Category: The 10 Most Inspiring Business Women Making a Difference 2021_article

The popularity of ‘purpose-driven’ companies has grown exponentially over the past decade, and for a good reason. Historically, businesses exploited every opportunity for the sole purpose of maximising profit for shareholders. That said, as a spotlight has been shone on the reckless exploitation of natural and societal resources for profit, more companies have begun the process of self-examination and internal change.

Today a growing number of business owners realize there’s real value in creating a purpose-driven company, and in supporting suppliers with which they can align their values. Here we ask the question, what does a purpose-driven company look like and why does it make sense to ensure that your business is backing brands that are led predominantly by purpose.

What does purpose look like in practice?

A purpose-driven company stands for something bigger than its products and services. So, how does a business successfully put purpose into practice? For RecruitMyMom founder and CEO, Phillipa Geard, the first step in creating a purpose driven company was to identify a significant need in the market, and then to address that need. “When starting my business, I identified a significant gap between the skills market and skilled mothers’ need to be employed with some measure of flexibility to allow for space for  family responsibilities.” She explains, “Hence with RecruitMyMom purpose came first, profit second.”

This speaks to the point that purpose shouldn’t be something a company plugs in as an added extra. Rather, it should be something around which a brand is built, and it needs to run deeper than a motto or mission statement. Let’s take a closer look at why clients prefer to support purpose-driven companies.

Purpose-driven companies create long-term sustainable performance

When a company’s purpose is clear, its vision is relatable. Clients trust companies who operate closely to their purpose. Phillipa explains how purpose has driven repeat business with RecruitMyMom’s clients, “Companies that use our services to hire skills, all subscribe to the company purpose, and will keep on returning to RecruitMyMom whenever they need skilled women to add value to their businesses.”

Purpose streamlines decision-making

A company’s purpose guides all decision-making. Each business decision should be weighed against the company’s purpose to see if it brings you closer to the goal. “Our business’s purpose of giving women dignity through work, guides all decision-making.” Phillipa confirms, “This helps us to easily identify business opportunities which fit into our business strategy, and empowers us to better serve our clients.”

Purpose fosters loyal staff

A clear purpose will attract like-minded people to the company. The most effective teams operate with a common goal in mind. Phillipa Geard explains what this looks like in her team, “At RecruitMyMom, every person placed in a job is cause for celebration.” She says, “We measure our success at the end of each month in ‘number of lives touched.’ This measure is a motivator for our staff, as everyone treats the company purpose as a personal purpose.” When staff members work towards a shared vision, it influences and fuels every other aspect of the business.

Purpose helps to drive your business forward

Having a clear company purpose that resonates with the entire team is what drives a business forward and can guide innovation within the company. “At RecruitMyMom, there is continuous energy around solutions to support more women through innovative recruitment solutions. This has meant that through the tough times of job losses and pay cuts, RecruitMyMom has remained steadfast.” Phillipa Geard explains.

Authentic purpose, authentic results

Purpose-driven companies are led by principled people. These leaders are authentic in everything they do. They walk the walk instead of just talking the talk which means their companies deal with staff and clients honestly and with integrity.

When purpose is viewed as a foundation on which a business is built, it creates a deeper connection with staff and customers. Purpose-driven companies deliver value beyond a product or service, they achieve great results and are rewarded with continued loyalty from their staff and customers they serve.

This article was supplied by RecruitMyMom. We operate nationally in South Africa, and globally for virtual assistants.

I think a lot of business owners will agree that a lot has changed in the business world after the pandemic. A lot of businesses had to close down and the few that remained still needed to create innovative ways to survive. For some restaurants and hotels that meant starting online delivery for their food items. For others, it meant holding online consulting meeting with clients as opposed to physical meetings and changing physical conferences to online conferences.

On the other hand, some businesses boomed during COVID – 19. Businesses like E- learning platforms, Online Food Delivery, NETFLIX and Zoom were in the perfect position to grow due to the pandemic. Pharmaceutical companies also made money from sale of face masks, personal protective equipment and drugs people purchased due to panic and fear. The secret of success for businesses here was that they were in the right position in the market. At the Flux Group, we created a business, County Support which partnered with a local mask production company and sold over two million locally made face masks at cheap prices to Nigerians and helped businesses cope with the effect of the pandemic and adapt. If your business wasn’t ready to attend to customers from their homes or supply products and services necessary for survival, it may not have been able to adapt to take advantage of the economic situation created by the pandemic but there is no reason why your business should be left out of the post – pandemic economic boom.

I have itemized a few tips on how I think businesses can survive and thrive in the post – COVID -19 economy:

1. Prepare to think out of the box: All this time we have had a lull in business, should have been used and should still be used to create new ideas and schemes on money making from our business. At Flux, we used this time to find international partners for our real estate company Taylor’s Realties which now sells properties in several countries around the world. If you’re a law firm consider creating an online legal consulting chat box on your website. If you’re an event planner, find the best online apps for hosting events, synchronize them with music and food vendors and give your guests an unexpected experience. Are you a physical store? This is the time to consider becoming an online store. This is the time to try something new, improve your product and hit the market running.
2. Invest in marketing: If you had never taken marketing seriously before, this is the time to take it seriously. Now the world is more of an equal playing field and those with big stores can’t oppress those with online stores. Many people can’t and wouldn’t leave home and so online purchases have increased. If you can invest in a good digital marketer, you can forge ahead and hit the targets you need to.
3. Reduce costs: This is the time to analyse your business and reduce your costs, if you’re not using all that office space, reduce it and sub-let. You may need to downsize your staff, you may also need to cause members of staff to play more than one role. You need to look at your business and cut off all the extra luggage you have been carrying around.
4. Look closely at your profit margins: If you pay close attention, you would observe that some things have become more expensive post COVID-19. These price increases could affect your raw material cost, transportation costs, storage costs and more. The incidences of items getting lost in the mail have increased and as a result, so would the cost of insurance and these can all affect your price margins. The increase in margins affected our business Foodworths as the price of food skyrocketed. We couldn’t have the sales we used to do regularly, we actually had to increase prices. My advice to you is this: I know you do a 20% off sale every September, but the question is, can you really afford to right now? Never take your eyes off the bottom line.
5. Lawyer up: If your business didn’t have a lawyer before, this is the time to get a good legal infrastructure. You would need to ensure that your insurance contracts are reviewed to cover pandemics, strikes, riots and natural disasters. You would also need legal advice on how to disengage employees, negotiate lower wages and pay offs. Good legal support will help you follow up on contractors who don’t pay you and try to rely on force majeure clauses in your contracts. This is the time to actually review all those force majeure clauses in your contracts. Good legal advice is something every business owner needs.

I could go on and on about how to help your business thrive post covid if we had more time, alas we don’t and its time I say goodbye. Be that as it may, I think you should be very proud of yourself if your business survived the pandemic because a lot of businesses didn’t. The journey from here to success may not be an easy one but it would be worthwhile. Even if you lost your business during the pandemic, study the market, you would see that a lot of new businesses sprouted from the remains of those that died. Zoom has brought the world closer and people can now do business across borders better than they did before.

In the words of that great philosopher ‘if at first you don’t succeed? Try, try and try again’ With persistence and perseverance, a sprinkle of hardwork and a dash of good luck, you would overcome and achieve your dreams. Form a good reading habit and read books that develop you as an entrepreneur, learn about sales, profit margins, business in general and work hard towards a better tomorrow.

How can we advance female entrepreneurship and what can we do to stop the backslide?

ABD: “Governments need to realize the importance of women entrepreneurs in their economy and to inspire entrepreneurial attitudes. Women in business, sometimes feel invisible. African Women have a voice that can no longer be silenced. We are wanting to be the change and help create employment. But it starts with young girls at home: instill in them a love for reading and learning which will lead them to a sense of curiosity about the world. As the sayings go: “Little girls with dreams become women with vision” and “It is easier to build strong children than repair broken adults”. Government needs to create links between women entrepreneurs and corporates. Have these corporate giants pledge their support to include women entrepreneurs in their supply chain and governments to be equally committed to keeping those conversations alive. For a successful African woman, it is your duty as a woman to help another woman. When women support each other, incredible things happen. I do mentor a handful of women in business including our female staff complement and recommend they participate in great accelerator programs that are funded by the government. To women, I would recommend learning the basics of business, study, read, job shadow, ask for help. Use what is at your disposal, visit internet cafes and google, programs are waiting for you to sign up with. In South Africa, an organization called Seda will help you with your business idea and help turn it into a reality.”

What would be your advice to women who want to start a business?

ABD: “Remember start-ups default state is a failure, as an entrepreneur we have to work to un-fail it. In business we mistakenly think it’s all about that great idea, it’s not. Everyone has ideas. The most successful companies are founded on a combination of frugality, wise spending, customer service, and superior products. Always spend wisely. Don’t go broke trying to look rich. That’s a mistake lots of entrepreneurs make. When you buy things, you don’t need soon you will have to sell things you do need. Do you know that 85% of your financial success is due to your personality, ability to communicate, lead and negotiate? Only 15% is due to technical knowledge. Don’t get me wrong, KNOW, ABSORB, BREATHE and LIVE every aspect of your business but it brings it back to this. People buy People, not products. They don’t care how much you know until they know how much you care. Hustle like hell. I’ve begged, pleaded, and borderline harassed editors of magazines for free editorial. I hand-wrote letters to every single person who appeared on the tv show Undercover Boss USA, Dragons Den UK, Richard Branson, and every other successful person I admire asking for tips and mentorship.

As a women wellness entrepreneur what do you think is the most important skill that has helped you build your brand?

ABD: “Compassion! Knowing we are serving a purpose greater than ourselves. We have a great company culture and I personally strive to be flawless and impeccable with my word with my employees and customers. As women, our default state is to help and nurture. Honest, raw, and real conversations, exposing one’s vulnerability has opened many doors for me. I keep my values front and center. I believe Ego will destroy one. I am an open book, transparent about myself, my life, and my products. Persistence has taken me places, not talent or genius or even education. In business integrity is everything. Generosity and kindness go a long way too. I do not take the smallest gestures for granted as they speak the loudest. Being quite self-aware and
prioritizing personal development and that of my team, their development, and becoming the best versions of themselves is integral to my leadership style. I try and encourage strategic thinking, innovation, and action. This is the rainbow nation and we ensure to practice effective cross-cultural communication. I coach, motivate, and lead by example. I have a responsibility and need to develop others to succeed in their roles and prepare for future roles. Other roles include being a facilitator, strategist, visionary, a shoulder to cry on, a life and work coach but also being able to make tough decisions. Also, my company is a 100% black women-owned business and all of us come from disadvantaged backgrounds and gender bias- an inequality- is not a challenge we face as a company.”