What does it take for a new business to succeed? Contrary to popular belief, you need more than a great product and some funding to get your business off the ground. Here's a new business checklist to help you make sure you've got everything covered. 1. A Mobile-Friendly Website: Your Digital Storefront The percentage of people who access websites from their phones and tablets is still on the rise. Therefore, it’s really important to make sure that your site looks good on any device, and still highlights the same essential information you want all of your customers to see. It's no longer an option, but a necessity in today's mobile-first world. Let's take it a step further: Think beyond responsiveness: Ensure your website offers a seamless user experience across all devices, not just different screen sizes. Consider mobile-specific features like click-to-call buttons and fast-loading pages. Optimize for local search: If your business has a physical location, prioritize local SEO strategies to get in front of potential customers searching for nearby options. Embrace visual storytelling: Use high-quality images and videos to showcase your products or services effectively, catering to shorter attention spans on mobile devices. 2. Content Marketing: Attract, Engage, Convert Well-written content is indeed powerful, but go beyond static information. Consider these content marketing strategies: Create diverse content formats: Blog posts, infographics, videos, case studies, and even interactive quizzes can cater to different learning styles and preferences. Establish thought leadership: Share your expertise and insights on industry trends and challenges to position yourself as a trusted resource. Leverage storytelling: Craft compelling narratives that connect with your audience on an emotional level and build brand loyalty. Optimize for search engines: Implement SEO best practices to ensure your content reaches the right audience through organic search. 3. Compelling Calls to Action: Guide Your Audience Don't leave your website visitors guessing what to do next. Craft clear and actionable CTAs that align with your marketing goals. Here are some tips: Use strong verbs and specific language: Instead of "Learn More," try "Download Our Free Guide" or "Schedule a Consultation Today." Place CTAs strategically: Position them where they make sense in the user flow, like at the end of informative blog posts or product pages. Personalize your CTAs: Consider A/B testing different CTAs with different audiences to see what resonates best. Track and analyze results: Monitor the performance of your CTAs to understand what's working and adjust them accordingly. 4. Marketing Beyond Paid Ads: Building a Multifaceted Strategy While paid advertising can be a valuable tool, it's crucial to diversify your marketing approach. Here are some additional ideas: Embrace email marketing: Build an email list and nurture leads with targeted campaigns that offer valuable content and special offers. Engage on social media: Actively participate in relevant online communities, share valuable content, and respond to comments and messages. Partner with influencers: Collaborate with individuals who have established credibility and reach in your target audience. Network and build relationships: Attend industry events, connect with other businesses, and participate in local initiatives. 5. Customer Centricity: The Heart of Success Going beyond simply wanting to help people is crucial. Truly understanding your customers' needs, challenges, and aspirations is key to building lasting relationships. Here's how: Conduct market research: Gather insights into your target audience through surveys, interviews, and focus groups. Track customer feedback: Actively solicit and analyze feedback from customers through surveys, reviews, and social media mentions. Personalize your approach: Segment your audience and tailor your marketing messages and offerings to their unique needs. Deliver exceptional customer service: Prioritize building positive relationships with your customers through prompt and helpful responses. Bonus Tip: Maintain a Good Business Credit Score Maintaining a good business credit score is vital for the long-term health of your company, no matter its size. It directly impacts your ability to secure funding for growth, negotiate favorable terms with suppliers, and even attract talented employees. A healthy score reflects strong financial responsibility, making you a more attractive partner and reducing the risk associated with doing business with you. Equally important is regularly monitoring your business credit report to identify and address any errors or fraudulent activity promptly. These issues can not only damage your score but also expose your business to financial vulnerabilities. Vigilant monitoring allows you to proactively address concerns, protecting your creditworthiness and safeguarding your company's financial security. Bonus Tip: Embrace Agility and Continuous Learning The business landscape is constantly evolving. Be prepared to adapt your strategies, learn from your mistakes, and stay ahead of the curve. Regularly reassess your approach, invest in professional development, and keep an eye on industry trends. Starting a new business can be overwhelming because there are so many things that you have to think about. That’s why it’s important to become an entrepreneur for the right reasons and do something you love. Above all, remember to have fun! Sources: http://www.smartinsights.com/mobile-marketing/mobile-marketing-analytics/mobile-marketing-statistics/ http://www.seo-e.com/online-marketing/develop-strong-call-to-action.htm https://www.sba.gov/blogs/does-your-business-have-marketing-plan https://www.thinkwithgoogle.com/articles/b2b-digital-evolution.html

The National Bureau of Economic Research conducted a study of nearly 6 million PPP loans made between April 2020 and February 2021 and determined that black-owned businesses were least likely to receive Paycheck Protection Program loans from small and mid-sized banks, where subjectivity was most likely to influence lending decisions.

Watch Our Interview The Federal Reserve Bank recently published its 2022 Report on Firms Owned by People of Color, highlighting key data from the 2021 SBCS across Asian, Black, Hispanic and White-owned businesses. So we invited Emily Wavering Corcoran on the podcast to discuss some of the key findings in the report. Emily works in the Community Development Department of the Federal Reserve Bank as the Program Manager of the Small Business Credit Survey. If you are unfamiliar, the small business credit survey, SBCS, is a collaboration of all 12 Federal Reserve Banks. It's a survey of small businesses across the country that includes questions about business performance, the financial and operational challenges that businesses face, and financing outcomes. More than 10,900 small employer firms, that's firms with fewer than 500 employees, in all 50 states plus the District of Columbia responded to the survey. In our interview, Emily talks with us about some of the most illuminating insights in the report. This segment begins at 17:44 in the podcast. What follows is a lightly edited transcript of our interview. Gary Stockton: Looking at the 2022 report, what was your biggest takeaway or surprise comparing the 2021 survey to the 2020 survey for firms owned by people of color? Emily Wavering Corcoran: You know, Gary, when we look at the 2021 survey data and then look back to the 2020 survey data, the persistence of financial hardship and operational challenges stands out for all firms. And it's particularly striking for small business owners of color. Businesses owned by people of color continue to face more financial and operational challenges than their white-owned counterparts. Gary Stockton: So, have small businesses owned by people of color fully recovered from the Pandemic? And what was the most common financial challenge among this cohort? Emily Wavering Corcoran: So, in general, no. We're not seeing a robust,  consistent recovery to pre-pandemic levels. But, of course, you can look at recovery in a couple of different ways. And recovery can be very dependent on the revenue and employment size of the business. But in general, firms owned by people of color were more likely to report that their revenues continue to be lower than in 2019 before the Pandemic. To illustrate what that looks like, in terms of the numbers, about 8 in 10 Asian-owned small businesses have lower revenues now than they did in 2019 compared to about six and 10 White-owned small businesses. Gary Stockton: The report also said that small businesses were less likely to apply for pandemic-related financial assistance in 2021 compared to 2020. And that firms owned by people of color were less successful at obtaining funds compared to White-owned firms. Were firms owned by people of color discouraged because they did not receive all of the funding they sought in 2020? And why did they not seek financial assistance? Emily Wavering Corcoran: Yeah, that's, it's a tough question and a good one. Small business owners of color who opted not to apply for pandemic-related financial assistance programs in 2021 most frequently indicated in the Small Business Credit Survey that they did not apply because they did not think that their business would qualify for the program. Firms owned by people of color are more often newer firms. So they might have largely been correct in that assessment. Right? Younger firms may not have met the criteria for programs like the PPP, for example. Gary Stockton: So what kinds of financing were business owners of color more likely to seek out? Emily Wavering Corcoran: I just mentioned PPP; that was the second most likely program that small business owners of color applied. They were more likely to seek financing from the Small Business Administration's Economic Injury, Disaster Loan program, or EIDL. And it is worth noting here that some of that might be timing. So while PPP loans were available only until May of 2021, applicants could seek EIDL funds, including,  you know, expansions of existing EIDL loans until the end of 2021. So there's some timing there, and there's potentially the criteria piece. Gary Stockton: During the Pandemic, small business creation saw more than 5.1 million new businesses starting in 2020 and 2021. And the report suggests that many of those business owners, particularly people of color, felt they would not qualify for financial assistance due to not meeting all the criteria. Does the criteria need to be reevaluated to open up greater access for, or during a future crisis? Emily Wavering Corcoran: Gary, that is a fantastic question for policymakers. It's all about tradeoffs, right? So, depending on the nature of the economic crisis and the goals of a particular program, Policymakers have to make decisions about how to design financial assistance programs. In the SBCS data, the tradeoffs of those criteria decisions are playing out. For example, small businesses had to be operational before the Pandemic,  to be eligible for the first drop of PPP funding. The intention there was to reduce fraud. The consequence is reduced access to new businesses. So, a tradeoff. Gary Stockton: Yes. So in terms of their expectations for revenue growth and employment in the next 12 months, which group was most optimistic? Emily Wavering Corcoran: We see that Black and Hispanic-owned firms,  were most optimistic about revenue and employment growth over the coming 12 months, and given that this information is from the 2021 SBCS, this reflects their expectations for this year for 2022. Our 2022 survey launches in September on September 8th. So we'll soon have an opportunity to understand how those expectations played out for those firms. Gary Stockton: So, with many of the forbearance programs offered during the height of the COVID-19 Pandemic expiring, do you think firms in poor financial condition and who did not seek financial assistance are in danger of closing? And should we be expecting an increase in closed businesses? Emily Wavering Corcoran: Small Business Credit Survey data do not comprehensively capture business closures or business creation. Census data are the best sources to track those dynamics in particular. But I will say that the firms in poor financial condition that did not seek assistance were in a precarious financial situation in 2021. They may have turned to other sources of funding. They may have found other solutions to keep their business open,  or they may have decided to close. And again, we'll have to potentially look at some other data sources to really understand those dynamics, especially over time as we get a little more distance between,  our data and 2020/2021. Gary Stockton: Of the groups who reported weak sales and financial challenges, was there a group who used personal funds to keep their business running versus other groups? Emily Wavering Corcoran: Yes. It's quite common for small business owners to rely on personal funds to help navigate financial challenges in their business; personal and business finances can often be highly connected. But Black-owned firms are the most likely to use personal funds to cover a financial challenge. Almost three-quarters of Black-owned businesses who experienced a financial challenge in 2021 used their personal money to respond to it. Gary Stockton: Wow. Three quarters. Wow, that's significant. Emily Wavering Corcoran: It is. Gary Stockton: Hispanic-owned firms were more likely than others to have debt. However, more than a third owed less than $50,000. Would Community Development Financial Institutions be an area for the Federal Reserve Banks to expand partnerships and programs, particularly for small business loans and borrowers? Emily Wavering Corcoran: Federal Reserve Banks have a lot of ongoing, great work with Community Development Financial Institutions, or CDFI's. For listeners who might be unaware,  CDFI's are mission-driven, financial institutions that tailor their products and services to meet the needs of populations that have been historically financially underserved. This includes small businesses and small businesses owned by people of color. So there are CDFI's that work directly with the entrepreneurial community to enable access to credit. They're certified by Treasury CDFI Fund,  and Community Development departments across the system are working with CDFIs in several different ways. On the research side, there's a biennial survey of CDFI's to contribute rich data on the sector. In addition, there are case studies and reports that elevate innovative CDFI models. And then, on the outreach side, there's ongoing outreach to CDFIs and potential CDFIs, so that fed staff can help inform interested communities about the vital role of CDFIs in credit access and credit access for small businesses in particular. Gary Stockton: So there's a lot going on in that space already? Emily Wavering Corcoran: Yeah, there is. Yeah. There's some wonderful work there. Gary Stockton: So what should business owners of color do with the information in the report? What can they learn from these trends? Emily Wavering Corcoran: We hope small business owners can use this information to understand how their individual experience fits broader trends. Maybe they see shared experiences in the data. So our work is always about amplifying the voices of small business owners. And that's important, not just for policymakers to hear but also for individual small business owners to see their experiences represented. Gary Stockton: Well, Emily, this report is fascinating. It shines a light on the disparity across the small business economy, particularly for businesses owned by people of color. Thank you for all the great work you and your colleagues are doing on the SBCS. Where can people go to read the report and other research the Federal Reserve Banks puts out? Emily Wavering Corcoran: Sure. So you can go to fedsmallbusiness.org to learn more about the Small Business Credit Survey and to read all of our reports,  including the Firms Owned by People of Color, as well as,  we have a report on hiring and worker retention. So you can check that out there. And then, fedcommunities.org is a sort of one-stop shop to learn more about the community development work in the Federal Reserve System. Gary Stockton: Thank you for coming on the Small Business Matters podcast today. Emily Wavering Corcoran: Thank you so much, Gary. Take The SBCS Survey

This week on the Small Business Matters podcast we sit down with two exceptional leaders doing incredible work on behalf of the small business community.

Small businesses are critical to the US economy, and the United States is home to over 33 million small businesses, each with a unique perspective on how they do business and approach to accessing financing.

This week, the United States will commemorate Women's Equality Day on Friday, August 26th. Women's Equality Day is celebrated on that day to commemorate the 1920 adoption of the 19th Amendment to the US Constitution, which prohibits the States and Federal Government from denying the right to vote to citizens of the United States based on sex. Creating a more perfect union happens when individuals vote and businesses eliminate hiring bias, narrow the pay gap, and create equal opportunities for everyone on the team. So we invited two Experian leaders on the podcast to share their perspectives on the small business matter of equality and what that means here at Experian. Watch Our Interview Subscribe To Our YouTube Channel What follows is a lightly edited transcription of our conversation. Gary Stockton: As Experian's Global Chief Diversity, Equity, and Inclusion Officer, Wil Lewis is building on the company's commitment to diversity, inclusion, and equity by driving innovation in product development and building on the company's culture of belonging and attracting talent that represents the communities in which Experian operates. And joining Wil from Experian is Teresa Rogers. Teresa is currently a Senior Sales Director for Experian and the North America Lead for the Women in Experian Employee Resource Group. Her 23 years of industry experience helps Experian sales teams to deliver outstanding results. And her work on the Women in Experian, ERG inspires Experian's next generation of female leaders to raise their hands and lead. And Emily Garman is a content specialist here at Experian. Emily helps us craft small business stories for the Small Business Matters blog and podcast. Welcome everyone to our little discussion today about equality. Gary Stockton: So Wil,  more than 2 million women left the US workforce during the pandemic; according to the US chamber of commerce, one in three cited burnout as a primary reason. Many left careers due to a lack of childcare, and for small business listeners of this podcast to adapt to the new environment, can you share how Experian has adapted to these trends and made Experian the place where women want to grow their careers? Wil Lewis: What's notable, I think, is that you mentioned this 1920 amendment fight for equality for women in the US Congress. While that's true, and it's very factual, the reality is for generations since then, and before them, women have had to carry a disproportionate share of the burden of managing the household and also trying to work. So one of the things that we wanna do here at Experian is to support women along that journey. What that means for us is that we've adjusted our ways of working here at Experian. So. Your question was, how can we help support women? Well, one of the options, one of the things that we provided for all of our employees, is the option of where you want to work. You can choose to work at home. You can choose to work in the office, or you can choose a hybrid working environment. You see, the choice is at the center of it. And I think one of the ways that we can help women, whether you are a parent or not, is by giving them a choice in how they want to work—giving them a choice in how they want to exist and the option of how they can work in their most impactful way. Emily Garman: Wil, our 2022 Diversity, Equity, and Inclusion report opens with a statement from our Global CEO, Brian Cassin, about the criticality of creating a workplace where people are free to be their authentic selves and have an equal chance to succeed. Can you talk about The Power of You and what that means, particularly for the women who work at Experian? Wil Lewis: What's key is several things. Not only I talk about that choice, but I think it's also important for us to ensure that we continue to develop, and invest in the development of women and all of our employees across Experian. What that means is, providing equal access to promotional opportunities. That means ensuring that we're meeting our colleagues and our women across the organization where they are as they look to grow and foster their careers and also offering development programs. In addition, we're proud that we've recently signed on with Catalyst, an organization that's focused on the empowerment of growth of women globally. What that'll do is give our women more access to the tools and resources they need to help foster and grow their careers, and receive the support they need to continue to be successful in the workplace while continuing to pursue their ventures and personal lives as well. And also, help ensure that we're investing in the people who are not women to make sure they understand what those needs are and that they're providing a supportive environment and that environment as well. So we can't only talk to women around ensuring that we're helping that growth and development. We need to talk to everyone to ensure that we're creating the most welcoming environment possible for our women to prosper. And I think when Brian mentioned that in our Power of You report, that's what he was going at. The Power of You is here at Experian, and you have the power to achieve your career goals. So we want to do everything we can to ensure that happens. Gary Stockton: So Teresa, can you provide some background on Experian's Women in Experian resource group? Teresa Rogers: Sure. The Women in Experian ERG has been around for several years, and it's one of our largest resource groups at Experian, it has over 500 members and was founded in 2016. And it was initially led by Jennifer Schulz, who is now our CEO in North America. Our goal is to help women take the next step in their career trajectory. And up is not the only way. So preparing for the next step could be a promotion, it could be a lateral move. It could just be taking on a new challenge, and we're focused on that career movement within Women in Experian. Emily Garman: Teresa, you mentioned your goals for the Women in Experian ERG. Can you talk a little bit more about the goals you have and how you measure those goals? Teresa Rogers: We have three goals, and all are focused on 50/50 gender parity. Now our dominant goal, or what we consider the one that matters most, is career movement. And we want to see a 50/50 balance of males to females movement while increasing the representation specifically of females in leadership positions. We're also focused on gender parity for new hires coming into the business and parity overall for North American employees. And we are looking this year for 5% improvement within the emerging leader and VP categories, which are really the ones driving the decisions for the corporation. So we want to see the parity at those levels as well. Gary Stockton: Wil – bringing about a cultural shift in a business. It can be hard, where do you start? And how does that look for different sizes of companies? Wil Lewis: The great news is, as Teresa mentioned, Experian's been after this for many years. So this isn't new that we're just starting now. And where we started was very grassroots — people who volunteer and invested in making a difference. And what they did was start talking to their leaders. And I bring that up because I think that same formula, no matter the size of the organization applies across. This is really around how do we raise awareness. I firmly believe that the majority of humans in the world want to do good. I believe that they want to help others,  excel and exceed, but there may be a lack of knowledge. There's a lack of awareness. There's a lack of realization until someone highlights it for them. So the starting point, I think for organizations, is really to say, let's drive education. Let's make people aware of where there may be places where there's no parity. And then let's ask them to help us think through how we drive towards that parody and how we get there. I've learned in my career at different organizations that when you shine a spotlight on it, people go, oh gosh, I didn't realize. So I want to be a part of the solution. The starting point is to shine a spotlight on where the opportunity is to ensure that individuals of all levels and that are in a decision-making authority, as well as individual contributors, can influence and have awareness of  what to do. And then, the rest takes off like a rocket ship; I'd like to believe. Gary Stockton: So how does having an inclusive workplace manifest change or enhance interactions in the relationship itself with your customers? Wil Lewis: Well, that's really an important one because you think about it. Many of us,  inside of our organization of Experian or inside of other organizations, interact with customers of some sort, whether those customers are consumers, whether those customers are other businesses, and awareness of why inclusion is important inside of one's organization directly impacts the products that we create for the world. Experian spends a lot of its time focused on consumers. How do we help consumers live a better life? Also, how do we help other businesses connect with their consumers so those consumers can lead a better life? The best way to do that is to ensure that we have an inclusive environment of our own and one that's representative of the communities out in the external marketplace, because then our employees can use informed decisions to inform our products, to make products that better connect with the communities and then help individuals really kind of grow along the way. It's around having a diverse environment that allows our teammates to, and to feed in the products that drive a better tomorrow. Emily Garman: Teresa, can you talk about some of the committees we have here at Experian and why we created them? Teresa Rogers: Sure. All our committees are focused on helping women prepare for the next step in their career trajectory. We've got seven committees: Set Your Ambition — This committee helps women to create goals and to make a plan for their next step. And they recently published a phenomenal piece of work called a career flip book, it's very practical advice to guide the employee through career readiness with practical tools,  and brings everything together in one place so that they can prepare for that next step. Take Control — That committee's all about mentorship and building a personal and a professional brand. And we have 260 mentor/mentee pairings, and participants that are matched right now. Focus on You —  is our talent and development committee, and they're focused on providing women an environment that enables growth through practical tools and training and resources to help them to advance in their careers. STEM — is focused on women in technologies. Like other organizations, females are underrepresented in science, engineering, and different technical roles. So we're taking a surgical approach to drive awareness and improvement in these technology positions. The STEM Committee is focused on mentoring, education, and training, and then internal and external outreach and partnerships. Make Your Move — So once that next step is a reality and that woman has taken that promotion or lateral move, we want to give back to our communities. This group partners with communities and underrepresented groups. International Women's Week — For the March lineup we want to make sure we have fantastic speakers and workshops for that week. Agile committee — takes on special projects, for example, this year, they have lined up quarterly events for north America, and they're doing some excellent work. So one of the things I love about the Women in Experian, ERG is just all the different boots on the ground. There's active involvement across our membership base. And males and females alike are rolling up their sleeves and getting involved in these committees. And we're seeing real change happen as a result. Gary Stockton: Wil, FORTUNE magazine and Great Place To Work named Experian, North America a Best Workplace for Women among large companies for the third consecutive year. What do you think sets us apart from other large workplaces regarding equal opportunities for women at all levels? Wil Lewis: Well, first of all, we're really proud to be honored by FORTUNE Magazine for this category's third and consecutive year. It comes because of hard work, not only the things that I've already mentioned but also ensuring that we're taking a look at the benefits programs that we're offering to women in our organization. That we're focused on that we're providing time away, when someone's bringing a child into their household, paid time away. Also, ensuring that we're doing things like being committed to being focused on wellness or providing lactation facilities inside our office spaces. Most important is to be sure that we're providing that equal access along the way. Now, what I will also add to that is that I think that one of the things that sets us apart are our people, right? We have people that are genuinely dedicated and committed to this. It isn't happening by accident, or it's happening because one or two individuals are focused on it. Our teammates across our entire footprint are focused on how do we make Experian a better place to work. It's our people that's a differentiator for us. Our people that come to work to try and do well every day. Emily Garman: Wil you've said that one of the things we're focused on at Experian North America is to have 40% of our leadership roles filled by women by 2024; that's only a couple of years away. Can you share what we're doing as an organization to reach that goal? Wil Lewis: This is a really important goal for us because this is all around ensuring that we have an equal number of women as we do other genders in the workplace. Particularly in senior leadership roles. What we're doing are several things. First, we insist that all of our hiring slates,  for finalists are diverse. So that way, if the slate itself is diverse, it increases the likelihood of women being hired into our organization. So that's a requirement as a part of what we're doing along the way. We're also making focused and dedicated decisions around how we grow, foster, and support career development and growth through advanced development programs. So ensuring that we're bringing women into those programs and with access to the development they need to ensure they can be fantastic senior leaders in the organization. And this is important, Emily. And I want to mention it; these aren't just words and rhetoric that we're talking about and doing; we're backing this up with actions. Earlier this year, we promoted Jennifer Schulz to the role of CEO of North America. She's a fantastic leader who's worked hard for a very long time and earned that role for herself. So those are the type of things that we're doing. There are other women in senior leadership roles around our organization as well. And I think it's imperative to keep doing things like that to ensure that we put our actions where our words and rhetoric are. Emily Garman: So true; Jennifer is an amazing leader. Teresa, you mentioned earlier when you were talking about the committees you've got, I think you said 240 mentor pairs with women across the company. How critical is it to have mentors? Teresa Rogers: I think it's super important to have mentors. You know, sometimes we don't know our next step. So, talking that through with someone who's already made that path and made several moves. That advice can be extremely helpful. I believe that sponsorship is even more important but harder to obtain. So we have to start with mentorships and having a sponsor. That's advocating for you behind closed doors when you're not in the room is the place that we want to arrive. Still, it starts with building relationship equity and conversations with mentors. Then there'll be a point that you can ask that executive to sponsor you when you're not around, based on that relationship that you've built is super important. Gary Stockton: Wil, men can belong to the Women in Experian Resource Group as allies, but what does being a strong ally and advocate for women's equality look like here at Experian? What traits make a good ally? Wil Lewis: Calling out disparity when you see it. We can make many branches off of that, but if you see something that's not right, don't just admire it. Say something about it. Take action to drive change and difference. That's the first thing, the second thing is Teresa was talking about mentorship, volunteering yourself to be a mentor, but don't just go for being a mentor; take it a step further, be a sponsor. A mentor is someone who gives advice which gives guidance to an individual. A sponsor has a seat at the table, and when that person's not around, advocates to that individual,  on their behalf, without them knowing it sometimes. Be a sponsor,  and try and drive an individual along as well. Emily Garman: Teresa, what can a company gain by having a more inclusive workplace and a more diverse executive team? Teresa Rogers: A variety of perspectives. An organization will not thrive if everyone thinks the same way. The best moments are when those creative strategies occur, and you have diverse ways of thinking. That all starts with a diverse board of directors, a diverse senior leadership team, even at the frontline level, having diversity, not just in gender, but in all areas. Experian is very focused on inclusion and diversity. And I think that's what makes us thrive and, really, Excel as an organization. Gary Stockton: Wil and Teresa, any final thoughts about Women's Equality Day and what can be done on a smaller scale down on Main Street at small businesses? Wil Lewis: What's important, I think, for Main Street small businesses and more women and women's equality is to think, what can I do? You don't have to boil the ocean. You don't have to try and do everything yourself. But think about what that one action you can do inside your business. Usually, small businesses are run very leanly. You have a couple of folks that are running the shop. How can you integrate women into that? Or how can you provide products that help women along the way, or can you volunteer yourself in your time to help mentor and foster other small businesses,  businesses that women lead. It's around these small actions; you don't have to try and boil the ocean; what's the one thing you can do to try and help other women business leaders? Gary Stockton: Teresa? Teresa Rogers: I think it's important to celebrate the history, understand where we are now and where we've been, and look at how much has happened in those few decades. Celebrating women business owners,  highlighting their work, and telling their stories is a way we can inspire women who may want to start a business but who have not taken that next step in their career trajectory. Still, it's a desire of their heart. The more we can elevate and escalate and tell these stories, the more we can see additional business owners and female owners enter the workforce. Gary Stockton: Wil and Teresa, thanks so much for sharing your perspectives on equality and fostering belonging here at Experian. Podcast listeners, we hope this discussion inspires ideas to carry forward in your business. Got a great equality and inclusion story about your business? Drop us a line at smbmatters@experian.com or share your women's equality story on Instagram and tag @experianbis. Check out our interview with Luann Abrams from CEOX on why we need more women CEOs and Board Members.

We're discussing Women's Equality this week on the Small Business Matters podcast as we approach Women's Equality Day on Friday, August 26th. Why We Need More Women CEO's and Board Members In our first segment, host Gary Stockton leads off with a discussion with Luann Abrams. Luann is the founder of CEOX, a company whose mission is to increase the number of women CEOs and board members. Watch Our Interview Experian leading the way with Women's Equality Our second segment begins at 17:25 and features a great discussion with Wil Lewis, Experian's Global Chief Diversity and Inclusion Officer, and Teresa Rogers, a leader of Experian's Women in Experian Employee Resource Group. In this discussion, we share our approach to equality and how these ideas can work in small businesses. Watch Our Interview Find more episodes of the show over on our show page. FOLLOW US Twitter Instagram LinkedIn YouTube      

Watch our interview with Luann Abrams Subscribe To Our YouTube Channel As we approach Women's Equality Day on Friday, August 26th, it's worth noting how far women have come regarding legal rights. For example, did you know that before 1974, it was illegal for women to obtain separate credit cards without their spouse's signature? Of course, all of that changed with the passage of the Equal Credit Opportunity Act. But it doesn't seem that long ago. In 2020, we elected our current Vice President, Kamala Harris. And this year, we swore in our first black female Supreme Court justice Ketanji Brown-Jackson. So women are making progress, but there's still inequality regarding women CEOs and board representation. So in this interview, we talk about women's equality with Luann Abrams. Luann is the founder of CEOX and a partner at FoundersPad, an early-stage venture fund with a dedicated mentorship program in Bend, Oregon. She brings some of the brightest upcoming entrepreneurs together with the most experienced business minds to drive innovation in the region. Luann's background is in aerospace engineering, where she spent most of her 15 years in aviation working for a startup aircraft company. What follows is a lightly edited transcription of our conversation. Gary Stockton: So, can you tell us a little about your company's mission and what experiences inspired you to start the company? Luann Abrams: Yeah, I started CEOX to get more women into CEO roles. I had been working in venture capital, as you had mentioned, and really found venture to be broken for women on many different levels. There are not enough women at venture funds deciding where the money goes; women-led companies are getting about 2.2% of the venture funds going out. And then this issue that I'm solving is not uncommon for founding CEOs to be replaced through the growth cycle of their companies. And they're usually replaced by the venture fund themselves. It doesn't happen every day, but it happens from time to time and every time I watched it happen. It was a man given that role, including when it was a women's healthcare platform for tracking your fertility. And when they put a man in that role, that was just my moment of, I got to fix this because I'm not happy watching this happen repeatedly. And so, the idea with CEOX is to pre-identify high-level executive women who could lead these startup companies to success as a CEO. So to date, we have about 700 women in the network. we're industry agnostic. We've placed several CEOs, COOs, and board members throughout the past two and a half years I've been doing this. Gary Stockton: It's very important work, and very timely considering everything that's going on with women's rights. One piece of research that I found interesting was a Pew Research Center finding that the wage gap is closing in 22 metropolitan areas. There was also a recent pay discrimination settlement with the US Women's Soccer Team, who will now be paid the same as the men's team. Do you see women filling more CEO roles and taking board positions as strictly a business challenge? Or is it, is it part of the original struggle for equal rights? Luann Abrams: Well, it is a huge business problem. It's a huge economic problem not to have more women running companies. Women-led companies grow faster, generate more revenue, and have higher stock prices. They exit on average a year earlier. And so, from an economic standpoint, it's crucial to have more female CEOs. But women-led companies also have happier employees. So imagine a world with happier employees, the productivity that comes from that also has a more diverse employee base, and diversity within companies benefits the bottom line. More diversity means solving more problems for more people, which means more money. So the economic and business challenge is real. That isn't to say it's not also about equal rights. But, it is, we have to recognize that women have many additional barriers to their success. Even in my career, I was not given a raise once because my boss told me my partner made plenty of money. Luann Abrams: And, as a counterpoint to that slide you shared from Pew Research, the education department just released data showing pay disparity between men and women college graduates begin to show up within three years of graduation. Another post-COVID study showed that the gender pay gap among top executives at the S & P 500 grew to its widest since 2012. So there are still huge barriers that women are facing in business. And yeah, it's absolutely an equal rights issue. Gary Stockton: Yeah. Well, Experian North America has just promoted Jennifer Schulz to North America CEO, we have a woman CEO here, and everybody is super excited to have her leading us. You've worked with a significant number of women. So what is it that makes women such good leaders? Luann Abrams: Yeah, go Jennifer Schulz and go Experian, because that's great. I love hearing that. So Harvard Business Review has done a study showing that women score better on 17 of the 19 top leadership skills that make a great CEO. If I could sum it up,  it comes down to the fact that most women lead with empathy and have dismissed the command and control leadership style that was once in Vogue, and they lead with curiosity and collaboration. They don't walk into a room thinking they know all the answers and are just there to tell everyone what to do. They walk in asking, what do you think? And it allows for better solutions to come to the table. It makes people feel valued. There's also a misnomer that women aren't risk takers. I like to talk about that a lot. They are risk takers. It's just that the risks they end up taking seem less risky because they thought it through so well. And they baked in contingencies and alternate plans. So I could go on and on honestly all day; I don't think you have time to go through all of the reasons women make great leaders. I believe there are many things we can learn from women, and it doesn't mean men can't make great leaders, but there's a lot that we can learn from women on leadership. Gary Stockton: I can attest to many of the attributes you mentioned there just in Jennifer's short time as CEO for North America and other women I've worked for. As you said, they are very collaborative, have a high sense of curiosity, and are excellent at brainstorming. We need to encourage more of it. Altrata's latest Global Gender Diversity Report contains some interesting insights on gender equality. Specifically, France leads the G20 in terms of women on boards with 44%, while the US S&P 500 has 31.1% women board members; the US number has been growing, but why do you think it's so challenging to increase this number? Luann Abrams: Well, I think it's because people continue to hire for experience over actual talent. And this happens at all levels, not just at the board and executive levels. It occurs from the very early stages in people's careers. So for women, particularly, they have to show that they can do something before they're hired, which presents a vast catch-22, regarding public boards. The boards usually seek someone with public board experience, but how do women get that first public board role? Men are hired on potential all of the time. It's a well-documented bias area where men are hired on potential. Women are hired for what they've accomplished. So it's just a lot easier for men to get that experience that is required to get on a board. There are many, many talented women and people of color out there. They have what it takes, but they're not going to be selected because they're being hired based on their experience and qualifications. So really, it's critical to hire based on talent and assess talent. And it's the key to changing that number, I believe. Gary Stockton: Do you think women leaders too often settle for number two positions? And, and if so, what do you think is behind that? Luann Abrams: I do. I think that women will often come to me saying I would make a great number two, but I am not probably CEO material. One conversation with me and I'll change their mind I promise. So first, I think it's important for women to understand there's no magic fairy dust that gets waved on a CEO that makes him great. If you have the skills and leadership ability to be a CEO, you can be a CEO. Second, I think some women fear that CEO roles will be all-consuming and could be very detrimental to their families. I think that's a valid concern, but also one that leads to why we desperately need more women CEOs. Because we need more flexibility in work, it makes for better human beings. It makes for better family structures. It makes a better business culture more inclusive in that way. And so we need more women leading companies and creating that culture at the company because that really benefits everyone. Gary Stockton: If someone has ambitions to be a woman CEO or board member one day, what things should they do early on in their career to put themselves on the right trajectory? Luann Abrams: Well, first of all, just having it on your list of things you want to accomplish is probably the first step. So, you know, talking to young women about being a CEO and making sure that's in their career path and trajectory is vital because if you don't think about it, you're probably not going to navigate your career that way actively. I would say one is networking. Even if you're a massive introvert like me, network, network, network, most jobs are found through people's networks. And so, make sure you're in people's networks at the highest levels. And then really finding that sponsor, not a mentor, but a sponsor. A sponsor is someone who's going to say your name in rooms where the power is, and it's a big deal to have someone like that who can advocate for you. So being deliberate about finding that person, talking to them, and being receptive to their feedback on how you can improve as a business person is probably the number one thing you can do. Gary Stockton: Excellent advice. According to Altrata's Global Gender Diversity report, 11 countries in the G20 have quotas for women on boards. Is that something that you see happening here in the United States? Luann Abrams: So it was happening. California had some very progressive laws on ensuring that public companies based in California had at least 20% women on the board, and unfortunately, those laws are blocked right now. We'll see how that plays out. I know other states were looking at following that. I am a fan. I hate having to have it, but it does force change. And economically speaking that change is very positive. You know, you're going to have more successful companies, the more diverse they are. There are also organizations in the US taking a stand on board diversity; you've got Goldman Sachs and NASDAQ saying they won't take companies public without having a diverse board. And those are critical. I am a little hesitant to get behind them and see how they play out because there are many loopholes and caveats to that. But, if they have a good explanation of why they don't have a diverse board, they can get through that and get around it, and quite frankly, since VCs have backed most companies that become public. Most VCs are white men, which means their boards are full of white men. And, so it's very easy to claim, well, our investors on our board and our investors happen to be all white men. But that's why you know; if that is how people get around this rule, then they really aren't going to have any effect. Gary Stockton: So what advice would you give to women about negotiating salary for their next position? Luann Abrams: Do negotiate; that's probably the piece of advice. You will get an offer and need to negotiate that offer. Don't accept it. Don't accept the first offer. Ask for an amount that will make you feel uncomfortable. It's doubtful they will rescind an offer because you've asked for too much money. The most likely scenario is they will come back with a counter offer somewhere between. And that's one that you can consider taking, and that part of the pay gap problem is that even early in our careers, we're not negotiating that first paycheck, and that often will follow us for our whole lives. So it's important to negotiate. There's lots of information on learning how to negotiate, but it's as simple as asking for more. Gary Stockton: Any closing thoughts on Women's Equality Day and how you will celebrate this year? Luann Abrams: Well, every day is Women's Equality Day in my world, and that is the truth. I work every day to try and elevate women, and so I will celebrate it by continuing to do what I do and advocate for women. Gary Stockton: That's awesome Luann, it's been an illuminating discussion. You have given us a lot to think about here. Tell our listeners where to learn more about CEOX and how to best engage with your organization. Luann Abrams: Yeah, you can go to our website, projectceox.com. There is a place you can contact us. There's a place where if you are a senior leader and want to nominate women to the CEOX community who are ready to be CEOs, you can do that there. And that is probably the best way. We also have events that you are welcome to attend, and we have a resource area for aspiring CEOs to access and get some great content that we in the CEOX community have gone through and found helpful. Watch our interview with Wil Lewis & Teresa Rogers

We get this question on the Small Business Matters blog quite often — "How can I report my customers' data to credit bureaus like Experian?”  Many small business owners have questions about how to report data to credit bureaus as a business. So we invited Robbin Miske-Palmer from our Data Sourcing team to explain how that works, and what you can do as a business owner to give your customers the credit they deserve. Full File Reporting Many small businesses misunderstand that Experian requires reporting on all customer accounts, not just individual delinquent customers. This "full file reporting" benefits both businesses and their customers. Benefits for Businesses Improved Customer Creditworthiness: Reporting positive payment history helps customers qualify for better credit terms, encouraging their growth and potential spending with your business. Early Detection of Delinquency: Monthly reporting automatically reflects late payments, enabling early intervention to resolve issues and potentially avoid bad debt. Enhanced Vendor Reputation: Reporting demonstrates responsible credit management, fostering trust with other businesses and potential partners. Benefits for Customers Accurate Credit Reports: Reporting ensures accurate credit reports, reflecting good payment habits and contributing to higher credit scores. Access to Credit Opportunities: Positive credit history facilitates access to trade credit, loans, and other financial resources necessary for business growth. Encouragement of Responsible Credit Management: Reporting incentivizes customers to maintain good credit standing, benefiting their overall financial health. Getting Started with Experian Reporting Reporting business data to Experian is free, but requires meeting certain criteria: Membership Approval: Businesses need to apply and agree to Experian's terms and conditions. Monthly Full File Reporting: Timely submission of encrypted data files containing information on all customer accounts is mandatory. Standardized Format: Data files must follow a consistent format every month, simplifying the reporting process. Additional Resources Visit our website for detailed instructions and information on Experian business data reporting. Note that this is specific to reporting on businesses, not individuals. Reporting your customer's business data to Experian offers significant advantages for both your business and your customers. By facilitating responsible credit management and ensuring accurate credit information, this practice fosters a healthy business environment for everyone involved. Links: How to Report to Credit Bureaus as a Business Reporting your customers' business data is free but does require credentialing (Membership) approval.  Click here to find information on reporting client/customer data to Experian. Please have ready the following information when you contact Experian – legal company name, business phone number, company address, contact email address, and estimate on the number of businesses to be reported. Note: this is for reporting businesses only, not individuals. If you need to know how to report consumer data to Experian, click here. The following is a lightly-edited transcript of our interview. Gary: And so Robin could you tell us a little bit about what you do here at Experian? Robbin: I'm in the data sourcing department and one of our main objectives is to help businesses onboard to Experian, to be able to report their data, their business data to Experian. Gary: One of the questions I wanted to ask you and what we get asked about a lot on our blog and on social media, is from small business owners and that is how to report data to credit bureaus as a business. And, one to one, I think there may be some misconceptions about how Experian handles that, and I was wondering if you had any feedback on that question that we could help them with. Robbin: Absolutely. So typically, we'll be contacted by a business looking to report just one particular tradeline. But for reporting business data to Experian, it is a full file reporting. And what that means is that you report on all of your accounts. So, with those good accounts, you report those, delinquent, slow pay. And the reason that you do that versus one particular account is that all of your businesses get the advantage of being reported. Robbin:  So, if you are a small business, having your vendors report on you does affect your credit report. So, if you're paying as agreed, we want to certainly get that information on the credit report, so you can help those businesses that you work with. And, if you have to look at your slow-paying customers, you certainly want to be able to catch them sooner than later. So being able to report that full file, once they become delinquent you have that opportunity to speak with them and get them back on track since this is going to be something that's shared with the credit bureau. Gary: So, if they're reporting in an automatic way, let's say on a monthly basis to Experian, that transaction that shows the original invoice going out and the fact that it's 90 days or 60 days past due, that's automatically being reflected then in the data. Am I right? Robbin: Yes. Gary: And if the business owner at that point they want to get paid is it then up to commercial collections to go out and get that payment made? Robbin: They can certainly use those services, and Experian does accept collections data as well as trade data, but they also have the opportunity to discuss with their clients to say, "Hey, we do report this information to Experian, we want to be good stewards of your information, make sure that information gets to the credit report." Gary: What I got from your last statement was that with the full file reporting, that you know there are positives and negatives too for the business owner. The customers of your business are getting the credit that they deserve, right?  Because you know, if they're paying you on time that's then being reflected in their business credit score. Robbin: Absolutely, and it's a benefit to the vendor to report that information because as their customers grow, and are able to access trade or other means of credit, they're able to grow. So, you certainly want to encourage their growth so that they can spend more with your vendor. Gary: Okay. Excellent. So now, if I'm a business owner, and I have not been reporting to Experian as yet, but I want to. What's their course of action, how do they start? Robbin:  It's free to report business data to Experian, but we do have some guidelines that we have to meet. So, they do have to be a customer of Experian, which means there's an application and an agreement that must be signed. It is a monthly data reporting of that full file. You must be able to commit to sending that data to us in an encrypted fashion. And we have the tools already built to be able to do that. We just need your commitment that you're going to send the layout, format, and file, once a month. That layout format stays the same each month. Certainly, you're going to be adding customers, or somebody gets to a final status like they have paid in full, or they're no longer a customer you can report them through that final status, but it should be a monthly reporting that comes to us every month the format and layout stays the same. Gary:  Excellent. Well, I want to thank you very much for taking time out today to talk to us about this Robbin and look forward to another opportunity to chat about data with you.