This week I had the opportunity to speak with one of my strategic planning gurus, Thomas Michael Hogg, director of TMH Consulting & Investment Group. We both agree that one of Mexico’s great strengths lies in its competent and talented human capital.
Undoubtedly, one of the enriching forces of this capital is in women. Despite the gender gap and low women’s labor force participation in Mexico (the second lowest in the OECD), more and more women entrepreneurs and businesswomen are striving to break paradigms and create successful companies.
However, it is not enough to start a business and want to succeed. According to Hogg, one of the biggest challenges that Mexican businesswomen face has to do with finances; that is, from finding funding to managing the profitability of the business.
In fact, according to the International Finance Corporation, more than 70% of small and medium-sized enterprises owned by women do not have adequate or no access to finance.
And currently, only 2% of venture capital goes to women-led companies, despite the well-known fact that gender diversity leads to higher financial returns. While investing in women entrepreneurs does not solve the problem, it can help close the gap and benefit both men and women.
In terms of profitability, women entrepreneurs tend to focus on providing quality services and creating excellent working conditions, which are qualities that are constantly emphasized in women’s leadership. This explains why the majority of business women have focused on sectors such as restaurants, tourism and trade, standing out for their excellent service and attention to both customers and their employees.
However, these opportunities are not enough to achieve profitability. A holistic approach is needed to create value for customers, employees and shareholders. The big challenge is to be able to combine the strengths of women’s leadership with adequate strategic planning to create a financial and performance culture. This will allow them to both make a profit and reinvest in the future growth of the company.
“Without planning, there are no goals, no vision, no clarity in the short or long term. Everything turns into a whirlpool where the operation overshadows the strategy,” Thomas explained to me.
And it is here that the famous phrase of the philosopher Seneca takes on meaning: “There is no favorable wind for a ship that does not know where it is going.”
According to a study by TMH Consulting & Investment Group, over 50% of companies do not have a robust growth planning process in place. A company without a good plan goes astray and limits its growth and development, leaving it to fend for itself.
So what ingredients should a good plan contain? Is there a secret recipe?
In the words of my good friend Thomas, for a plan to be successful, it must include “analysis, synthesis, preparation, making the right decision, definition, cooperation, and timely execution.” In addition, it must integrate the value proposition and target market issues; choose a niche you want to stand out in and of course you should include quarterly and yearly “milestones” with very clear sales and profit targets.
In addition to this, we must not forget the importance of learning. A study conducted by the River Group/England showed that the main reason for the failure of “newcomers” is that they lack the preparation for this position. Therefore, another opportunity for women at the head of any company is training to develop the skills that are required as the key decision makers that they are.
In conclusion, I would like to share with you that one of the success stories in Mexico that reflects growth through good strategic planning is the story of Bolsa Rosa, led by Ana Lucía Zepeda. It is the first company in Latin America that is an expert in labor trends and flexibility, where professional women/mothers are connected to jobs with flexible working arrangements.
Without a doubt, this is a great example and inspiration for all those women who follow this path of integration, with full confidence that our talents and approach will make a difference.
ITCIAR GOMEZ JIMENEZ
DIRECTOR OF PLASMA COMMUNICATIONS
Source: Heraldo De Mexico
David Ortiz is an opinionated and well-versed author, known for his thought-provoking and persuasive writing on various matters. He currently works as a writer at 24 news breaker, where he shares his insight and perspective on today’s most pressing issues. David’s unique voice and writing style make his articles a must-read for those seeking a different point of view.