Top 5 tips for Women Business Owners in Honor of Int'l Women’s Day
Catherine Valega
🤝 Financial partner to active women execs, biz owners, + LGBT 🏳️🌈 community. Mother of 4 daughters. Nature lover, adventure-seeker, hiker, crossfitter, and animal-lover. 🐶😽
Women business owners have made amazing progress in the last few decades. Did you know that in the US, there are now over 12 million women-owned businesses in the United States, generating over $2 trillion in revenue (according to the NAWBO National Association of Women Business Owners?
While that statistic sounds amazing, we still have many daily challenges that our male counterparts do not encounter. These obstacles make it difficult to succeed. What can we do to overcome those challenges? Here are some tips and strategies to consider as you start and grow your business.
1. Build a strong network.
My business owner clients who are growing the quickest have sought out and created their own networks of advisors and peers. If you haven’t already, consider joining a women’s business group or networking organization, attending industry events, and connecting with other business owners in your community. This can help you build relationships with people who can offer advice, support, and opportunities for collaboration.
As my business ownership has evolved, I now say NO to organizations that are predominantly male, or give off the ‘old boys network’ vibes. No time for that. I focus on those networks where I feel affinity, warmth, and love, yes love. These women are supportive, smart, and working hard to achieve their growth goals, and are open to helping others in their network achieve theirs as well.
I’m in the #boston area – so here are some of the organizations I participate in, as well as more national organizations that you may want to consider. Also, if your business is virtual, orgs that feel ‘local’ can often provide great networking opportunities as wel. Here are a few organizations to consider:
2. Cultivate a strong brand and reputation.
When growing your business, it is important to think about your own personal story, and how that lends wisdom and credibility to serving your ideal clients. There is plenty of business to go around, even in your particular industry, so think about ‘going small to go big’ – meaning, stay focused on who you love working with, who your especially qualified to service, and who will value your advice/products, and pay your fees.
You may want to work with brand specialists, graphic designers, web designers, etc, to create a concise brand message and collateral to support that message. Work to build a strong brand by developing a clear message and value proposition, and consistently delivering top-quality products or services to your customers. Additionally, make sure you are actively managing your online reputation. This means monitoring your social media accounts, responding to customer reviews and feedback, and engaging with your followers on a regular basis.
3. Build out your own Board of Advisors.
Business ownership, like a family, ‘takes a village’ to manage and grow 🌱 – and I’m a huge proponent of finding your ‘Board of Advisors’ as I like to call them. Your own Board may consistent of a Certified Financial Planning Professional (like me), an attorney, a bookkeeper, and accountant. This team can help you choose your business structure, develop contracts, review proper liability insurance coverage, help you understand the logic behind your business accounting, offer benefits to your growing team, invest for the future, etc – the list goes on!
My business clients who have been thoughtful in building out their team, love and appreciate when their advisors tag-team to develop the strategies that best enhance their business and personal financial strategies. I love it when we get our business clients working smoothly and can enable the owners to focus on what they do best.
4. Focus on efficiency from day 1.
Don’t overthink things – you don’t need perfection in order to start your business – just DO IT! However, I do believe you’ll make your business life easier if you focus on some basic tools for efficiency, from day 1.
Here are some to consider:
a. A CRM software.
Recommended by LinkedIn
CRM stands for Customer Relationship Management. This software helps you track your clients and prospects, manage the tasks required to offer them impeccable service, create workflows, and efficiencies, store contracts, etc. I highly recommend implementing one as soon as you can. Some examples include:
b. An email service.
You want to be collecting email addresses from consenting clients and prospects. There are many email providers, offering a range of free to fancier paid subscription services. Here are a few to consider:
c. A bookkeeping software.
Use one from day 1, or forever be scrambling to account for your business revenue and expenses. Your bookkeeper (see tip 3 above!) will have their own, preferred tool, so chat with them. If you decide to go it alone, some tools to consider are:
d. A calendar/scheduling service.
This is one of my favorite tools to use, and it eliminates the back-and-forth around finding a mutually agreeable time to meet. Some examples are:
5. Prioritize work-life balance.
It is important to prioritize work-life balance as a woman business owner. Running a business can be incredibly demanding, and it's easy to get caught up in the day-to-day tasks and challenges.
However, taking care of yourself is critical for long-term success. Make sure you are taking time for self-care, spending time with family and friends, and pursuing hobbies and interests outside of work. This will help you stay energized, focused, and motivated as you continue to grow and develop your business.
Women business owners have come a long way, but there is still much work to be done to overcome the unique challenges they face. By building a strong network and board of advisors, creating a strong brand and reputation, building out efficiencies, and prioritizing work-life balance, women entrepreneurs can achieve success and continue to blaze new trails in the business world.
I’m a huge believer in the power of Co-Creation, and love supporting my business owner clients as they start new businesses, go through growing pains, and grow!! If you'd like to learn more, please schedule time with me.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes.