In celebration of International Women's Day, Mastercard and Create & Cultivate are teaming up with prominent female leaders and business owners to share their #Priceless advice to inspire and elevate women entrepreneurs.
Sharon Miller, Bank of America's Head of Small Business
Sharon Miller is the head of Small Business at Bank of America with over 25 years of bank, wealth management and payments leadership experience, and is a member of the company’s Management Operating Committee. Her team is responsible for providing 12 million+ business owners with a full range of financial products and services through Bank of America’s network of 4,300+ financial centers including 2,300+ Business Advantage centers as well as 17,000 ATMs and its award-winning digital banking platform.
Her team provides a full suite of financial advice, guidance, products and solutions to companies with up to $5 million in annual revenue. Each client relationship is personalized so that entrepreneurs have the power to achieve their business and life priorities.
Sharon appears regularly on national and local TV and radio, discussing small business issues and advocating for the nation’s entrepreneurs as the engine that drives the U.S. economy. She serves as a council member on Bank of America’s Global Diversity and Inclusion Council and is committed to fostering a diverse and inclusive environment within the company.
Below, Sharon shares her #Priceless advice to inspire and elevate women in business.
What is one piece of advice you would give to women looking to turn their passion into purpose?
Many successful businesses are built around a passion. I hear stories about parents creating products to meet their children’s needs, students developing tools to learn more efficiently, and restaurants centered around a family recipe. It is important to do thorough research and think through questions before transforming an idea into a business. Look into the industry at large – where are their holes? What impact will your product or solution have on the marketplace? Will your product or service solve a new issue, or perhaps create a more effective solution? How can you make your offerings unique – which will help them stand out? Following this initial research, work with a banker or tap into mentors in your network to develop a strong business plan. To ensure your best chances of success, lay out your short- and long-term goals, avenues for funding and staffing needs before opening your doors. Planning is essential to successfully starting your business and critical to navigating bumps in the road as you become established.
What challenges have you faced as a woman in business/a position of leadership? How did you overcome them?
Heading up small business for Bank of America – overseeing 2,600 small business associates serving 12 million+ clients that drive the engine of U.S. economic growth – is my dream job! I’m proud to represent the company as a woman in a leadership role.
Most recently, one major challenge our team faced was rapidly creating our Paycheck Protection Program (PPP) application and portal last year. Our team worked around the clock to get the PPP process up-and-running, as we know that getting this funding into the hands of business owners is essential to keeping them operational, their staffs employed and local communities thriving. Bank of America was the first major bank to begin accepting PPP applications in early April. To achieve that, we redeployed and trained thousands of teammates and developed new technology—all in a matter of weeks. It was one of the most challenging but rewarding experiences I’ve had so far during my time with Bank of America. I am unbelievably proud of how our team responded resiliently in an uncertain time.
What is the most important message you have for women advancing their career or growing their business
Throughout my career, I’ve made it a priority to build and surround myself with a strong network of peers and mentors. I would encourage aspiring women business owners – as well as those generally interested in advancing their careers – to do the same. The ability to tap into a network provides women with an opportunity to connect, and share common experiences, which is immensely helpful especially for women entrepreneurs looking to get their feet off the ground and grow their business. A strong network can unlock access to resources, expertise and unexpected opportunities, all of which can help women thrive.
What’s your perspective on the importance of mentorship? What advice do you have for women seeking mentorship or looking to become a mentor?
A good mentor can be an invaluable resource for any business owner—and we know from our recent research (based on a survey of more than 1,000 small business owners nationwide) that a majority of women entrepreneurs believe having a mentor directly contributed to their professional success. I currently serve as a leader and mentor for the Global Ambassadors Program, which has given me the incredibly rewarding opportunity to connect with emerging women leaders and accelerate their leadership and economic empowerment.
For those seeking mentorship or looking to become a mentor, I suggest looking into your local chapter of national organizations dedicated to supporting women in business, whether that be the American Business Women's Association, National Association for Female Executives or other organizations. At Bank of America, we have a longstanding partnership with the National Association of Women Business Owners, or NAWBO, and I would highly recommend getting involved with your local NAWBO chapter where you can tap into a strong professional network, either as a mentor or mentee.
What tips would you give women entrepreneurs to help them grow their businesses, especially in our digitally evolving world?
As we’ve seen over the past year, the shift to doing business digitally has only been accelerated by the pandemic. I would strongly encourage entrepreneurs to virtually meet with a trusted advisor to develop a clear business plan to help them navigate the current economic environment. A trusted advisor can be a friend, mentor or even your small business banker. Whether it’s setting up short-term goals, evaluating funding options or discussing different digital innovations that can aid a business, an advisor will be able to provide input that will help a business owner set their own growth path.
As business owners continue to navigate challenges on the road to recovery, it is important to remain resilient, creative and innovative. Our recent research found many business owners stayed open by implementing enhanced safety measures, changing their primary revenue stream (such as distilleries that retooled to make hand sanitizer; or clothing designers investing in the production of face masks) and shifting to a more digitally-focused strategy (such as shifting sales to e-commerce, or boutique fitness studios offering online classes when physical locations close).
In celebration of women in business, how can we encourage others to shop, share and support?
Despite the challenges of the past year, an overwhelming positive has been seeing the way people are investing directly into their own communities. I have been inspired by just how much communities have rallied around their local businesses—and businesses have returned the favor by investing back into their communities through donations to support coronavirus relief efforts and offering products like face masks and hand sanitizer. Small businesses are a vital part of our communities and by committing to support these businesses, we can help to jumpstart their recovery.
There are so many small businesses deserving of promotion, that I’d be remiss to just pick a few! I encourage everyone to continue to support local businesses in their communities, and shop small whenever possible.
Priceless advice for women in business in two words, or less:
“Foster Community.”
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