FOR women entrepreneurs, the path to scaling their businesses can sometimes feel like a challenging summit to climb. But in the heart of this challenge lies an opportunity for growth and innovation.
Scaling, as defined by the OECD, is a strenuous task: achieving 20% growth year-on-year for three consecutive years, whether in terms of revenue or employee numbers. Shockingly, fewer than 2% of SMEs globally ever accomplish this feat. My journey began with a burning curiosity about why this percentage was so low.
To address this challenge, myself and my business partner at Simple Scaling, Brendan McGurgan, introduced the ScaleX Accelerator Programme, a 12-month initiative open to managing directors, CEOs and founders of SMEs regardless of industry or background. This programme provides not just the conditions and structure for growth but also the vital support and know-how to help SME leaders realise their scaling ambition.
Women-owned businesses continue to make substantial contributions to the UK economy, yet they face unique hurdles when it comes to scaling up. The underrepresentation of women in CEO positions, the struggle to balance work and home life, the dearth of female role models and mentors, and the lack of investment and support all play a role in hindering their growth.
Self-doubt is also a common companion on the entrepreneurial journey, not only for women. I would encourage all entrepreneurs, regardless of gender, to recognise their inner critic and take a step forward. If it works out, then we know we can do more than we think. If it doesn’t, then we know we can handle more than we think. We place a strong emphasis on the psyche of the leader, in particular mental preparedness and resilience, recognizing that decisions made along the path of scaling are pivotal to a company's success.
I firmly believe that scaling doesn't have to be complicated; in fact, simplicity is often the key to success. Every entrepreneur should possess the knowledge and tools to execute their scaling goals effectively. This is something we’ll be talking about at the upcoming ScaleX Summit on November 15 at the ICC in Belfast.
While gender equity remains a challenge, I’m not convinced that the system is actually working for anyone. Research shows only a staggering 6% of CEOs in the UK are female. Some 90% of non-binary people are reporting harassment or discrimination at work and three times as many men as women die by suicide.
The global spend on diversity, equity and inclusion initiatives is estimated to be in the billions and it’s going to take another century at least to achieve real change in the workplace. The path to change requires a collective and inclusive effort from all of us – as individuals, organisations, and society as a whole.
Female role models are really important. There aren’t enough female MDs and CEOs out there and I admire those who have paved the way for others. If we can inspire more women to step into these roles and improve the success rate of female owned SMEs that would be a huge win for us at Simple Scaling.
We make sure everyone leaves every interaction with us, more inspired, more prepared and more confident. A friend described the ScaleX community as one ‘full of ambition, where everyone has an easy confidence and the only people you’re competing with is yourself.’ This fills me up with with pride. I thought, that’s exactly the room that I want to be in and it’s the room I would like my own children to be in.
Surrounding yourself with the right people is a critical part of the scaling journey. The right people will hear you differently. They show up differently, support you differently and nourish you differently. That’s how you know you’re in the right room.
:: Claire Colvin is co-founder of Simple Scaling and ScaleX Summit. The ScaleX Summit takes place at Belfast’s ICC on November 15 and will include speakers including Stephen Bartlett and other global experts.
