Research by British Business Energy reveals the top ways female entrepreneurs and business leaders are rebranding, pivoting and starting businesses during and post Covid-19
- We spoke with six female entrepreneurs who revealed how they were starting and managing a business during Covid-19
- 29% of male entrepreneurs will eventually build businesses with sales of £1-£50m; only 13% of female entrepreneurs end up achieving the same sales
- Just one of the 16 UK companies to achieve unicorn status in recent years was founded by a team including a female.
- Now more than ever, female entrepreneurs are coming to the forefront of business and taking up space within the industry.
With just 1 of the 16 UK companies to achieve unicorn status in recent years having a woman in the founding team, now more than ever starting a business can be a daunting undertaking for women. British Business Energy spoke with six female entrepreneurs across the UK on their tips for starting a business-post lockdown, adapting to remote work as well as the importance of collaboration, presentation and alleviating risks.
Collaboration, communication and the future of remote work
Collaboration and communication are vital when working remotely. Sara Stephens, Co-Founder and Chief Technology Officer at Rest Less adds that her top tip for managing a remote team is to actively increase communication. “Not through instant messenger or emails but on video calls to mimic face to face interaction as much as possible. We are trialling a ‘hands up’ approach on our video calls – when the speaker says ‘hands up’ everyone has to stop what they are doing and give their full engagement and attention to the conversation at hand. This is proving effective at finding the right balance between interaction, engagement, and work priorities” Sara Stephen further adds that “video catch-ups rather than a phone call as reading micro-changes in my team has become a crucial part of successful remote management for us: noticing small changes in behaviour, facial responses, what people say or what they don’t say has become even more important now we are working remotely. If I see a change, I will follow up separately to check in with team members and to make sure they are coping and feel supported.”
Alison Edgar, Managing Director, reveals that “it’s important you’re communicating with your team around you through tools like Zoom, Slack, or Teams. If you don’t have a team around you, there’s lots of online communities to both support you emotionally and offer advice.
Building an online presence and adapting to the climate
A strong online presence is crucial for maintaining a business in modern times. Emily Button-Lynham, Founder and Director of Emily Button Creative reveals that “It’s unlikely the world will completely go back to normal and virtual working will be the norm for many companies. Companies like Twitter are paving the way with a completely virtual workforce. As a product or service-based business, it is key to have a strong digital offering in place. Truly understanding what your customers want. Staying ahead of the curve means anticipating and predicting what your customers want. Ensure you know who your customers are, what their problems are and how what you offer solves that problem. Have strong customer personas will ensure anything you create will be tailored towards them and meet a real need. Test and learn with your customers as often as you can to seek feedback and pivot if needed.” Ros Simmons. Managing Director of MONAT further comments that “when starting a new business, it’s important to ensure you are passionate about your chosen sector and although you may be working alone and virtually during the crisis, knowing that you have a network of like-minded peers is also important. It’s hard to start a business at any time but more so when the world is in turmoil. Choosing to start your own direct selling business gives you independence, whilst also being part of a wider community. Companies that are thriving during this period are ones that have adapted digitally to still make sales e.g. wedding decorators designing and selling craft kits to make at home.”
Saving on costs and energy
We have all proven that working remotely can work, now It’s the time to think about your setup and whether you need a fixed term office. Jess Hodkinson, Content Strategist at www.jessicahodkinson.com comments that as opposed to renting an office space “you could cut this overhead and just rent a space for meetings and big client discussions. Embracing technology and upping your zoom subscription is a good place to start. Keep trusting your team and other things will fall into place. To save energy at home, make sure you only switch on the lights when the sun isn’t shining through. Maybe go for a side lamp instead of the main light? If your equipment is left on to charge overnight, does it need to be? Switch it off.”
Working from home presentation
While working from home allows much more leeway in terms of clothes, shoes, and hair for both men and women, the increased amount of video conferencing calls may require a little more in terms of presentation. Working in the beauty industry, Ros Simmons reveals her biggest secrets for video calls and films at home.”Buy a beauty light! It’s all about good lighting and I have mine placed behind my laptop when I’m filming or talking. I’ve used the premium Zoom account for a long time too, they have a wide range of filters that you can use to make you look less tired. If you don’t want to invest in extra lighting or filters, then ensure your face always faces the natural light. Always ensure that you use a flattering angle of your laptop, try propping it onto a few books so you’re not looking down (never a good angle as it highlights our double chins and never forget to check what’s in your background!”
Ian Wright, Founder of British Business Energy comments: “The global population is becoming more conscious of diversity and sustainability in businesses. Now more than ever, female entrepreneurs are coming to the forefront of business and taking up space within the industry.
Covid-19 has further taught us that although we cannot plan for a pandemic, there are significant ways that we can alleviate risks imposed on our business. It’s important to ensure that you have concrete or varied income streams to cope with any risks that could jeopardize your business. Starting a company post-COVID-19 requires flexibility and the ability to adapt to the environment and ever-changing demand. It’s important to create a strong digital presence for your business and look at additional services that complement the main aspect of what you do”
About British Business Energy
British Business Energy aims to help small businesses to exponentially reduce their energy costs and to provide clear and unbiased information about the UK energy market. With British Business Energy you can compare electricity and gas prices to find the best option for your business, as well as also getting a quick and easy price comparison quote.