Newswise — In tough economic times, Massachusetts women CEOs rely on solid business basics and strong leadership skills to steer their companies through turbulent times, a new survey by The Center for Women's Leadership at Babson College in collaboration with The Commonwealth Institute has found.
Most CEOs expect to enhance and extend current customer relationships and bring in new ones to drive greater profitability, according to the Navigating in Turbulent Times: 2008 Critical Issue Survey Report.
The majority of CEOs, from 62 Bay State firms surveyed, also believe the vigor of their company's culture and management team is particularly critical to succeeding in the current environment.
"Bay State women CEOs lead with more frequent and open communication, emphasizing transparency and often sharing the financial status of the business with employees," says Babson Professor Nan Langowitz, lead researcher of the survey. "But in hard times, their entrepreneurial nature also emerges. Many see a silver lining and are focused on how to capitalize on the opportunity (21%) as well as re-focus the business model (16%)."
The survey shows that for some, this means a back-to-basics approach to make sure their products are the best, with the best delivery system for customers. Langowitz says that rethinking the business model, by which the company grew, often uncovers ways to re-position offerings and re-examine delivery systems that yield greater profitability in both the short- and long-run.
Staying calm while being proactive is an important management philosophy, and CEOs recognize that appearing confident and acting decisively is important to employee morale.
These executives often reach out to employees for their support and suggestions.
Many CEOs also place high value on their firm's reputation and integrity as indicators of business success, and these qualities become even more essential during stressful times.
Navigating in Turbulent Times: 2008 Critical issue Survey was conducted during a six-week period from early October to mid-November 2008. Sixty-two firms participated representing a broad span of industrial sectors including: professional services, construction, healthcare, pharmaceuticals and medical products, retail, and wholesale products and distribution.
The report is available at http://www3.babson.edu/CWL/research/Top-WomanLed-Businesses-in-MA-2005-Survey.cfm.
Babson College in Wellesley, Mass., is recognized internationally as a leader in entrepreneurial management education. Babson grants BS degrees through its innovative undergraduate program, and grants MBA and custom MS and MBA degrees through the F.W. Olin Graduate School of Business at Babson College. Babson Executive Education offers executive development programs to experienced managers worldwide. For information, visit www.babson.edu.
The Center for Women's Leadership at Babson college creates, supports, and disseminates best practices for women's entrepreneurial leadership through educational excellence, innovative professional development, and outreach and research that translates data into knowledge and knowledge into action. Visit: www.babson.edu/cwl
The Commonwealth Institute is a dynamic non-profit organization founded in 1997 to help women entrepreneurs, CEOs, and senior corporate executives build successful businesses. Our goal is to reach women leaders during the critical stages of their business and to provide them with the tools and resources they need for growth. The cornerstone of our approach, the Commonwealth Forums for CEOs, is peer mentoring in a small, confidential group atmosphere. Since its inception, The Commonwealth Institute has worked with several hundred woman-led companies in New England. Based in Boston, The Commonwealth Institute continues to expand in Massachusetts and beyond. We currently have over 200 members in Boston and 50 members in our South Florida location, whose companies have annual revenues ranging from $250,000 to over $100 million. For information, visit www.commonwealthinstitute.org
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