to develop products and services that cater to this market, creating new opportunities for growth.

Promoting Work-Life Balance

Woman Business Owners often prioritize work-life balance, not just for themselves but also for their employees. They are more likely to implement flexible work policies, family-friendly benefits, and supportive workplace cultures. We know that this focus on work-life balance can lead to higher employee satisfaction, increased productivity, and lower turnover rates.

Creating Role Models and Mentors

Women Business Owners serve as role models and mentors for other women and girls, inspiring the next generation of Women Business Owners. Their success stories demonstrate that women can thrive as Business Owners and Leaders. This visibility is crucial for challenging stereotypes and changing societal perceptions about women's roles in business. By increasing the number of Women Business Owners around the same table, we can create a positive cycle of inspiration, mentorship, and empowerment.

The Value of Women Business Owners on Boards

Better Decision-Making

Women Business Owners offer different viewpoints because of their unique experiences in running businesses. Their insights into market trends, customer behaviour, and strategies can make discussions richer and more comprehensive. This diversity of thought helps Business Owners make better decisions, spot new opportunities, and avoid potential risks. Women Business Owners are often great at solving problems creatively and thinking outside the box. Their presence where Business Owners meet can lead to more dynamic and innovative discussions, encouraging their fellow Business Owners to explore new ideas and approaches.

Improved Financial Performance

Studies show that companies with gender-diverse boards tend to perform better financially. For example, research by McKinsey & Company found that companies with diverse boards are more likely to be profitable. This is partly because diverse boards make balanced decisions and manage risks better. Women Business Owners, with their experience in managing finances and planning strategies, can greatly contribute to a company’s financial health. Their entrepreneurial mindset focuses on efficiency, resourcefulness, and sustainable growth, which can boost the company’s performance and stability.

Stronger Corporate Governance

Good corporate governance is essential for a company’s long-term success. Women Business Owners bring valuable experience in setting up governance structures and practices in their own businesses. They understand the importance of compliance, ethics, and stakeholder management, which can strengthen the company’s governance framework. Moreover, Woman Business Owners often advocate for greater transparency and accountability. Their presence can prevent groupthink, highlight blind-spots and promote a culture of critical thinking and ethical decision-making.

Encouraging an Entrepreneurial Mindset

Women Business Owners bring an entrepreneurial mindset to groups of Business Owners, characterized by innovation, resilience, and a readiness to take calculated risks. Their experience in dealing with uncertainty and adapting to change can help their fellow Business Owners respond more effectively to market shifts and disruptions. Their focus on customer needs and value creation can help drive their fellow Business Owners to develop more innovative products and services. This entrepreneurial approach can lead to increased competitiveness and market differentiation, positioning businesses for long-term success for all Business Owners around the table.

The Role of The Alternative Board’s Peer Advisory Boards

The Alternative Board (TAB) provides a unique platform for Business Owners and leaders to come together, share insights, and solve challenges through Peer Advisory Boards. These boards bring together diverse groups of Business Owners to provide mutual support and guidance.

Here’s how TAB’s Peer Advisory Boards add value:

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Enhanced Decision-Making

TAB's Peer Advisory Boards offer a wealth of collective experience and knowledge. All Business Owners can benefit from the diverse perspectives and expertise of their peers, leading to more informed and balanced decision-making. This collaborative environment fosters innovative thinking and helps Business Owners navigate complex challenges.

Building Networks and Support

One of the significant barriers for Women Business Owners is limited access to professional networks. TAB’s Peer Advisory Boards provide a supportive global community where everyone can build valuable connections, share resources, and find mentorship. This network can be instrumental in overcoming the isolation that many Business Owners face and in opening up new opportunities for growth and collaboration.

Encouraging Accountability and Growth

Peer Advisory Boards create a culture of accountability. Regular meetings and discussions with peers encourage all Business Owners to set and achieve their goals. This accountability, combined with the support and insights from other experienced Business Owners, can drive significant personal and professional growth.

Promoting Best Practices

Through TAB’s Peer Advisory Boards, all Business Owners can learn and implement best practices. The shared experiences and advice from peers can help Business Owners refine their strategies, improve operations, and adopt innovative solutions. This continuous learning environment ensures that all the Business Owners around the table stay competitive and resilient.

Conclusion

The need for more Women Business Owners is clear and compelling. Women bring unique perspectives, drive economic growth, enhance social impact, and promote innovation. They also serve as role models, address gender inequality, and create inclusive workplaces. By supporting and encouraging Women Business Owners, we can unlock a vast, underutilized resource that benefits businesses, economies, and societies.

At The Alternative Board, we address the barriers that women face in becoming Business Owners and create an environment that supports their success.

Having women Business Owners on Peer Advisory Boards is incredibly beneficial. Their diverse perspectives, entrepreneurial mindset, and governance experience can enhance decision-making, financial performance, and corporate governance. Moreover, their presence inspires future Women Business Owners and shows a commitment to diversity and inclusion.

By recognizing and leveraging the unique contributions of female Business Owners, we believe The Alternative Board can unlock their full potential and achieve sustainable success.

The Alternative Board’s Peer Advisory Boards can provide the support, network, and resources female Business Owners need to thrive, further driving economic and social progress.

Speak to The Alternative Board’s female Business Owners for more information –

Riana Olivier @ [email protected]

Lize Terblanché @ [email protected]

Elmari Wilmot @ [email protected]