Four female business leaders reflect on resilience in the face of adversity in 2022

The last two years have undeniably been some of the most difficult to date in business. The pandemic, climate crisis, Ukraine War and recent impending recession has made staying afloat as an entrepreneur incredibly challenging.

In particular, female leaders have faced further obstacles, with gender equality regressing during this time. In fact, the World Economic Forum estimated on a global scale it would take 257 years to reach economic parity between women and men. Despite this, two-thirds of new businesses created in Australia in the last 10 years have been founded by women according to Xero, and the last 20 years has seen a 46% increase in female owned businesses. 

With the newly elected Labor party pledging greater support to women with regards to equality, financial equity and business, it’s clear more must be done to ensure female entrepreneurs survive these difficult economic times. So, how can you build your business resilience as a female founder during the current economic climate? Four female entrepreneurs share their advice on business survival, adaptability and honing your personal power. 

Sarah Thornton, founder, Finders Keepers

Inflation has definitely affected us directly, as a lot of our events have been on hold for two years already, which we’ve had to move to this year. Our supplier and services costs have gone up by 5% to 10% for events, as well as additional staff surcharges, so it’s hard for us to compare things to two years ago. Financially, it’s a whole different game and it’s been challenging.

During these times, you’ve got to have creative courage and resilience to try new things. Staying in business is an act of bravery at the moment, which includes riding the ebbs and flows. I’ve definitely learnt a lot about being able to weather the storm the last two years. You need to be able to get back to basics or change the things you do in business. 

People think they can’t change anything and can’t batten down the hatches but understanding your profit and loss and numbers is key to knowing what you actually need to survive. However, having a support network and being part of your community as a business is everything. If we didn’t have the community supporting us, we wouldn’t have lasted. If your business doesn’t have a heart and soul, it won’t survive the tough times. 

Anna Ross, founder, Kester Black 

I launched my first six nail polish colours in 2012, but didn’t stop my full-time job to run Kester Black full time until 2016. When the pandemic hit, we had to lean up. We moved to working from home and stopped packing and sending our own orders.

We also had a lot of supply chain issues, with some of our stock taking 14 months to arrive. While these were all challenges, facing obstacles as a young female business leader is something I’ve become accustomed to. 

As a female entrepreneur in the cosmetics world, I’m often working with or alongside large heritage businesses who are generally all owned or managed by men. Unfortunately young female entrepreneurs are not taken very seriously. But as a creative, I’ve always thought differently, plus I simply don’t take no for an answer. I spent a year emailing a supplier, who wouldn’t work with me initially because he said my company was too small.

Finally he took me on and within a year, Kester Black was their second largest customer. Regardless of what’s happening in the business or economic climate, it’s really important that young female entrepreneurs reach out and ask for help. Find mentors and build your connections, doing so helps you with the challenges that come with business and build you into a success. Developing resilience, in tough and good times, as a female business leader is essential, it helps you learn to adapt and forces you to be smarter.

Jessica Ruhfus, founder and CEO, Collabosaurus

The unpredictability and constant need to adapt quickly over the last 2.5 years has been exhausting for so many businesses.

Many of our clients experienced burnout, as did I and, sadly, there’s no easy road ahead as we face more dramatic changes in the economic landscape.

At Collabosaurus, we’ve seen both immense growth, as well as sharp losses and stagnating periods. Challenges, rejection, tough conversations and life altering decision-making comes with the territory of running a business.

Throw a global pandemic, recession, major political shifts and flooding into the mix and your capacity for resilience increases out of survival. After burning out, another necessity of mine was to reassess priorities and health and that’s been a great positive shift. It’s easy to get caught up in self-doubt and blame, especially when there are external forces at play, but we all need to be easier on ourselves. Connections and relationships are truly everything, I wouldn’t be here without my amazing network of friends, colleagues, clients, team, collaborators and brand partners.

Kellie Brown, co-founder, Fig & Bloom

We launched into a new market in Brisbane during the thick of the pandemic, which had its challenges. However, we’ve been open for 10 months now and are understanding our differing markets better than ever.

Throughout the past year, we faced two main challenges with this expansion including developing a culture of excellence with a brand new team and affordable customer acquisition.

Staff turnover in our industry is quite high and over time we’ve acquired the ability to recruit, select and train staff quickly. Having strong core values in place, and living and breathing those values has been key to our success. We want our team to dream big and we support ambitious and creative people on their journey. During difficult times I’ve had to be really firm but fair. However, doing the hard things with compassion, love and kindness has been essential.

Sarah, Anna, Jessica and Kellie will discuss resilience, business and being an unstoppable female founder at the upcoming online event hosted by One Roof and Pin Payments this month on August 18.