Enterprising Women Summer 2021

GLOBAL VIEW by Laurel Delaney Grow BIG by Going Global 6 Trends That Will Reshape 2021 A s we move through 2021, the picture is becoming very hopeful and global business is not going away. Through my work as President of Women Entrepreneurs Grow Global®, I’ve discovered that women business owners, now more than ever, are ready to grow big by going global. It’s a fast ticket to find new customers. I asked six experts to weigh in on six key trends – digital, strategy, wellness, supply chain, security risks, and remote work – that business owners should understand as they navigate through uncharted global territory. Here’s what they said. 1. Digital: Migrate online to reach new customers, export to new markets, and grow profit margins. The COVID-19 crisis hit women and women-led firms disproportionately hard. However, the crisis also opened new opportunities when it forced consumers and businesses to migrate online. American online sellers reached new customers, exported to new markets, and grew their profit margins. U.S. ecommerce retail sales jumped 44% in 2020, and online sales grew by 46% in the UK, 40% in Brazil, 27% in Mexico, and 20% in Canada – these are markets where buyers often prefer American online stores and marketplaces, and will also continue shopping online. Businesses, too, have gone digital, and B2B and B2C markets are melding – brands and manufacturers are building direct-to-consumer digital commerce channels, posing new competition to online retailers. Businesses that will do best amid the frenzied global migration to online shopping will focus on building genuine omnichannel businesses with keen customer engagement, emphasis on data analytics, and broad-based digital transformation of business operations. Keep an eye on opportunities – from innovation in cross-border payments and online lending, to fast-disbursing working capital solutions to fulfill online orders. – Dr. Kati Suominen, Founder and CEO, Nextrade Group (www.nextradegroupllc.com) 2. Strategy: Expand value to compete in new places as cross- functional workstreams drive innovation. Strategy remains an art, but it’s lost its edge. In 2021, companies will succeed when they compete in new places, with cross-functional workstreams driving innovation. Yesterday’s bland mandates can’t provoke that. Moving forward, the sharpest strategies will be: PURPOSEFUL: A North Star can captivate today’s diverse stakeholders. When CVS embraced “Helping people on their path to better health,” it meant foregoing cigarette revenues. It also made their direction clear and true. Purposeful strategies push companies to new frontiers while also future-proofing integrity. ENLIGHTENED: Increasingly, advocacy groups hold businesses accountable for every action. When facing decisions, leaders should weigh potential impacts on employees, communities, and the planet. Enlighted strategies drive profits while making business a force for good. INTEGRATED: Strategy that only engages one function can’t drive meaningful change. By ensuring that initiatives span the organization, CEOs can expand all-important accountability. Integrated strategies charge the entire leadership team to own and deliver outcomes together. – Michelle Hayward is Founder/CEO of Bluedog Design (bluedogdesign.com ) 3. Wellness: Invest in services and resources related to mental health and wellness. Businesses have an incredible opportunity to help employees and business environments recover from the tsunami of COVID stress, and emerge stronger and better equipped to handle adversity, be agile, and know how to pivot personally and professionally. Lofty goals? Yes! Achievable? Absolutely. The Wellable 2021 Employee Wellness Industry Trends Report https://f. hubspotusercontent30.net/hubfs/226537/ Resources/2021%20Employee%20 Wellness%20Industry%20Trends%20 Report.pdf, suggests that companies are planning to invest exponentially more this year in services and resources related to mental health and wellness. Resources for mental health are proposed to be up to 88%, followed by telemedicine at 87%, stress management at 81%, and mindfulness at 69%. This is great news as the cost to companies arising from mental health related conditions in their workforce is in the millions to billions, depending on the study. One bright spot from our COVID world is that mental healthcare access and utilization have exploded. Wellness is seen as necessary, not a luxury, and companies can only benefit from having a healthier, happier workforce. – Margo Jacquot, Owner/Director of The Juniper Center (thejunipercenter.com ) 4. Global Supply Chain: Diversify a global supply chain. There will not only be logistical problems after the pandemic and Suez Canal crisis, but there will be many other unexpected and out of control factors that will impact our businesses. These include 25% tariffs on certain goods, material cost increases on finished goods, stronger 48 enterprising Women