WOMEN’S ERIN O’BRIEN

ARIZONA STATE UNIVERSITY

BUSINESS OGL 350

ADVOCATES SEPTEMBER 2020

 1. Title
2. Outline
3. Introduction
4. Thesis
5. Who are Women’s Business Advocates?
6. Women’s Business Advocate in Action
7. Suggestions from a Leading Advocate at ABC Bank*

OUTLINE 8. Statistics Relating to Women in Business

9. Misperceptions of Women
10. Sheryl Sandberg Encourages Women to be Bold
11. Female Minorities
12. Increased Visibility
13. Women’s Small Business Ownership Act of 2015
14. Conclusion
15. References
 Women have always had a greater
challenge than men achieving success in
executive level roles in business. They also
fall behind in establishing and operating
their own companies. To achieve equality
in this area, many organizations are
developing awareness for women in
business. Action is being taken to increase
support for these women. ABC Bank* has a
INTRODUCTION Women’s Business Advocates group of
bankers who are passionate about seeing
this gender gap decreased. Through their
training, they are able to better serve
their female business clients. The
performance of this group will draw in
more women who are seeking funding for
their business as they develop stronger
relationships. It will also enhance the
growth of the businesses they serve.

*The name of the bank in this presentation has been changed to “ABC Bank” to maintain privacy
 The purpose of this research is to explain
the role of Women’s Business Advocates at
ABC Bank* and expand on the research
being done to achieve support and
equality for women in business.
THESIS The question here is, what is the Women’s
Business Advocates group of ABC Bank*
doing to support women in their business
endeavors and increase the number of
female-owned business that are served?
Who are Women’s Business Advocates?

 “Women’s Business Advocates at ABC Bank* are

bankers especially committed to supporting the
achievement of female financial decision-makers,
including women who own or run businesses”
(Business Banking, 2020).
 To become certified as a Women’s Business
Advocate, the banker voluntarily participates in
special training about female-owned or run
businesses. In this training they learn how to serve
these women and help them be successful in their
endeavors. These advocates are both male and
female. Women have expressed their need for a
stronger relationship with their banker and this is
what WBA focus on developing. It is a personalized
experience for the women needing support.

Photo: ABC Bank’s* WBA (right) and her client (left) at a networking conference – story on next slide
 Women’s Business Advocate In Action

 It is because of a certified Women’s Business Advocate at ABC Bank* that small-

business owner of CPI creative, Carol Philip, was able to quadruple the size of her
business. Carol met her WBA at a networking conference and shared her story of
struggle to obtain financing. She was not being taken seriously by many other
banks as a female business owner. The WBA saw an opportunity here to implement
her training and support Carol in her business growth. One of the keys to her
approach was developing a strong relationship with Carol to understand her needs
and be allowed to give advice. This WBA acknowledges that every woman has
specific and differing needs and that “one size never fits all” (Women in Business,
2020).
 The feedback Carol has given for her WBA is that “I feel much more empowered
knowing that my bank has my back. It’s not just about the money—it’s knowing
that I have someone I can trust to advise me if I need it” (Women in Business,
2020).
 This story is just one of many more that display the importance of the Women’s
Business Advocates. It is important that ABC Bank* continues to train and certify
WBA to overcome gender discrimination in businesses.
 Suggestions from a
Leading Advocate at ABC Bank*
 The following suggestions have been made for women to become more successful
in their business endeavors: (Women in Business, 2020)
 Network like your business depends on it
 Know when to ask for help
 Get credit before you need it
 Find a business expert
 Plan for problems

 All of these steps are critical in the process of business development and
performance for women. Women’s Business Advocates actively share these
strategies with their clients so they can move forward. They understand that this
is not just about obtaining funding, although that is the initial step that brings
women into the bank.
Statistics Relating to Women in Business

 Currently, “more than 3,000 ABC* bankers [out of over 50,000 employees]
proudly call themselves advocates” (Business Banking, 2020).
 There are more than 9.4 million women-owned businesses that generate
approximately $1.5 trillion annually
 Approximately 31% of privately held companies in the United States are
majority-owned by women
 Statistics retrieved from Women in Business, 2020
 Misperception of
Women
 A major issue for women in business is
the misperceptions of their behavior as
they strive to succeed. Due to the
inequality of men and women, women
have to work harder and be more
aggressive in their performance and
growth to prove themselves. Some of
the actions that women take that are
bold are negatively perceived, even
when men are doing the same way and
advancing. They can be perceived as
abrasive, and rude when men are viewed
as confident. (Correll 2016 pg. 2)
 Sheryl Sandberg Encourages
Women to be Bold

 Sheryl Sandberg has been striving

for equality of men and women in
the workplace, especially in
executive level positions. She has
written books advising women how
they can become more confident
and able to advance in their
careers. She firmly believes in this
cause and has written books and “We need women at all levels, including
spoke at conferences to advocate the top, to change the dynamic, reshape
the conversation, to make sure women’s
for women in business.
voices are heard and heeded, not
 Ref: Sheryl Sandberg, 2020 overlooked and ignored.”

Sheryl Sandberg, COO of Facebook

 Female Minorities

 Not only are women in general facing

inequality in business, females of
minority groups are also struggling. A
study by Davidson and Fielden in 2010
revealed that black, Asian, and other
minorities have a greater challenge
obtaining funding and resources for their
business (pg. 61). Without these, they
have a much lower chance for success
and fall into the negative revolving cycle
as previously mentioned. It was noted
that minority women often have to rely
on their families for financial support
which leads to reduced business growth
(Davidson, pg. 74).
 With knowledge of the needs of minority
women in business, WBA will be more
prepared to provide these clients with
additional resources for growth.
 Increased Visibility

 An article suggests that “One critical but overlooked strategy is: making sure that
women have the right kind of visibility within the organization” (CITED: Correll,
pg. 1). This study by Correll and Mackenzie reviews organizations in Silicon Valley
and the positioning of women within them. They discovered that women are being
overlooked if they are too polite or do not speak up for themselves, especially in
leadership roles. This creates a negative revolving cycle preventing advancement.
If women do not receive the visibility they deserve, they will continue to be seen
as less qualified than men, even when they are performing at the same level or
better.
 Another problem that women face without receiving proper visibility is not being
taken seriously by men and even other women in their positions. Carol Philip
shared in her story referenced on slide 6 that hindered her business growth for
quite some time as a female business owner. This is an area where women need
more support for their skills and abilities. Proper recognition will help close the
gender gap as women are seen as equally competent.
 Women’s Small Business Ownership
Act of 2015
 The Women’s Small Business Ownership Act of 2015 is an amendment to
previous acts providing more financial support to women owning small
businesses. It is important to note the date of this act being very recent,
evidence that there is still a lack of equality for men and women in business
as women are needing legal support for growth. This act authorizes funding
up to the amount of $250,000 to female-owned small businesses.
 114th Congress Bill Profile H.R. 4027
 As research has suggested, women are in
need of greater support and visibility in
business in order to be successful. One
organization, ABC Bank* has developed
certified Women’s Business Advocates who
strive for more awareness of this issue.
Not only do they assist women in financing
for their business, they are trained in how
to help women achieve the recognition
CONCLUSION they deserve. A significant number of
female-owned businesses have benefitted
from the WBA at ABC Bank*. There are also
other women who have achieved great
success in their careers that are speaking
up with their stories to encourage more
women to be bold. It is hopeful that these
efforts will lead to more equality for
women in the business world.
REFERENCES
1. Correll, S. and Mackenzie, L. (2016). To Succeed in Tech, Women Need More Visibility.
Retrieve from: https://asu.instructure.com/courses/60740/pages/module-5-learning-
materials?module_item_id=3657533.
2. Davidson, M., Fielden, S., & Omar, A. (2010). Black, Asian and Minority Ethnic female business owners:
Discrimination and social support. International Journal of Entrepreneurial Behaviour & Research, 16(1),
59–81. https://doi.org/10.1108/13552551011020072.
3. PNC Business Banking. (n.d.). Retrieved September 17, 2020, from https://www.pnc.com/en/small-
business/topics/women-in-business/women-business-advocates.html

4. Sheryl Sandberg. (2020, February 05). A&E Television Networks. Retrieved September 19, 2020, from
https://www.biography.com/business-figure/sheryl-sandberg.

5. Women in Business Team Up for Growth. (n.d.). Retrieved September 17, 2020, from
https://www.pnc.com/insights/our-commitments/customers/women-in-business.html.

6. 114th Congress Bill Profile H.R. 4027, Women’s Small Business Ownership Act of 2015, Bill
Profile. (2015).