The strength and courage of women business owners

A recent survey by the U.S. Chamber of Commerce reports that women-owned small businesses have been more heavily impacted by the coronavirus pandemic, and they are less likely to anticipate a strong recovery in the year ahead. One recommendation for women business owners from the report was, in order to make it through COVID-19, to join a women-focused entrepreneurial group. At Itasca Bank & Trust Co. we are celebrating our 20th year of sponsoring and facilitating Roundtables for women business owners.

The week before Thanksgiving, I virtually met with each of the two Roundtables. Our topic for the November Roundtables has always been the same for many years - strategic planning for the coming year. We first review the importance of treating strategic planning seriously, whatever the size of the company: setting aside a specific time in a place they will be free of distractions and interruptions. Next, we review the steps of a SWOT analysis (identifying their company's Strengths, Weaknesses, Opportunities and Threats). Then we talk through how to set SMART goals (Specific, Measurable, Achievable, Realistic, and Timed), and how they will measure and track those goals and resources they might need.

This year we added a topic to our usual discussion; we talked about how to plan for a year of continued uncertainty. I wasn't surprised that both groups did not have the pessimistic outlook mentioned in the U.S. Chamber of Commerce survey. While the Roundtable members may have seen a downturn in sales and have experienced worries over the health of their families and employees, and dealt with the emotional ups and downs that they and their employees have experienced, they are generally optimistic, as usual.

To set the stage for planning for next year, we talked about what went right this year. Many of them gave examples that they prefaced with "I didn't think I could do this" or "never thought this change would work"; things they had to do or were "forced" to do, because of the pandemic.

One woman, who usually consults one-on-one, spoke to a large virtual group. Two others who usually display their work at art fairs collaborated on a video exhibition; they first had to learn all the technology for producing a video. A few of them changed processes and procedures that resulted in major improvements. One took on an IT job that her "younger" employees convinced her they could do, and now she has another service to offer. Some of them went through the ups and downs of learning how to manage employees rotating working from home, then from their offices. One took on an additional team member for her real estate business.

Another gave her first television interview about her company supplying the lighting of the City of Chicago's 107th Annual Christmas tree Christmas tree in Millennium Park.

During these last seven months, did they all experience ups and downs, both personal and professional, as they accomplished all these achievements? Absolutely. What they know and rely on is that they can talk about anything in the Roundtables. During our meetings we experience laugher and also tears. When something good happens for one of them, there are smiles and congratulations. A special moment last month was when one Roundtable member announced she is pregnant with her first child. When someone is at a low point and breaks down in tears, the others console her with words of encouragement.

What I do know for certain is that whatever 2021 brings, women business owners will deal with it.

• Diane Middlebrooks, of Itasca, is women's initiative coordinator for Itasca Bank & Trust Co.