Last year, the National Association of Women Business Owners (NAWBO) and ADP released the results of a survey of women business owners. Nearly 92% of women-owned busi- nesses are microbusinesses, businesses with fewer than 25 employees. While the businesses may be small, they provide the lion’s share of the family income, with 63% of the business owners providing 50-100% of the household income. By giving these businesses the resources to grow, we will see an opportunity to increase wealth in our most underserved populations.

“Women business owners are the drivers of our nation’s economy and the leaders in our communities,” said Karen Bennetts, NAWBO National Board chair. “By supporting women business owners and providing them with the necessary resources, we are building the bridge to wealth creation, allowing them to grow and scale their businesses. We appreciate the support of great companies like ADP who recognize this vital section of the American economy.”

According to the Annual Business Survey, women-owned 1.24 million or 21.4% of employer firms in the US. Women-owned businesses account for $1.9 trillion in receipts, 10.9 million employees, and $432.1 billion in annual payroll.

One of the challenging pain points described in the survey results is hiring. While hiring has been challenging in many industries, survey results show that 41 percent of NAWBO members report hiring is more difficult than ever before. Many reported losing an applicant to a competitor. Forty-three percent had no staff, so losing out on an applicant could mean the difference between missing or making an order fulfillment deadline.

The good news is that there are strategies to help ease the stress of hiring. Smaller businesses may even have an advantage, said Kiran Contractor, director of talent acquisition at ADP. “As a small organization, you can take a personalized approach.” She encourages small business owners to do their best to determine what applicants value and incorporate that into the offer.

Founded in 1975, NAWBO is the unified voice of America’s more than 12 million women-owned businesses representing the fastest-growing segment of the economy.

Learn more at NAWBO.org.

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In the dynamic landscape of modern business, traditional notions of competition are evolving. One such transformative concept is “coopertition,” a blend of cooperation and competition.

This strategy, though seemingly paradoxical, allows businesses to collaborate with their competitors to achieve mutually beneficial outcomes. Coopertition involves a strategic alli- ance where competing firms work together towards common goals while main- taining their competitive edge in other areas. This dual approach enables companies to leverage each other’s strengths to create value that would be difficult to achieve independently.

While the idea isn’t new, it was new to me when I was starting out in the cut-throat world of entertainment law. Back then, I worked for two industry giants before launching my own boutique law firm. As a business transactional lawyer—working for others or myself—it’s always been my duty and my honor to give my clients the most accurate and cost-effective solutions to their problems. Yet sometimes, doing what’s best for the client means calling for assistance when the scope of work is beyond what we can deliver on our own.

Too often, we run ourselves ragged trying to do it all, know it all, and be everything to all people, when a much easier solution has been right under our noses all along. Regardless of what you do for work, you can always find people who can help you do it better, faster, and more efficiently.

Despite its advantages, coopertition comes with challenges. Sharing sensitive information with a competitor can lead to potential conflicts. Clear agreements and robust legal frameworks are essential to manage intellectual property rights and prevent misuse.

Coopertition represents a forward-thinking strategy in the business world, offering a blend of cooperation and competition that can drive innovation, expand markets, optimize resources, and mitigate risks. By carefully navigating its challenges, companies can harness the power of coopertition to achieve greater success in today’s interconnected global economy.

Janice Miller is the managing partner at Miller Haga Law Group in Calabasas and the author of the book “Coopertition:Cooperation Between Competitors For the Benefit of All.” Learn more at millerhaga.com.

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In 2024, the significance of hearing and balance has never been more crucial, as recent studies have highlighted the profound impact these senses have on overall health and quality of life. One of the most striking revelations comes from a Johns Hopkins study, which found that untreated hearing loss is strongly linked to an increased risk of dementia. The study suggests that individuals with hearing loss are up to five times more likely to develop cognitive decline, making early detection and intervention essential.

Hearing and balance are interconnected systems that play vital roles in daily life. Hearing allows us to communicate effectively, engage socially, and enjoy our environment, while balance enables us to navigate our surroundings safely. Impair- ments in either system can lead to significant challenges, including social isolation, increased risk of falls, and, as mentioned, cognitive decline. With the aging population on the rise, the prevalence of hearing and balance disorders is expected to increase, making it even more important to address these issues promptly.

One of the key reasons why patients should only seek care from a qualified audiologist is the complexity of diagnosing and treating hearing and balance disorders. Audiologists are healthcare professionals who specialize in identifying, diagnosing, and managing hearing and balance issues. They possess the expertise and training necessary to provide accurate assessments and develop personalized treatment plans.

Audiologists consider the broader implications of hearing loss, such as its impact on cognitive function, emotional well-being, and overall quality of life. By seeing an audiologist, patients can receive targeted interventions that not only address hearing loss but also mitigate associated risks, such as falls and dementia.

In conclusion, as we move further into 2024, the importance of hearing and balance cannot be overstated. With compelling evidence linking hearing loss to dementia and the increasing prevalence of balance disorders, it is imperative that individuals seek care from an audiologist. Early intervention can make a significant difference in maintaining cognitive health, preventing falls, and ensuring a high quality of life.

Dr. Amit Gosalia is a board certified doctor of audiology with West Valley Hearing Center. Learn more at westvalleyhearingcenter.com.

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A recent Goldman Sachs One Million Black Women (OMBW) survey found that six in 10 Black women view entrepreneurship as an important pathway to wealth creation, and believe more can be done to advance entrepreneurship opportunities. By addressing the systemic barriers they face when building their businesses, entrepreneurship could become a viable pathway to help narrow the opportunity gap.

With 1,200 respondents, One Million Black Women National Survey: Empowering Entrepreneurs is the latest national survey from One Million Black Women, Goldman Sachs’ $10 billion investment commitment to help narrow opportunity gaps in the lives of at least one million Black women by 2030.

Key findings from the national survey include:

• 64% of Black women are optimistic about their ability to grow their wealth over the course of their lifetime.

• 61% of Black women view entrepreneurship as an important pathway to wealth creation (compared to 42% of US adults).

• 54% of Black women who do not currently own a business have considered starting their own business.

The majority of Black women surveyed shared that increased access to entrepreneurial resources and opportunities would be the tipping point for them to start a business.

• 77% of Black women said they are more likely to start a business if they had increased access to business loans, grants, lines of credit or seed funding (compared to 58% of U.S. adults).

• 71% of Black women said they are more likely to start a business if they had access to a business training course or accelerator program (compared to 43% of US adults).

• 71% of Black women said they are more likely to start a business if the process to obtain a business or trade license or permit was easier (compared to 49% of US adults).

• 67% of Black women said they are more likely to start a business with access to more networking opportunities (compared to 43% of US adults).

Learn more at GoldmanSachs.com.

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I’ve always been a firm believer that mentoring plays an essential role in professional service professions. In today’s environment of hybrid, remote, and in-office working, it’s even more important for younger team members to create connections and succeed in their professions. It’s made my own business stronger.

Fields like law, marketing, accounting, and financial services demand a high level of expertise, interpersonal skills, and ethical standards, many of which are not taught in universities. Mentoring, therefore, becomes instrumental in fostering these attributes. It ensures the continued success and development of professionals within these fields. I believe there are four critical ways mentoring is vital to all businesses and their younger team members.

First, mentoring accelerates the learning curve of new professionals. The complexity and high stakes associated with these professions mean that newcomers often face a steep learning curve. A mentor provides guidance, shares insights from their own experiences, and helps mentees navigate the crazy waters of the profession.

Second, mentoring fosters professional growth and development. Beyond technical skills, professional service professionals need to develop soft skills such as communication, client management, and leadership. Since these skills are not emphasized in universities, mentors act as role models, demonstrating these skills in practice and providing constructive feedback. This interaction helps mentees develop a well-rounded skill set that is crucial for career success. Mentors can also introduce mentees to professional networks, opening doors to new opportunities and collaborations that might otherwise be inaccessible. This is the ultimate mission of Echelon Business Development’s NextGen groups.

Third, mentoring enhances job satisfaction and retention. Professional service professions are often demanding and stressful. Having a mentor can provide emotional support, helping mentees manage stress and avoid burnout. Mentors can offer advice on work-life balance and career planning.

Finally, mentoring promotes a culture of continuous learning and improvement. In our rapidly evolving business environment, professionals must stay updated with the latest trends, regulations, and best practices.

Jerri Hemsworth is CEO of Newman Grace and founder of Echelon Business Development Network.

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Meet Angie Richards, vice president at California-based Poms & Associates, who specializes in crafting top-tier employee benefit programs at the intersection of financial responsibility and company culture. Her passion for her work in benefits is underscored by her passion for wellness, and she augments her benefits market expertise with her lifelong commitment to health and well-being.

“My aim is to always stay under budget while introducing new carrier partners, plans, and funding options—negotiating secure contracts that meet the needs of our clients,” said Richards.

According to clients and colleagues, what sets Richards apart is her approach to “looking out for the fiscal health of her clients regardless of their budgets.” She strives to surpass expectations and bring innovative options to the table.

With each client, Richards said, “I look at our partnership not as a one-year contract but a long term relationship.”

Starting her career on the carrier side, Richards honed her client-centered approach in every phone call, assisting countless individuals with a caring and empathetic spirit that characterizes her so well. Transitioning to the broker side — where being bilingual made her an asset to and advocate for her clients’ employees — she transformed the benefits approach for a number of large hotel properties.

Moving on, Richards became known for her “boots on the ground” assistance, often driving to job sites like wind turbines and manufacturing companies where employees had never used a laptop before, and helping them on a personal level to enroll in benefits.

“Sometimes my clients would worry because they could only afford benefits plans that were at-best like a car with a manual transmission,” she said. “I would tell them ‘I’m going to teach you how to drive it like a Ferrari.”

Richards collaborates with businesses of all sizes to design, negotiate, and implement customized benefit packages tailored to their unique needs. Her dedication to employee wellness education is described by her colleagues as “unparalleled,” and she’s known for organizing health fairs, prevention checks, nutrition programs, and fitness initiatives. Richards’ energy comes from empowering individuals, planting seeds of knowledge that foster personal growth and well-being, including mental health for which she is a powerful advocate.

Learn more at pomsassoc.com.

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Mission Valley Bank, founded 23 years ago as a Community Business Bank, has evolved into a notable presence in the banking industry while holding fast to its foundational principles. Starting with a single branch dedicated to serving local businesses, the Bank has added branches in Burbank and Santa Clarita and, nationwide teams for SBA Loans and Accounts Receivable Financing. “Our growth has been remarkable, yet what truly defines us is our steadfast pledge to our clients and communities,” states Tamara Gurney, president and CEO. “We have expanded, but the heart of our mission continues to be the personal touch and community-focused banking that our clients have come to trust and rely on.”

From its inception, Mission Valley Bank was envisioned as a Bank that puts its clients first, a vision that has never changed. Its commitment to providing high-touch, personalized service has set it apart at a time where banks have moved toward automated, impersonal client interactions. Each client at Mission Valley Bank is treated with a level of care and attention that harkens back to the days of traditional banking, where relationships were key, and a handshake held significant value.

Mission Valley Bank’s story is one of growth aligned with community focus. As a designated Community Development Financial Institution, it understands economic development, directing resources and financial education to underserved communities, helping to spur local advancement. This dedication extends to its role in community reinvestment, where it actively participates in programs that support local businesses.

Despite its success, the Bank has maintained its original philosophy of putting the client first. This principle is evident in every transaction and interaction, making the Bank a trusted advisor for countless businesses and individuals. Mission Valley Bank continues to innovate while ensuring that the core values of personalized service, community support, and client-centric solutions remain at the fore-front of its mission.

Mission Valley Bank is dedicated to its dual objective of service and growth ensuring that it is an integral part of the community. This commitment to maintaining its roots proves that true business banking is about people, communities, and lasting relationships.

Learn more at missionvalleybank.com.

Member FDIC | Equal Housing Lender

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“Culture” is a word perhaps overused in the context of a “copany culture” in this day and age. It has been an even more difficult concept to address given the frequency of remote work and the inherent problems with effectively engaging workers who are not physically “in the office” every day.

Overall, I believe our law firm has done a good job keeping our remote and on-site workers engaged by holding group training lunches via Zoom, welcoming new employees with on-site training and meals, and with regular sessions in which we introduce a particular case problem to the group and open it up for discussion either by email or on Zoom. We encourage collaboration and input from others.

An important part of our firm’s culture is that our roles are clearly defined, including our COO, our managing partner, the litigation group chair (me) and the advice and counsel group chair. We delegate administrative projects through our COO and attorney assignments to our respective teams through our two group chairs.

Another important aspect of the firm is that we have resisted the urge to silo senior attorneys with a regularly assigned associate or paralegal/admin team. This ensures that everyone has exposure to multiple senior attorneys and associate attorneys. It gives people a broader experience from different perspectives and offers mentoring opportunities for associate attorneys. We believe this reduces the potential for burnout that can come from working with one person who may be a little bit more difficult than another or has a contrasting work style. This system also varies the types of cases that people work on. Broad exposure builds a more well-rounded associate attorney.

Unlike many law firms, LightGabler LLP has modest billing requirements and an hourly bonus program for extra work. We also provide 20% origination credit to all attorneys, no matter how new they are: if you bring in a piece of work, whether you work on it or not, you receive 20% of the revenue. Plus, we provide Fridays off in the summer for our administrative staff. Lastly, and probably most importantly, we don’t “do drama.” That’s been a hallmark of our managing partner’s philosophy. If all of this has contributed to a positive “culture,” then I believe we have succeeded.

Chandra Beaton is a partner with LightGabler LLP. Learn more at lightgablerlaw.com

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What effect does having women bottom line?

A survey of 21,980 publicly traded companies in 91 countries demonstrated that the presence of more female leaders in top positions of corporate management correlates with increased profitability of these companies, according to a paper published by the Peterson Institute for International Economics. The 35-page report, Is Gender Diversity Profitable? Evidence from a Global Survey, was written by Marcus Noland, Tyler Moran, and Barbara Kotschwar and supported by a major research grant from EY. The research is made up of rigorous data analysis of gender diversity and corporate profitability.

The study shows that the extent of gender diversity and its relationship to profitability varies robustly by country, sector of the economy, and by policies towards female work opportunities. The research finds no evidence that, by itself, having a female CEO is related to increased profitability, but there is some evidence that having women on a board may help—and robust evidence that women in the C-level is associated with higher profitability. In 2014 data, the study finds that nearly a third of companies globally have no women in either board or C-suite positions, 60 percent have no female board members, 50 percent have no female top executives, and fewer than 5 percent have a female CEO.

The PIIE report also found strong positive correlations between gender diversity in company size, the size of the company as well as national policies for women’s education, family leave, and the absence of discriminatory attitudes toward female executives. The study found that national averages for women’s participation on boards range across countries from 4 percent to roughly 40 percent, and that there is greater female representation on board and corporate leadership positions in the financial, healthcare, utility, and telecommunications sectors than in sectors such as basic materials, technology, energy, and industry. This is consistent with the authors’ interpretation that what matters most for gender diversity is creating a pipeline of women into corporate management, from elementary education through child-bearing years.

“We have found that some policy initiatives are more promising than others to deliver benefits while promoting gender equality, and that the emphasis should be on increasing diversity in corporate management broadly,” said Adam S. Posen, president of the Peterson Institute for International Economics.

Learn more at piie.com.

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