CELEBRATING NATIONAL WOMEN’S SMALL BUSINESS MONTH

October is National Women’s Small Business Month. Lexicon Bank celebrates its advocacy and support by sharing stories and encouragement from a group of inspiring female clients who are not only moving their Las Vegas businesses forward but also supporting the communities in which they live during the pandemic.

The 2019 State of Women-Owned Businesses Report, which is published annually by American Express, reports women own 42% of businesses in the United States. In 1972, this number was a mere 4.6%! In Nevada, women-owned businesses were noted to have the highest economic clout growth rate (3/50 states) indicating women in the mountain states scale more than mountains—they scale their business.

However, this data is starting to swing in the wrong direction with the Coronavirus continuing to wreak havoc across the world. Pre-pandemic women in Nevada were making gains, but today women are facing more intense economic pressure. According to a new study by McKinsey and LeanIn.org, roughly 20% of women say they are considering leaving their jobs to care for their families. In September in Nevada, the rise in unemployment over 2020 was 78 percentage points worse for women than for men.

Stacy Watkins, President of Lexicon Bank, served as a moderator of questions for these incredible Southern Nevada women as the Bank strives to continue supporting and igniting the positive momentum of any small business. Below is an abbreviated summary of responses to serve as encouragement and advice for fellow women’s small business owners, female professionals and other aspiring entrepreneurs.

1. When did you first open your business and what inspired you to do so?

Cathy Brooks: I incorporated in March 2013, did a soft opening in December 2013, and grand “unleashing” of the business in April 2015. Invited to visit Las Vegas by Zappos’ former CEO, Tony Hsieh, I was among the first investments of the newly formed Downtown Project. So, my inspiration was equal parts following my life passion and having the opportunity to be part of rebuilding an urban center.

Chaka Crome: I opened Crome Law Firm in 2012. I was inspired to open my law practice to become a voice for those that needed help navigating the legal system. I am naturally a fixer. I believe that I am living out my purpose, which is to help and advise people in our community.

Jennifer Davis: I first opened my firm, SkyOak Capital, Inc., in February of 2010. In the first 20 years of my career, I worked for the big “Wall Street” firms, but I felt that clients weren’t being serviced well due to the size of their portfolio or because they did not fit into the product model that was offered. That inspired me to build an independent financial advisory firm that was able to help people and companies at all levels with many types of services and options. In building SkyOak, I created services, investment models and fee structures that are customized for any level of investor.

Ruba K.: In 2004, my late husband and I created American Soils Engineering, LLC with a vision of making a revolution where women could strive in this construction and development industry regardless of origin, race, and gender. After my husband’s passing, I have been running the company for the past nine years with my team. I have proved myself to my professional industry and colleagues, and continue to sustain the strength as a businesswoman running a successful business within a male-dominated industry of engineering and development.

Sonia El-Nawal: I opened Rooster Boy Café on Sept. 1, 2018. When I moved to Vegas, I realized there was a potential for a really great cafe with a bakery component, breakfast and lunch—a  very New York kind of energy. It has been a pleasure!

2. The pandemic hit small businesses pretty hard. How have you been able to adapt to the challenge and keep your business open?

Cathy Brooks: Deemed an essential business due to our retail operations, we leaned heavily into that aspect of our business. As a private Club and training facility, typically our retail operations are available solely to members of our Club, but as a means to bolster revenue and be of service to our community, we opened (virtual) doors – placing our inventory online and allowing nonmembers to purchase, pay via online and then do curbside pickup. Also, we adapted our services and our schedule to make sure that staff retained sufficient hours, clients got the services they needed and we were able to sustain through the downturn. A critical element of that was the support of Lexicon Bank, without whom we would not have procured the critical PPP loan that sustained us during the darkest part of the early pandemic.

Chaka Crome: The pandemic changed the way that I practice law. Previously, I would have everything printed for my review, as well as backed up to the server and the cloud. I was the first law firm to shut down my physical office in my downtown office. I brought all of the physical files from my firm to my home office. I soon discovered that I did not need any hard copies of the files. Instead, I learned to rely upon technology to store and review files on my laptop. We have been paperless since March. I also realized that I could offer the same services by meeting clients via Zoom or phone conference. My services have not changed, but my methods for offering my services have improved. Both of these shifts have saved commuting time for my clients and saved my firm resources that I probably would not have made without the shutdown.

Jennifer Davis: Our business was affected in several ways due to Covid-19. Our first quarter 2020 revenue declined due to a substantial drop in the financial markets, which also caused fear of investing, therefore a decline in new business. In addition, being considered a non-essential business, we closed our office for almost two months. Fortunately, we had systems in place to work remotely. The biggest issue in 2020 was growing the business without being able to network, meet with people, and have seminars. We had to increase our social media campaign, Google performance, and drip marketing via phone and email. We have also used some of the downtime to create and launch some new investment models and services.

Ruba K.: This year the pandemic demanded many organizations to be shut down. We were fortunate to remain open. I navigated my team to have direct communications [with clients] to ensure the operations of our projects will continue without compromising any quality of our professional services. I have assisted clients throughout this lockdown with negotiable pricing for them to run operative matters, where supplies were expensive and limited. To ensure support and make flexible pricing possible, I went through the PPP loan program, where Lexicon Bank came as a guide to support us with our survival during this hard time.

Sonia El-Nawal: As soon as the pandemic hit, I decided to pivot to a general store prepared food concept. Making comfort foods, prepared soups, main courses, desserts, and lots of prepared foods! Toilet paper, eggs, sugar, meats, everything that people needed we did! It was challenging to pay staff, rent and stay open with all the changes going on. Lexicon Bank was a big help keeping us going.

3. Women continue to bear the brunt of the current economic crisis, with many supervising at-home schooling. How have you managed a work-life balance and/or encouraged your staff who may be feeling this impact?

Cathy Brooks: Being a single woman with no kids isn’t always great, but there are times I look at my fellow businesswomen and appreciate that I do have it a touch easier on that front as I’m not worried about issues of homeschooling or childcare in these already difficult times. That said, being a single woman with a business partner that provides little to no direct support, the brunt of keeping the business alive, employees employed and the ship moving forward all lay with me. Weighty stuff. Throughout the pandemic, I’ve made sure to try and take care of myself. I have a pretty steady workout regimen along with an invaluable meditation practice. From an employer perspective, my team and I meet regularly to touch base, make sure everyone is doing alright mentally and emotionally, and have touched base frequently one on one with folks as well to make sure they’re not just feeling physically safe and healthy but that they have a place and healthy way to vent fears and frustrations.

Chaka Crome: Navigating a work-life balance is a constant work in progress for many women, including me. I believe that we are always wondering what is best for our children, family and careers. Beginning in March, it felt impossible to navigate a work-life balance during the pandemic. There was no separation between the two. My husband works from home, and our daughter would never interrupt him, “because he is working.”  She would interrupt me constantly. I welcomed being available to her, but it became difficult when there was no longer a separation of school/work life and home life. It was difficult to find time to simply be alone to think, plan, workout, pray, or simply be. In March, I had to learn to lead with compassion for my staff and also myself. As things at times did not go as expected, we were constantly reminding ourselves that we were doing the best that we could in unknown circumstances. We continued leading with compassion in our conversations with each other, clients and opposing counsel. I encouraged our staff to take breaks and just breathe as well as  to find the nuances that made each day unique and special.

Jennifer Davis: It is very difficult as a business owner to have a work-life balance, but it is extremely important to do so for my own well-being. I really try to take “me” time and go hiking, play golf, or even get out of town. I encourage the same for my staff. We all work really hard servicing our clients, but I know that if my staff gets some downtime, they will come back to work refreshed, energized and ready to do a great job.

Ruba K: As a single mom, taking care of my daughter’s online classes and keeping her focused on her curriculum was difficult, but manageable. However, managing my staff to keep away their concern about being laid off was unpredictable. I have kept my professional services open for my clients with open communication for all parties and kept my employees available as usual to serve their project operations smoothly. Most importantly, I have kept the continuation of their paycheck to be available for their families without seeking unemployment benefits.

Sonia El-Nawal: Luckily, my son is a senior so it hasn’t been that hard! I have staff that has children and they really had to stop working and be hands-on. Personally, I work a lot anyway, but working during the pandemic kept me sane and not focused on the negative. I had a strong reaction to the shutdown as it brought up my childhood memories of the civil war in Beirut. The shutdown hit many triggers from that era for me.

4. How have you kept yourself motivated, especially during these hard times?

Cathy Brooks: Chocolate. Lots of chocolate. Kidding. Kind of. To be honest, it’s the work I do. On days when I think I just can’t take another step, I think about the 100+ dogs who need me and my team, the owners on the other ends of all those leashes who rely on us, my employees who depend on their paychecks to survive. Knowing that the work I do matters and that I’m able to be of service to my community gets me going. Did I mention chocolate? 🙂

Chaka Crome: I have kept myself motivated by deepening the connections that I have with my family and close friends.  I attend church at Canyon Ridge Christian Church, and we have a small group of married couples that we connect with frequently. Although we could not meet in person, we would meet via Zoom to check-in. I have really good friends and they help to make sure that I am caring for me while still caring for others. We text each other each day to check-in, encourage each other and make sure that we are in a good space. Also, I started walking and am consistently blown away by the beauty of our city, where I take and share pictures often. I do this in the mornings so that I can remind myself of the reasons why I am thankful.

Jennifer Davis: I am lucky to have a team and a husband/business partner who are not scared of change or innovation.  During hard times, I push harder to become a better advisor, leader, and business owner. This year, I feel I have made changes in my business that I may not have made if there was not a pandemic and global shut down.

Ruba K.: As a person who has been through a chaotic life, from losing my husband and having the responsibility to raise kids on my own to managing a team of employees, I have never accepted short-term difficulty as the final resort. Instead, I have doubled up my marketing agenda and continue to seek more operative areas to be added to our services to grow the business in a different direction. This pandemic was another chance to push my limits to break boundaries for me professionally to improvise our operations. Nothing is impossible where my interests are invested enough to strive further.

Sonia El-Nawal: The best motivation is connecting. We were happy at the café to feed and take care of people as I firmly believe food is love and comfort. I try to keep a positive attitude, but I must admit it’s hard with all the bills. But, I always tell myself it will pass! I also feel these hard times have been a blessing in disguise to make people pay attention to what’s really important.

5. What words of encouragement would you give to other small business owners, especially women-owned businesses, as they work to navigate the new era of business? 

Cathy Brooks: Never. Give. Up. Small business is hard. Really hard. The odds are not in one’s favor. More than half of all small businesses fail in their first year. More. Than. Half. It takes a very special kind of person to have the wherewithal to say damn the torpedoes and full steam ahead. It takes a very special kind of person to continue saying yes when everyone else is saying no. It takes a very special kind of person to believe so wholly in who they are and what they do that no naysayer can knock them down. Hold fast. Breathe. You’ll get there.

Chaka Crome: I would tell other small business owners not to give up. Women offer strong leadership, compassion and perspective that only enhances our business community. Be honest with your family and friends about what you need to thrive personally and professionally. Most importantly, tell them what each person can do to help you succeed and grow.  Do not try to do it all on your own.

Jennifer Davis: The fact that someone can start and run a small business already sets them apart from so many, especially if the business owner is a woman. It takes courage, time, patience and endurance to run a business, and it can get stressful. But perseverance will lead to success. It is important to continue to be innovative and to take what you learn, good or bad, and use it to build an even better business.

Ruba K.: Life is a force. It will teach you to learn new things to push your boundaries. And, it will break you to strive further in your life to rejuvenate the foundations of your strength. So, try, fail, and continue to try harder. Giving up never should be an option. Failure will always be tamed to those who will continue to walk straight ahead without any reservations.

Sonia El-Nawal: DON’T GIVE UP YOUR DREAM! I feel as a woman in the kitchen it has been a very intense setting, but you persevere and stay focused. The reality is the inequality in pay and the effort women have to go thru in business and kitchens is hard. However, men are seeing that women are strong amazing beings who often are better at managing, growing and doing more. Stay on your passion.

6. How can our community and other businesses in the Valley be a support system for local female business owners?

Cathy Brooks: SHOP LOCAL. Given a choice between a business that is a big box or big chain and a small, local, owner-operated business, choose the latter.

Chaka Crome:  I believe that more companies should state in their mission statement that they will partner with, patronize and mentor local female business owners. They should track the metrics each year to make sure that the goals are accomplished and improved upon. In addition, the community should invite more women to speak at engagements and find ways to promote businesses through their own network. And, people read reviews. A positive review goes a long way and does not take long to complete.

Jennifer Davis: I learn so much from other successful women. I would love to see our community host more events for women, like forums or networking groups. It would be so beneficial for all of us. Women help women; women support women.  I want to continue to learn, grow and help others do the same.

Ruba K.: Many forums do not support women even though they were designed to support us in the business industry. We need better alignment of support in the following areas: (1) Business owners, like myself, have a forum where we represent our concerns directly versus others without knowledge of operative issues. (2) Government entities should have a stronger representation of diverse women across different agencies. (3) Government agencies should allow easier access to participate by removing unnecessary fees and give women business owners the ability to vote on women and minority-geared jobs. (4) Banks and financial institutions should offer special funding to women-owned businesses and have quotas for accountability.

Sonia El-Nawal: I believe the community can give a stronger push to women-owned businesses. Locally, I support women by having female staff and empowering them to be strong and fierce. Women have always been the foundation of history! I encourage and support fellow women chefs and business owners as well!

Stacy Watkins: Speaking on behalf of Lexicon Bank, it is more important than ever for the community to come together and rally behind small businesses. I could not be prouder of my team for working around the clock these past few months to deliver over 600 Small Business Administration PPP loans for over $115 Million and moving swiftly with the loan forgiveness process. This program was a lifeline for many of our clients and we will continue to explore and implement evolving programs that support small businesses, especially our women-owned businesses facing additional adversity. We are looking forward to launching new networking events, both virtual and in-person, with our exceptional network of business leaders, board members and investors to help open more doors for connection and provide access to opportunities that might not be easy to find on your own. I encourage our industry peers to join in and do the same as we’re all in this together to help move Las Vegas forward.