In the past 10 years it has been noticed that many women owners of small businesses face different challenges in the running and growth of their businesses. Sometimes they feel overwhelmed or isolated, find difficult to remain focussed, don’t plan for business growth or fail to enrol others’ support.
But there is nothing that can stop them from succeeding in their venture, if they pick up from following tips.
1. Know your strengths and use them effectively
You must follow the principle – doing what you do best and delegating rest. Find out what your strengths are and delegate all that you’re not highly skilled at. Devote at least 70% of your time making use of your key talents that will lead you to success.
2. Keep business on top of your priority list
Your business growth will demand time and attention from you. Women entrepreneurs usually put themselves third our fourth on priority list. You must accord first priority to business; everything else will take care of itself.
3. Non-business related activities – learn to say ‘No’
Many women entrepreneurs over-commit their time on activities not related to business. When they start any business, they must drop 25% to 50% of their other engagements and spare maximum time for business activities. Invest your precious time in running of business, your lone resource that can give you handsome returns.
4. Don’t neglect Planning
More businesses fail due to lack of planning. Planning is very important component for the success of any business, big or small. It makes you to think ahead and takes you step by step towards ultimate goal. You should prepare one page plan for marketing, outlining your objectives, actions to be taken and the schedule of implementation of each action – start and end time. This will help you in tracking progress with respect to time.
5. Don’t hesitate to seek help
It is extremely difficult to pursue anything without support of others. Ask for help when you are stuck with some problem. Consult collegues or friends in business, or create your own think-tank.
Identify what you can’t do well. Stop doing this or ask somebody to do it for you. For example if you dislike bookkeeping, give it to an accounting expert and invest your time in what you can do well.
7. Keep track of bottom line
Set targets and track some key indicators of your business every month to understand how effective your actions are. Find out what is not working and take corrective measures.
Implement any three of these above mentioned tips and experience the joy of being a successful woman entrepreneur!