As a woman entrepreneur, you’re not only a business owner; you’re a leader, too. The small business industry is predominantly male-owned, but females have been making an impact for decades. Let’s see ways a leader can make her small business thrive.
You’re part of this field, and you have an incredible support system behind you, even if you don’t know it. There are many organizations out there that want to see female entrepreneurs succeed. You can use them and their members to your benefit.
Between the external support and your internal processes, your business can do more than survive. With these seven tips and your leadership, your company is going to thrive!
1. Join the Right Organizations
Everyone is more successful when they work as part of a team. Female business owners who have 51% or more control of their company are eligible to join many networks. These include groups like:
- National Association of Women Business Owners
- National Women’s Business Council
- Center for Women & Enterprise
- Women Owned
When you get approved to be a member of these groups, you get to access their benefits. You’ll be integrated into a wide network of other women entrepreneurs. Clients who prefer to support women-owned businesses will have your name on their database.
The advantages of joining as many organizations as you can are more than worth the time it takes to apply.
2. Control the Accounting
Running a business isn’t only about providing a service or product to your consumers. There is a lot of business acumen you’ll need to develop to be successful.
Yes, you can own a business and hire an accountant to do all the “boring bits.” But when you know exactly where your money is coming from and where it’s going, you can make better business decisions.
As a business leader, you should control all aspects of accounting. An office manager or accountant can pay the expenses and deal with the data entry. You, however, should be running and analyzing all important financial reports.
3. Support Other Women-Owned Businesses
When you’re part of the women entrepreneur-only organizations, this step becomes easy. As you meet other leaders like you, add them to your referral network. Send clients, friends, and family their way when they need something the business provides.
You’re building a network with a strong support structure. Women passionately support other women in business.
Not only can you refer others to these leaders, but you can support them yourself. For example, if you need an accelerated invoicing company, Now is women-owned. You can read more about what they do in this article.
The corporation recently launched a program to help women get their business on its feet and help it grow. In partnership with the Women’s Business Enterprise National Council and other major entities, the program aims to close the gender gap in businesses.
All you have to do is ask the women-owned organization you joined for a list of businesses in the group. It’s easy to find other female leaders you can support!
4. Know the Competition
Any successful business owner focuses on their own growth with an eye on the competition. What are they offering that you aren’t? How can you build and expand your niche to stand out?
Even when you’re on your feet and making a profit, don’t get complacent. The markets are always changing. Your aim is to meet your consumers’ needs, which evolve, too.
If your competition is diversifying, it might be time for you to reevaluate your own business strategy to get ahead.
5. Get Your Brand Out There
A business’s brand is essential to its success. How you build your brand determines your image and reputation.
Don’t be afraid of investing in sound marketing practices. If your budget doesn’t have a lot of wiggle room right now, check with the groups you joined. There are a lot of grants for women-owned businesses. Many of these grants include marketing revenue.
Do whatever you have to do, within your budget, to establish your brand and make it known.
6. Follow Good Business Principles
This one should be followed by every big and small business owner. Principles of business are the core foundations of success with integrity.
You’re a leader during a women-led movement in the world of finance. Keep your principles solid and visible. Pay your bills on time and build good credit for your company. Take responsibility for any errors or problems and fix them. Treat your employees, colleagues, and vendors ethically and with compassion.
By following basic human and business principles, you’ll quickly gain a reputation as a strong entrepreneur others want to work with.
7. Keep Up With Technology
Advances in technology make our lives easier. They can also help your business run more efficiently.
New and improved software is always coming out. If you find an accounting program or a CRM that’s better than what you have, invest in it!
Devices are always being upgraded, too. The faster the system, the less time you waste waiting for things to load. You’ll also need the latest security patches to cover your business in the event of a breach.
If you’re not a tech-guru, make sure you have someone on your staff who is, and listen to them when they have suggestions.
The success of your business isn’t only about you. As a woman leader, your success matters to every female entrepreneur in the country.
With these seven tips, you can make sure your company thrives. Eventually, you might become a model for other new women startups!