Belinda Beresford
The sisters are doing it for themselves these days, both in South Africa and across the world.
Rather than settling for a traditional role as the power behind the throne, increasingly women are reaching and grabbing the reins of power directly.
Female economic clout is growing – internationally women make up 40% to 50% of the paid workforce, while in the United States they take more than 80% of the decisions about what to buy.
In the European Union every third business is created by a woman, while in the US businesses owned by women generate $1-trillion a year in revenue and provide jobs for more people than the 500 biggest companies combined
This week sees the most public affirmation of female business power in South Africa, with the 1998 Businesswoman of the Year awards. The winner will be announced at the Executive Women’s Club annual fundraising dinner, which helps bankroll bursaries for women wanting to develop their careers
A Global Women’s Trade Network was launched last month at the fifth Global Summit of Women, held in the United Kingdom to provide a forum for business and political leaders from around the world.
Women don’t appear to be a major concern for businesses: the South African Chamber of Commerce, for example, said it did not consider women in business as an issue, and had no research on the area. Last year McGregors Information Services said there were 88 women directors of listed companies, compared to more than 6 000 men in such positions.
According to research group Breakwater Monitor, women made up 22,3% of employees in formal industry in March 1997. This compares to 26,4% the previous year.
But women are gaining in management positions – in March last year they made up 13,8%, up from 12,6% in 1996. These figures are derived from companies that are part of the Breakwater research project.
The gender imbalance continues in MBA courses. At the Wits Graduate School of Business, for example, women only make up about 20% of MBA students.
A huge growth area for female economic empowerment is self-employment. Figures released by the Department of Trade and Industry last year showed that 72% of microbusinesses in South Africa were owned by women.
However, female involvement did vary with the type of work. For example, only 0,5% of building and construction businesses were run by women, compared to 36% of sewing or clothing businesses.
Lack of confidence is often a handicap for women, according to Joan Joffe, Vodacom general manager and former Businesswoman of the Year.
One way of developing confidence is accepting the need for training – and seizing all available opportunities, she says.
Training can involve “hard” skills, such as computer know-how, or “softer” skills, such as personnel management. Companies often send employees on courses which can be as specific as making a presentation to the board to more general business presentation and etiquette.
According to women’s group Sheba, research in the US by Avon found that over 80% of women surveyed said technological skills could provide an entre into traditionally male- oriented fields. More than 70% said technology had allowed them to achieve more.
A common problem for female entrepreneurs is raising finance: often male partners expect to give permission, and sometimes have to provide approval for women to get loans. Women also tend not to have assets to put down – money tends to be spent on families rather than saved.
But whether you are aiming for the board of a listed corporation or setting out to make millions with your own company, the same advice comes from the those who went before: network and develop your skills.
The dreaded n-word is to some an off- putting term reminiscent of all male conversations in golf clubs, but it’s becoming increasingly easier. Not only are there formal networks, such as Sheba or the Executive Women’s Club, but hosts of informal networks.
Networking helps offset another problem: lack of support from other women, says Joffe. But it’s also important to include men in your professional life: “One big mistake that women make is to try to shut men out. We have to work alongside each other.
“I look forward to the day when we don’t have to have women in business groups but just bodies for business people,” said one high-powered woman.