Advice for Business Resilience from Top Companies
The Women Presidents’ Organization (WPO), in collaboration with American Express, recently released the 13th annual ranking of the 50 Fastest-Growing Women-Owned/Led Companies. The companies on this year’s 50 Fastest list span a range of industries, including healthcare, technology, and consulting. From January to December 2019, the 50 Fastest generated a combined $3.8 billion in revenue and collectively employed more than 17,000 people.
“The 50 Fastest Growing Women Owned/Led Companies are a trailblazing group of women who are leading some of the most successful businesses around the globe,” said Jessica Ling, Vice President and General Manager, Marketing Strategy, Content and Experiences at American Express. “I was thrilled to have the opportunity to speak with some of these business owners and learn more about the creative ways they’ve pivoted to not only keep their businesses running but also to support their employees, customers and communities through these trying times.”
At the annual WPO conference, held virtually on July 22 and 23rd, Jessica spoke with four of the 50 Fastest Awardees for a fireside chat on the topic of resilience and leading in uncertain times. Asma Ishaq, CEO of Modere, Patricia Bible, Founder and CEO of KaTom Restaurant Supply Inc., Jenelle Coy, Founder and Managing Partner of Spero and Sujata Stead, CEO of Cambridge Boxhill Language Assessment, shared their advice for navigating these unprecedented times.
When asked what advice they would give business owners that are looking to grow, especially in today’s climate, each provided key insights and personal anecdotes for growing and remaining resilient through the pandemic.
Asma Ishaq of Modere, ranked third on the list, said that it’s important to double down on existing customers.
“This is a time when you can develop a deeply impactful impression on customers. We have done everything we can to show our customers that we’re in this together, and they have gone to great lengths to reciprocate their loyalty,” says Asma.
“It is more efficient and less costly to retain customers than it is to acquire them. We felt a need to prove to our customers that we value their business and well-being.”
When asked the same question, Jenelle Coy of Spero, number seven of the list, said, “Passionate optimism and confidence are must-haves no matter what current circumstances you’re experiencing. Have a Deja vu mindset that you’re starting your business all over again and reevaluate your strategy, staffing and operations from the ground up to compete and thrive in the new normal.”
When asked the same question, Jenelle Coy of Spero, number seven of the list, said,
“Passionate optimism and confidence are must-haves no matter what current circumstances you’re experiencing. Have a Deja vu mindset that you’re starting your business all over again and reevaluate your strategy, staffing and operations from the ground up to compete and thrive in the new normal.”
Patricia Bible provided insights into what KaTom Restaurant Supply Inc., number 10 on the list, is doing to support both staff and customers in this challenging time. “KaTom has taken on the approach of looking internally first,” said Patricia.
“We look at all our associates as customers first and if they are happy then our customers are happy. We’ve taken extreme measures including additional training for staff to help mitigate the fears that so many are struggling with and to also give them confidence when speaking with their customers. We have found that investing in employees pays tremendous dividends.”
Patricia went on to explain how impactful her staff has been. “With 53 percent of our operating force being millennials, we do a lot of listening as they bring invaluable direction.”
“Firstly, you need to have passion and believe in your business as well as what you stand for and the value you offer to your customers,” said Australia-based Sujata Stead, ranked number 15 on the list.
Building an organization and turning it into a profitable and sustainable enterprise requires a phenomenal amount of hard work so you need to love what you do – whether it’s your product or service, customers or staff – this will make the journey worthwhile.
“Secondly, it is important to build organizational resilience and agility. We are living in a world that is increasingly volatile, uncertain, complex and ambiguous. This means we need to be able to pivot at short notice and have the ability to evolve. As an organization, you have to have passion for what you do, the community you serve and the ecosystem you’re part of.”
The businesses on the 50 Fastest list have demonstrated the true meaning of resiliency during the current climate.
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