Tag Archives: women in business

Is Diversity the key to Innovation?

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Last week was a week of exploring diversity. I attended the Women’s Business Forum in Harrogate as a guest of RBS. This was a conference exploring diversity in the corporate world and looking at some of the practical solutions to help more women get to the top and get on to boards. Later in the week, I met with the Chief Executive of Corporate Banking, Chris Sullivan and other senior members of RBS, as well as some inspiring Scottish female entrepreneurs to discuss female entrepreneurship in Scotland.

To my mind, the low numbers of females in the board-room and the low numbers of female entrepreneurs are linked. These are two sides of the same coin. Lack of confidence is a recurring theme for both females in business and females in the corporate world. I am a confident woman but I have had my confidence severely knocked both in the corporate world and as the CEO of my own business. That doesn’t mean to say there is something wrong with me or that I have to act like one of the boys to get on. No, I think it is linked to a much deeper issue. It is one of CULTURE.

Don’t get me wrong. I am not a bra-burning feminist. I am not bemoaning my lot. I am not using this as an excuse because I can’t be bothered working hard. Far from it. I need my bra, I have a brain and I work extremely hard. But I am also a mother. Yes, women have the babies. And a lot of women feel that they should put their family before their career and their business. That is exactly natural. But WHY should we have to choose? We have to choose because of CULTURE.

We have a culture in the Western world that does not accommodate diversity. Often it is dominated by white males. Whether that is in our board rooms or on the investment panels of the people I am hoping to impress for an investment. It is not a culture that supports the flexible working/creative working/confidence building building bricks that we need to have a truly diverse culture. We have a diverse society. Women and men, we are all from different backgrounds, straight or gay, white or black. The human race is diverse. It has to be. This is not about bashing white males, we need them! We just need everyone else too!We HAVE a diverse society already – we just need to support it in a DIVERSE CULTURE.

Sylvia Ann Hewlett( President of the Center for Talent Innovation in New York) talked a lot about the link between diversity and innovation last week. She also spoke about the problems caused by no diversity of thought – “group think”. She has participated in studies showing that a diverse board affects the bottom line as diversity of thought leads directly to innovation.

Looking at diversity of thought, I think we see a fantastic argument for chipping away at the lack of diversity so prevalent in our culture. Diversity contributes to ideas and there is a real connection between diversity and innovation. Creativity and innovation are key to growing our economy, creating entrepreneurship and growing sustainable profitable companies. If we can only start to see more diversity across the whole of our culture, then what will the future look like? Innovative, creative, expansive and exciting. This isn’t a “women’s” issue. It is an evolutionary issue.

How to start a business – overview of the Business Plan

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Yesterday, I was fortunate enough to be asked to asked to speak at the RBS conference for Women in Business about the story of Mama Tea and my experience of how to start a business.

RBS are being very proactive in addressing the issues of trying to get more females starting up businesses with this initiative. They have a network of Women in Business Ambassadors throughout the UK who are there to assist female entrepreneurs. Isn’t that fantastic? I believe they are rolling out this initiative on a much wider scale and I applaud it fully!

I spoke about how to start a business – looking at one of the first hurdles – the business plan. This is traditionally seen as a bit of a pain to do but really, it is YOUR plan of what you want your business to look like, not some template. Also, if you are thinking of starting a business, you really need to research your market, competition, pricing, product, USP’s very carefully! You should know the answers to all these questions; there are some great resources out there and a lot of them are FREE!!! Here in Edinburgh, I used the National Library of Scotland. They have a fantastic business resource centre, so you can look up all the business research reports and research competitors etc. Also, go and do some of the FREE courses at your local Business Gateway. They have access to over 200 videos, tutorials etc for you to use and the website is fantastic.

Start with your idea and break it down. Why is it unique? What are the Unique Selling Points (USP’s)? What does the Market look like? Is there a demand for your product or service? What can you sell it for – is there a good profit margin in the product or is it a high volume/low margin product? How will you market your product or services?

Other companies and banks also have resources that you can use for free – RBS has an excellent business planning tool - http://www.rbs.co.uk/business/banking/g2/planning.ashx

Over the next month, I am going to break down each part of the Business Plan into manageable chunks and include a checklist at the end of each blog, so that any aspiring female entrepreneurs can actually take practical steps to getting a great plan in place and then get going!

The Mama