Go Further, Together: Top Insights from Women Business Owners

“Looking back to look forward is very important for all of us,” says Melissa Lagowski, executive director of the Chicago chapter of the National Association of Women Business Owners (NAWBO). That sentiment comes to the forefront for women in business during March, which marks International Women’s Day on March 8 and Women’s History Month.

Both events should be celebrated to reflect on how far women have come in the business world. While it’s hard to believe, it was just three decades ago in 1988 that the Women’s Business Ownership Act was passed, which allowed women to seek their own business loans. “Before that, even their teenage sons could apply for a loan, but women could not,” explains Lagowski, pointing out that this legislation paved the way for other key milestones, including the establishment of the Certification for Women-Owned Businesses, the National Women’s Business Council and the Women's Business Development Center. “Without remembering how things used to be, we can’t appreciate the strides we've made and be reminded that we are still working to make the business landscape more inclusive and equitable.”

1. Women Flex Their Entrepreneurial Muscle

One of those woman business pioneers is Julia Billen, president and owner of WarmlyYours, who co-founded the radiant heating system company in 1999. “At the time, female participation in the remodeling and new construction industry was very rare, but that gave me an advantage as the first person in the radiant heating field to bring a ‘female touch,’” she says. “At my first trade show, my competitors were talking watts and volts and BTUs, but I was selling comfort and warmth. The entire industry has now progressed to that message, but it gave me a point of differentiation that helped my company grow.”

While Billen has built her entire career as a business owner, others walk the business ownership journey later in their careers. For example, Beth Ragsdale started the non-profit organization Words on Wheels, which focuses on early childhood education and literacy, after retiring from a 25-year career with First Midwest Bank and a 42-year career in banking.

“I had the energy needed to launch a new initiative, and I knew how important this work was,” she says, after becoming aware of the need for children to have an early introduction to vocabulary from her years as a board member of a domestic violence shelter. “The number of words an infant and toddler will hear before they are three can determine their future,” she says, which is why Words on Wheels is dedicated to making literacy fun through activities like bubbles and puppet shows – and of course, books.

Women have increasingly turned to starting their own businesses during the pandemic, which often affected women more acutely, given their role as caregivers. “We have seen a lot of women who took the initiative to be innovative when they realized their employers were not so accepting or accommodating,” says Lagowski. “Being their own boss allows them to be responsible for their own choices and their own scheduling. They realize life is short.”

2. Understanding Your Strengths Unlocks Potential

It probably comes as no surprise that owning a business is hard work, but Ragsdale emphasizes that staying focused on your purpose can get you through the challenges. It also is vital to surround yourself with a strong team. “Sometimes you don’t know what you don’t know,” she says, adding that she has called on her network of former colleagues and clients to help connect her with volunteers and donors.

Billen had a similar revelation. She created a stronger business strategy by identifying gaps in her own skillset and then finding someone who can fill them, to create a more well-rounded team. “I don’t have a business degree so I aligned myself with a cofounder who has an MBA from Harvard,” she says.

However, it’s equally important to let your strengths shine, she says, recommending the Gallup’s CliftonStrengths Assessment as a tool to realize where you excel. Billen also suggests taking something you might consider a negative trait and recasting it as a strength. “I lack patience, but I have turned that around to become an ‘activator,’ someone who is excited by moving projects forward and getting things done.”

3. Supporting Women-Owned Businesses Must be Foundational

Women have to be each other’s greatest allies, says Ragsdale, in word and deed.

Therefore, that support should start financially by purchasing goods and services from women-owned businesses whenever possible.

Next, offer your expertise, says Lagowski. “Any time you can cut the learning curve even a fraction you help other women elevate faster and be more successful sooner.” She cites a recent MasterMind session where a woman business owner in the construction industry received advice from an event planner that turned out to be a game-changer. “Even though their situations had unique challenges given their different industries, they discovered the benefit in looking at a similar problem from a new perspective,” she says.

And then be generous with connections. “Always think about who you could introduce,” says Lagowski. “It’s an easy way to help, and you never know where there might be really good synergy.”

Finally, be a vocal advocate for women’s issues. Lagowski is particularly proud of NAWBO’s work in this area. “We survey our members to take their pulse, and then we take those concerns to Capitol Hill and lobby hard for our interests to make sure women business owners are being heard,” she says.

4. Take Advantage of Resources to Grow

Billen acknowledges that sometimes it’s easy to feel lonely as a woman business owner so she recommends connecting with others in your situation. While she is active in numerous industry trade groups, she also finds great value in her participation in WBENC, a group she was introduced to through her Old National banker.  

Ragsdale suggests every woman business owner consult the resources that are available in their community, from networking groups to the YWCA. That could be easier than ever these days, as the pandemic has opened the doors to new opportunities to network, with more gatherings taking place over video calls.

For example, while NAWBO has traditionally been organized in geographically based chapters, they began holding industry-specific meetings virtually to connect women across the country so they could collaborate and share best practices.

“No matter what your vantage point, being a female business owner is challenging, so it’s important to find a group of like-minded individuals,” says Lagowski. “They can support you through the hard times and be a cheerleader in the good times. We are better together and can advance further faster when we're able to lean on one another and learn from one another.” 

Find out more about all facets of building and running a business at Old National Bank’s “We Have Ideas” site.