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Goldman Sachs Recruit Wants Women Leaders in the Boardroom

Published

2 hours ago

August 22, 2024

Goldman Sachs Recruit Wants Women Leaders in the Boardroom

Women drive 70%-80% of consumer purchasing, and companies with at least one woman on their board have a higher return on equity than those that do not, the Women on Boards Project states on its website — yet women occupy just 20% of board seats globally and aren’t expected to reach gender parity for decades, according to a Deloitte report.

Cassie Burr, co-founder and executive director of the Women on Boards Project, is on a mission to change that. In February 2020, she and co-founders Sheryl O’Loughlin, Melissa Facchina and Kara Cissell-Roell launched the project to increase the number of women on the boards of private consumer companies.

^{Image Credit: Courtesy of the Women on Boards Project. Cassie Burr, co-founder and executive director.}

A series of “interconnected” experiences helped set Burr on the path to co-founder and cultivate her commitment to uplifting women leaders.

A math major in college, Burr was recruited by Goldman Sachs and moved from Arizona to Utah to join the firm. “I was pulled into STEM-focused recruiting, women-focused recruiting,” she recalls. “I eventually helped build a training initiative globally [and joined] the leadership team of their women’s network. That helped me realize that capital markets are interesting, but what drove my passion was these human elements of an organization.”

From there, Burr joined an executive search firm in San Francisco, then became vice president of talent at consumer-focused private equity firm VMG Partners. The “concept of a talent partner was still quite novel” at VMG, and Burr had the chance to define what it meant in the context of the firm’s commitment to building organizations as diverse as its consumer base.

“[But] we don’t have a supply problem. There’s no dearth.”

Burr’s early professional experiences came to the fore when O’Loughlin, co-founder of organic food company Plum Organics and former CEO of Clif Bar, brought together Burr and several other women, including Cissell-Roell, Burr’s former boss at VMG, and Facchina, co-founder and general partner at Siddhi Capital.

They were all frustrated by the lack of representation of women in the boardroom, Burr recalls — and by the misguided focus on a “supply problem” with women leaders.

“We saw a lot of groups focused on what we would describe as the supply side,” Burr says. “[But] we don’t have a supply problem. There’s no dearth. There’s an incredible ecosystem of talented founders, CEOs and operators who would be amazing board directors if given the opportunity.”

Part of the issue has roots in the problematic phrase “board-ready,” according to Burr.

“There’s not a mystical threshold you reach that makes you ready,” she explains. “Every boardroom is completely different. What makes you an amazing candidate is going to vary depending on the investor, the stage of the company and what they’re trying to accomplish.”

“With private companies, you actually have more room for creativity.”

The Women on Boards Project launched with a consortium of investors dedicated to increasing the number of women in the boardroom: VMG Partners, City Capital, L Catterton, Swander Pace and more. During its first year, 20 companies committed to adding a woman or additional women to their boards.

Those initial days taught a couple of important lessons, Burr says: It’s challenging to conduct numerous board searches simultaneously, and broadening the definition of “board member” can help.

“It’s really hard to do 20 board searches at once,” Burr says. “It’s [also] hard to pick a moment in time and say, ‘We’re going to do it at that point.’ It’s driven by demand; it’s driven by open board seats, folks retiring or moving on. So the way we’ve evolved is more of an on-demand approach.”

When the demand for a new board member isn’t there — Burr admits a lot of conversations stalled when there wasn’t an open board seat and creating one would be difficult — reenvisioning what it means to sit on a private company’s board is paramount.

“With private companies, you have more room for creativity,” Burr says. “If we define that board member as someone who’s in the room, has a voice and is paid, then the piece of that equation that’s missing is voting rights, and that’s actually what matters least in private boardrooms. Very infrequently does anything ever come to a vote.”

“You want a board that represents the consumers that you’re serving.”

To date, the Women on Boards Project has helped connect 60 women with board roles, with 10 matches this year alone. The organization continues to recruit consumer investors as its sponsors. Strong word-of-mouth referrals across those investors’ portfolio companies and external entities help the project grow and hone its offering.

Needless to say, Burr knows what it takes to create a well-balanced board — and she suggests organizations keep two things in mind to do it effectively.

First, be critical of “onlyness” in the boardroom. You don’t necessarily want any one member to feel singled out, Burr says.

“In this context, I certainly mean the only woman, especially if your consumer is largely women — that’s problematic,” she explains. “You want a board that represents the consumers that you’re serving. You can also think about onlyness in other contexts, the only person of color. Again, especially if that’s a big target consumer, it’s hard to represent [those consumers] if you’re the only voice expected to speak on their behalf.”

And, once again, don’t let the reductive idea of “board-readiness” deter you from choosing a candidate who’s well-prepared in their own way.

“Don’t underestimate the grit, passion, energy and relevance of first-time board members,” Burr says. “These folks are often part of a leadership team of some of the fastest growing or newly acquired, most successful companies that will bring that incredibly relevant expertise to your boardroom.”

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5 Proven Strategies for Retaining Your Best Customers

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5 Proven Strategies for Retaining Your Best Customers

Published

24 hours ago

August 21, 2024

Entireweb News Bot

5 Proven Strategies for Retaining Your Best Customers

Opinions expressed by Entrepreneur contributors are their own.

In an unpredictable economy, one of the most effective strategies for maintaining your company’s growth is to focus on client retention. Research shows that acquiring a new client can be over five times more expensive than keeping an existing one. Studies show that increasing customer retention rates by a mere 5% boosts profits by up to 95%. This stark reality underscores the importance of prioritizing customer service and delivering an exceptional, white-glove experience.

As the CEO of an 8-figure subsidiary of a publicly traded company that consistently achieves 7-figure growth each year, I have implemented time-tested techniques that not only enhance our internal processes but also draw inspiration from legacy luxury brands. These strategies exemplify the best methods to ensure your customers enjoy a truly exceptional experience, fostering loyalty and long-term success.

Why exceptional customer service is essential for client retention

In a world increasingly dominated by automation, artificial intelligence and robotics, the human touch in customer service has become a crucial differentiator in the competitive landscape. As businesses strive to innovate and streamline operations, the importance of maintaining personal connections with clients cannot be overstated. This is particularly true for companies looking to retain their best clients and attract new ones.

Excellent customer service is not merely a function of responding to inquiries or resolving issues; it embodies a comprehensive approach that ensures every interaction with your brand is memorable and meaningful. Legacy brands like Ritz-Carlton and Rolls-Royce exemplify this principle, having mastered the art of delivering a white-glove experience that fosters loyalty and trust.

At Ritz-Carlton, for instance, the commitment to exceptional service is evident in their policy that empowers staff to spend up to $2,000 per guest to resolve any issue or enhance their experience.

At tec5USA, we have adopted similar principles in our approach to customer service and client retention. One of the key tactics we employ is providing end-to-end support. Our team members are not just available for troubleshooting; they proactively reach out to clients for routine maintenance and in-person check-ins to ensure equipment is functioning at an optimum.

Moreover, we have built a robust network of partners that enables us to deploy third-party experts on-site when specialized knowledge is required. This ecosystem not only enhances our services but also reinforces our commitment to delivering exceptional value to our clients.

Strategies for retaining your best clients

1. Personalized communication

Personalized communication is a powerful tool that can significantly enhance customer relationships. Tailoring messages based on individual preferences and behaviors not only makes customers feel valued but also increases their engagement with your brand.

For instance, I’ve seen firsthand how personalized emails — those that reference past purchases or suggest products aligned with a customer’s interests — can lead to higher conversion rates. At tec5USA, we leverage customer data to create targeted communications. This means using insights from previous interactions to craft messages that resonate with each customer.

When a client receives a tailored offer that reflects their specific needs, it fosters a sense of connection and loyalty. Moreover, personalization extends beyond emails. It encompasses all touchpoints, including social media and customer support interactions.

2. Discounts and exclusives

Implementing customer retention and incentive programs can be highly effective across various sectors, also in industries with CAPEX equipment such as in chemical, oil and gas, food, feed and beverage, and pharma and biotech factories.

These programs offer benefits such as discounts, exclusive access and special promotions tailored to industry needs and purchase history. In the CAPEX sector, where purchases involve significant investments, well-structured programs featuring tiered incentives can enhance customer loyalty, encourage repeat business and differentiate your brand in competitive markets. By providing targeted rewards and demonstrating added value, companies can strengthen customer relationships, foster appreciation and build long-term partnerships. For example, research shows that businesses that implement strong customer loyalty programs experience customer retention rates 25% higher than those that don’t.

Ultimately, loyalty programs not only differentiate a brand from its competitors but also create a sense of community among customers, making them feel valued and appreciated.

3. Excellent customer service

Delivering excellent customer service at every touchpoint is vital for cultivating lasting relationships and ensuring customer satisfaction. Research indicates that 88% of customers are more likely to make another purchase after a positive customer service experience.

Implement a system that tracks customer inquiries to ensure no question goes unanswered and issues are addressed swiftly. Additionally, training our team to handle complaints with empathy and efficiency reinforces dedication to customer care.

In an age where customers have too many options, exceptional service can differentiate a brand. Companies that excel in customer service not only retain clients but also benefit from positive word-of-mouth referrals. Investing in customer service is not just beneficial, it is essential for long-term success.

4. Feedback and surveys

Actively seeking customer feedback through surveys is one of the most effective ways to understand their needs and preferences. By gathering insights directly from the people who use your products or services, you can make informed decisions to enhance your offerings and improve the overall customer experience.

Many businesses use online surveys to efficiently collect feedback — and with good reason. These are convenient platforms where customers can share their thoughts and experiences. Analyzing the data from these surveys often reveals valuable trends and highlights areas where improvements can be made.

Incorporating customer feedback into your business strategy demonstrates a genuine commitment to providing excellent customer service. I’ve found that when customers feel that their opinions are valued and acted upon, they are more likely to remain loyal to a brand. Companies must establish regular feedback loops to create a culture of continuous improvement.

5. Social proof and testimonials

One of the most strategic moves we make involves showcasing positive reviews, testimonials and user-generated content to build trust and reinforce the benefits of our products and services. Social proof plays a critical role in shaping consumer decisions, as 97% of consumers look at reviews before making a purchase.

Displaying testimonials prominently on websites and marketing materials provides real-world evidence of customer satisfaction. When potential customers see others praising a product, they feel more confident in their purchasing decisions. User-generated content, such as photos and stories shared by customers, further enhances authenticity and relatability.

Incorporating social proof not only boosts credibility but also addresses common concerns that potential buyers may have.

Building strong relationships with customers is essential for long-term success. When we focus on understanding their needs and preferences, we create an environment where they feel valued and appreciated. Engaging with clients through personalized communication and actively seeking their feedback fosters trust and loyalty.

Emphasizing these aspects not only enhances customer satisfaction but also encourages repeat business. Ultimately, prioritizing customer retention transforms our approach to growth, ensuring that we cultivate lasting connections that benefit both our clients and our business.

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Why College Students Should Consider a Side Hustle This Semester

Published

2 days ago

August 20, 2024

Entireweb News Bot

Why College Students Should Consider a Side Hustle This Semester

Opinions expressed by Entrepreneur contributors are their own.

As the summer closes and the school year nears, college students have a lot on their minds. Moving back to campus, finalizing class schedules and getting back into a routine can be overwhelming, especially as the costs of housing, tuition, food and school supplies put pressure on students to budget accordingly. We’re seeing more Gen Zers (ages 18-26), including students, manage the expenses of living on their own by adding a side hustle. In fact, a recent Bankrate survey found that 53% of Gen Z have a side hustle to earn extra income.

While Gen Z is turning to side hustles at a faster rate than other generations, there’s more than spending money at stake. According to a recent Bank of America Better Money Habits survey, 52% of Gen Z reported that they don’t make enough money to live the life they want. In the next five years, many Gen Zers hope to improve credit, pay off debt, buy a home and start a family. Unfortunately, most aren’t on track to meet these goals, and nearly two in five feel they don’t have enough income to achieve their financial goals.

However, these goals aren’t unattainable. Learning to earn, budget, manage spending and save money while in college can make this transition easier.

Setting up for success with a side hustle

Students can earn extra cash in various ways, from traditional gigs like tutoring, babysitting or waiting tables to more entrepreneurial ventures like starting a business.

Choosing to start a business while in college is one of the best ways students can invest in themselves, their careers and, of course, their finances. Of the many benefits to starting a business in college, one of the most alluring is financial independence. Having a source of income empowers students to manage their financial responsibilities and spending/saving choices.

Starting a business or taking on a side hustle while in college also teaches students real-world experience, putting them steps ahead of their classmates. Instead of waiting until after graduation, working students get real-world experience and develop essential skills such as time management, budgeting and communication.

Student entrepreneurs can also take advantage of networking opportunities that their university offers. Attending career fairs and joining clubs based on their interests connects them with colleagues, supervisors and teachers who can act as mentors.

College towns also feature a diverse range of consumers. Depending on the target market, students can use the people around them as focus groups to learn more about their needs and determine how their business could provide the best solution.

Becoming a student entrepreneur

So, for ambitious college students looking to bring in additional income to maintain their lifestyle and save for the future, here are some tips for starting a business:

Do your research: Before taking any steps toward launching your business, it’s crucial to conduct research. What does the industry look like? Who are your competitors? Is there a market need? The more information you have at the beginning, the better off you’ll be when making business decisions.
Be passionate but realistic: Before launching your business, make sure your product or service is something you are passionate about. The process of starting a business comes with its fair share of highs and lows and is often a labor of love. Your passion is what will power you through the lows. In addition to being passionate, be realistic. When choosing a side hustle, consider if and how you can manage that kind of business at scale. For example, if you’re selling a product, will you be able to store inventory and have the time to keep up with order fulfillment? Also be realistic about the time you devote to your business, especially while balancing it with your schoolwork and extracurriculars.
Develop a business plan: Planning is a key step to take before launching your business. Your business plan is a document that details the goals you have for your business and the steps you’ll take to meet them. It should detail what your business will be, how it will operate, its revenue model and its growth strategy. There are several free templates available online that you can download and personalize, including this one from SCORE.
Manage your money wisely: Starting a business often requires you to invest before you can profit. First, you should consider funding sources to help get your business running. Do you have friends, parents, teachers or mentors who would be interested in investing? Are there any grants that you can apply for as a college student? Does it make sense to take out a loan? Once you’ve decided how to fund your business, make a budget and stick to it. Track your company’s performance, sales, costs and profits, and update the budget regularly as your business changes.

Although current economic conditions may feel overwhelming for Gen Zers during their college years, side hustles offer students a creative outlet and opportunity to build wealth while taking advantage of the flexibility that can diminish once entering the workforce after graduation. Whether they start a small business of their own or not, I encourage students to take the future of their finances into their own hands and never stop seeking opportunities that can help them achieve financial freedom.

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UK Entrepreneur Mike Lynch Missing After Storm Sinks Yacht

Published

3 days ago

August 19, 2024

Entireweb News Bot

UK Entrepreneur Mike Lynch Missing After Storm Sinks Yacht

British tech magnate Mike Lynch, 59, is among six people missing after a freak storm struck their superyacht, the Bayesian, off the coast of Sicily, per Reuters.

The BBC is reporting that Lynch’s 18-year-old daughter is also missing. Lynch’s wife and 14 other people survived.

The luxury yacht was carrying 22 passengers. Italian authorities confirmed that the incident unfolded in the early hours of Monday when a waterspout hit the area where the British-flagged vessel, Bayesian, had been anchored close to Palermo.

^{A coast guard vessel and a private sailboat assist the search for missing passengers after a yacht capsized on August 19, 2024, off the coast of Palermo, Italy. Several people, including four Britons, two Americans and a Canadian national, are missing. Italy’s coastguard and firefighters brought 15 people to safety with rescue and recovery efforts ongoing. (Photo by Vincenzo Pepe/Getty Images)}

The 56-meter Bayesian is approximately $215,000 per week to rent.

Rescue efforts are ongoing.

Lynch and his wife’s combined wealth is reportedly around $649 million.

This is a developing story.

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