Month: August 2024

While women are taking the business and entrepreneurial world by storm, they are still faced with inequalities and obstacles that their male counterparts are not. Here are four challenges women business owners are facing today — and ways to overcome them.

Challenges

1. Access to funding.

Women may own 42 percent of U.S. small businesses, but they continue to face challenges when it comes to obtaining funding. Even though the Women’s Business Ownership Act of 1988 affirmed equal access to capital, men are still 3 times more likely to get a business loan than women — and frequently, women receive smaller loans than men.

2. Equal sales.

On average, women-owned businesses make less money. According to Biz2Credit’s 2022 Women-Owned Business Study, women-owned businesses brought in an average annual revenue of $475,707, whereas men-owned businesses brought in an average annual revenue of $675,643. This, in part, may be due to the lack of outside funding obtained by women entrepreneurs to propel their businesses forward.

3. Equal respect as a CEO.

Women often face more scrutiny and less opportunity in the workplace than men —especially as a CEO. In addition to gender stereotypes still permeating everyday interactions, we see this directly in hiring practices, which provide women with less opportunities in leadership roles. For every 100 men promoted to manager positions, only 87 women — and 73 women of color — receive the same promotion. Consequently, managerial roles are more dominated by men, leaving fewer opportunities for women to eventually reach senior leadership positions.

When owning your own business, these unfortunate patterns can still impact daily operations, whether with employees or external partners.

4. Maintaining self-confidence.

When impacted by inequal opportunities, it can be hard to maintain self-confidence. Women have fewer CEO role models who look like them. Many workplace cultures have told them they don’t belong at the head of the table. This often leaves women business owners with fears of failure or inadequacy.

Solutions

1. Find a bank that prioritizes equality.

When looking for funding, women entrepreneurs can look to banks that prioritize specific solutions for minority and women owned businesses. This provides access not only to capital lending programs, but also Small Business Administration (SBA) programs and access to small business solutions from checking and savings accounts to credit cards and more.

2.Get certified.

When hoping to increase sales, it never hurts to become certified as a woman-owned business. Many corporations and government agencies specifically look to work with women-owned businesses — and becoming certified will widen your net and tell them you’re a viable option.

3. Show you know.

Commanding respect is often about demonstrating confidence and expertise. Show you know your industry. Show you know what you’re saying. And show you know you belong in the room as much as your male colleagues.

One great way to show you know your industry is to know how your brand fits into it. Do your research, know the industry landscape, hone your business’ identity, and determine how to speak to it. Remember, how you say it is how you sell it.

Confidence often powers success. Train yourself to eliminate uncertain phrases such as, “I think,” or apologetic preambles like, “Maybe this is just how I see it but…”. Believe that your ideas are valuable. Stand tall. And remember, if you can build a business, you can build self-confidence.

4. Network with allies.

Owning a business comes with a multitude of challenges that can erode confidence — it helps to have a support system. Find professional groups for women business owners for support and idea sharing. When you connect with others who can relate firsthand to your experiences, it builds self-assurance.

Pay it forward. Mentor young professional women to build a culture of confidence in your company. Instilling confidence in others often leads to self-confidence.

Ready to take the next step?

Find a trusted ally, like those at Webster, who will work with you hands-on to reach your goals — with a team who understands the complex lending needs of Minority and Women Owned Business Enterprises (MWBE)1, Webster can help with SBA-guaranteed loans and lines of credit in multiple forms and terms.

Connect with Webster Bank today.

The opinions and views herein are for informational purposes only and are not intended to provide specific advice or recommendations. Please consult professional advisors with regard to your individual situation.

All credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply

1Also referred to as Minority and Women Owned Businesses (MWOBs) and defined by the FDIC as companies which are at least 51% owned and controlled by one or more minorities or women.

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News like this has become so common that you may have missed a headline from the Associated Press on July 24: “Monday breaks the record for the hottest day ever on Earth.” As reported in one of our Top Stories below, the European climate service Copernicus said the global average surface air temperature on Monday, July 22 was the hottest day on Earth in Copernicus’ data dating back to 1940. Scientists attribute the warming trend to human actions, with the director of Copernicus, Carlo Buontempo, saying, “The climate is generally warming up as a consequence of the increase in greenhouse gases.”

Consumers are increasingly affected by extreme weather events and flooding from rising tides, and as a result want to take action to combat climate change. In another of our Top Stories, PwC’s 2024 Voice of the Consumer Survey found that “85% of consumers are experiencing first-hand the disruptive effects of climate change in their daily lives and are prioritizing consumption that integrates sustainability-focused practices.” In addition, the survey found that 80% of consumers say they are willing to pay a premium of 9.7% more on average for goods that meet specific environmental criteria.

While consumer action is helpful, climate experts say the actions of businesses are far more important in reducing carbon emissions to meet the ambitious targets set by the Paris Agreement in 2016 (45% reduction by 2030 from 2010 levels and net zero by 2050). At a webinar hosted recently by the University of Colorado Denver, discussed in another of our Top Stories, Robert Hobbins of the UC Denver Business School said, “Businesses must step up to the plate and lead the charge in sustainability, not just for the planet’s sake but for the sake of their future.”

The UC Denver webinar, “Empowering Businesses to Make the Climate Transition,” discussed sustainability strategies for businesses and also highlighted the vital role that government policies had on improving sustainability. Global businesses are facing increased pressure from new government regulations to mandate sustainability reporting and climate actions, including the European Union’s CSRD and proposed new mandates from the U.S. Securities and Exchange Commission.

A recent Forbes article by contributor Gary Drenik, another of our Top Stories, discusses the need for companies to provide accurate data on carbon emissions and product carbon footprints to drive sustainable business decisions and help consumers make more informed decisions. He quotes Tim Weiss, CEO and co-founder of carbon management software company Optera, as saying that companies need to focus more on Scope 3 emissions, the emissions generated by the entire value chain, which can account for 70% of a company’s total carbon footprint.

Drenik cites efforts by the retail industry to improve direct product-use emissions data, in which the Retail Industry Leaders Association (RILA) partnered with Optera to create a database which combines information from suppliers and the EPA to provide standardized product emissions data. The data, which is currently at the product category level, is intended to help retailers take accountability for these emissions and provide consumers with more environmentally friendly choices.

With consumers pushing for more sustainable products, businesses will need to adapt to meet that demand, including by improving their sustainability reporting. G&A’s team continues to monitor trends in climate reporting including measuring Scope 3 emissions and is available to help guide companies on this important part of your sustainability journey.

This is just the introduction of G&A’s Sustainability Highlights newsletter this week. Click here to view the full issue.

As part of our commitment to Safe Water For All, Kohler teams from Saraburi and Bangkok, Thailand, helped to renovate bathrooms at the Wat Khon Hom primary school—providing a cleaner and more gracious experience for students and staff.

The teams also sponsored sports equipment, helped plant a vegetable garden for fresh produce at lunch, and spent time playing and teaching the students English.

Here’s to healthy and supportive learning environments for all children.

Originally published on Life At HARMAN

​​​​​​​​Tessa, a HARMAN Field Application Engineer (FAE), shares her captivating journey that​​​ intertwines the realms of music and automotive technological innovation.

​​​The Roadmap to Professional Success

Tessa’s journey began at the University of Michigan, where she graduated with a bachelor’s degree in Performing Arts Technology with a concentration in Engineering. This diverse academic background laid the foundation for a multidimensional approach to problem-solving.

After graduating, Tessa’s passion for sound and technology led her to HARMAN. With a focus on software-only projects, Tessa works in the solution management team, guiding automotive manufacturers in utilizing the software developed by HARMAN. This software plays a crucial role in building, organizing, tuning, and analyzing complex audio signal flows that are later integrated into the vehicle’s audio system.

Tessa is also occasionally involved in Engine Sound Synthesis projects and addressing the software capabilities in sound design for electric vehicles.

Surrounded by colleagues who share a passion for music and technology, the office transcends the traditional notion of a workplace.

“I appreciate a wor​​kplace that is full of musicians like me! As a social environment, it feels like I am surrounded by like-minded people,” said Tessa. “The office environment feels less like a workplace and more like a collaborative space where can I accomplish great things with a supportive team.”

For Tessa, it is not only a collaborative space where creativity is encouraged but also celebrated.

The Evolution of a Musician: A Symphony of Creativity

Beyond the corporate realm, Tessa is a skillful musician, performing under the artist name AUDIA. She has been crafting music since a young age, having often participated in extracurriculars such as the choir.

What sparked Tessa’s passion for music? A childhood filled with movie magic and an intrinsic fascination about the ability of music to enhance storytelling and create a link between all the elements of moviemaking.​​​​

In high school, the installation of her first Digital Audio Workstation (DAW) marked a pivotal moment. Experimenting with various styles, from synthpop to singer-songwriter pieces, and even orchestral compositions infused with electronic elements, Tessa eventually found her niche in the world of electronic music known as “bass music.” This genre, including sub-genres like dubstep, bass house, and midtempo bass, allowed Tessa to work with the storytelling aspect of orchestral arrangements including her vocals, and infuse them musically with the infinite and diverse possibilities of working with sound design.​

In 2023, Tessa performed at Movement Music Festival in Detroit and shared in an interview what it meant for her to make an appearance at a major festival. ​

Perf​​​ormin​g​ for Colleagues

A unique aspect of Tessa’s journey at HARMAN is the opportunity to showcase her musical prowess within the corporate setting. Participating in various HARMAN events, Tessa has performed live for colleagues – a rare and enriching experience in a professional environment.

“I really enjoy performing for my colleagues and having the opportunity to share my art and my music with the people I work with. It is rare to find a company like HARMAN that embraces its employees’ whole skillset and passion with this type of opportunity,” Tessa shared.

This fusion of work and art is indicative of HARMAN’s distinctive culture, one that actively encourages employees to bring their whole selves to the workplace. It’s a culture where individual talents are celebrated, and the diverse skills of each team member contribute to the vibrant tapestry of innovation.

Check out Tessa’s music under the artist name AUDIA available on Spotify, Soundcloud, and Apple Music.

Tessa’s story as an FAE at HARMAN is a testament to the transformative power of aligning one’s professional journey with their passions. It exemplifies the potential for innovation when creativity is not only embraced but integrated into the very fabric of the workplace. As the symphony of her career continues to unfold, it resonates with a harmonious blend of technology, artistry, and the collaborative spirit that defines HARMAN’s unique cultural landscape.

If you are looking for a place where engineering meets vision, innovation, and inspiration, HARMAN will feel like the place where you belong.