March is National Women's Month and it's a great time to reflect on the incredible achievements of women throughout history. At Stingray Advisory Group, we're proud to be a women-led business, where our core values are rooted in collaboration, respect and the belief that everyone has something valuable to contribute. Within the work we do for our clients and with our passion for supporting underrepresented entrepreneurs, we wanted to emphasize the importance of women in business. Whether as leaders, innovators, visionaries or business owners, we're aspired and committed to breaking barriers and inspiring change!
Take a look at why representation matters more than you think for women in business!
Where women stand in business today
Representation in business goes beyond numbers; it's about impact. However, it's essential to understand the data to understand where we're at.
For the tenth anniversary of the Women in the Workplace report, McKinsey's 2024 edition gives us an honest look at where we stand when it comes to gender equity in corporate America. They surveyed over 15,000 women employees across more than 100 companies in the U.S. In brief, it reveals that there's been some progress when it comes to women moving into leadership roles, but it's not all good news.
Women still face significant challenges when it comes to promotions, especially in the earlier stages of their careers. The pace of change is still slow and a lot more work is needed to achieve true gender equality.
The significance of women in business
It's no coincidence that companies with diverse leadership, including women, tend to outperform their competitors. This simply means that diversity brings more innovation and a range of varying perspectives. According to the report, women in leadership positions were around 20% more likely to be more profitable. When women take charge, there's a ripple effect that influences everything from company culture to how products are made and marketed.
Beyond financial performance, women often excel In team-building, bring higher levels of empathy and possess the ability to juggle multiple perspectives that lead to better problem-solving.
These qualities are invaluable, as women's empathetic leadership can make team members feel more supported and valued. These aren't just "nice to have" - who wouldn't want a team of high performers with greater employee retention? Businesses should always be equipped with the best people and promoting women in business is a key step toward achieving that.
Role models for our future entrepreneurs
There was a time when we were younger when we focused on discovering the world and all it had to offer. Many of our dreams and aspirations were shaped by role models, which is another reason why representation is so important – it gives future entrepreneurs someone to look up to. When young women see others breaking down specific barriers, it allows them to see that they can achieve the same.
Aside from visibility, representation is about giving women the tools and confidence they need to chase their own dreams. Seeing successful women entrepreneurs challenge old stereotypes shows that there's no mold when it comes to success.
Women entrepreneurs at all levels are creating the pathway by sharing their stories, becoming mentors and offering advice to the next wave of business owners. They give us the push we need to take that first step and the support when things get tough.
Changing the world for the better just takes one acknowledgment or one action and a belief that every small step can spark a larger movement. We're not just advocating for helping women succeed in business - we're creating a better, more inclusive world for all of us.
The progress we've made so far is good, but it's just the beginning. Let's take a moment this special month to celebrate the women who've made it possible and commit to pushing for more support for women in business.
If you feel inspired, why not become a mentor? Learn more about the not-so-known benefits here.
Author: Gary Wong
What's your favorite women-led business?
Feel free to let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids,
Michigan, and is a proud member of People First Economy and the West Michigan Hispanic Chamber of Commerce. We help businesses thrive. By improving our client's sales over 60%, reducing their expenses and boosting their engagement by 40% or more, we enable our clients to refocus on what they love.
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