Tips to Help Your Women-Owned Small Business Succeed


Running a business is not an easy job and for women business owners, there is often some added difficulties. Nonetheless, women entrepreneurs are continually breaking barriers and conquering obstacles to succeed in a business environment monopolized by males. 

The number of women entrepreneurs in the US is continually increasing and women-owned companies currently account for around 40% of all businesses in the US. With all these new and flourishing women-owned businesses entering the market, you might be wondering, what is their secret? 

Here are a few tips and resources women entrepreneurs can use to help their business succeed or get their ideas off the ground: 

Be Confident

Obviously, starting a business on your own is challenging, and it’s risky. But, that should never stop you from trying if you believe you can do it. Confidence comes from within and once you realize your worth, you can accomplish anything you set your mind to. It’s important to realize that when you are starting a business, you have the tools and skills necessary to succeed so having a confident attitude to match will set you apart from the rest!

Another important aspect of being confident in your business is not being afraid to fail. In order to grow your business, you must take risks. Failure is an inevitable part of success because with failure, we are able learn from our mistakes and improve upon them. 

Set Goals For Your Company 

As a business owner, you should always be thinking about the future and what you want your business to achieve. It’s very easy to get distracted in the hustle and bustle of everyday work, so having your goals present will ensure you never lose sight of what you’re trying to accomplish. 

Setting short and long-term goals is an essential part of running a business. Without goals, you and your employees are just working to work. It is important to set realistic goals that your business can always accomplish as well as ambitious goals that your business would ultimately like to achieve. Having goals will help to keep your business on track, motivate everyone to work hard to meet these goals, and set a company-wide standard of expectations.

Get Feedback 

Feedback is essential to validate your business. It is beneficial to ask your clients what you’re doing correctly and what your business can improve on to make their consumer experience better. Doing this in-depth analysis will help you determine your companies strengths and weaknesses and how to play off of them. Ultimately, having this knowledge will allow you to create solutions for problems your company may be unaware of.

Another aspect of gaining feedback for your company is by looking at other company’s reviews within your industry. Reading other company’s reviews can give you a good idea of what consumers are looking for in your industry. Once you find out what other companies may be lacking in, you should make sure your product or service fills that gap for consumers. 

Strengthen and Expand Your Expertise

As a business owner, you probably have a wide range of strengths that you use daily to help your business succeed. It is crucial you use these strengths to your advantage as well as realize your weaknesses and determine the areas in which you need help. Delegating tasks is a necessary part of running your business effectively and efficiently. 

While your current strengths are extremely important, you should always be aiming to expand your skillset. When it comes to growth and success you should constantly be learning and expanding your knowledge on things that could help your business. This could mean enrolling in educational classes, completing online training courses, watching helpful videos, or reading an informational book. The business world is constantly changing and there is always new information to learn that could help take your business to the next level. Don’t miss out on it!

Network

No matter what you’re doing in life, to get where you want to go, it always helps to have a network of people to connect with. If you want to build a large and successful business, you cannot do it alone. When you network with other small business owners you can gain tons of valuable advice and information for them. You may also get an opportunity to collaborate with a larger more experienced company in your industry which will give you a lot of good exposure. So, whether you are gaining referrals, leads, sales, or even just mentorship and guidance, your business could always benefit from networking. 

Use Resources Created for Women-Owned Businesses

There are hundreds of programs that have been created solely to provide assistance to women-owned businesses. So, take advantage of them! 

Some of these helpful resources women-owned business owners can take advantage of include the National Association of Women Business Owners (NAWBO), the U.S. Small Business Administration, and the International Association of Women (IAW).  NAWBO has chapters in cities throughout the country that sponsor educational meetings and networking events, and NAWBO’s website includes online entrepreneurial training and resources. The U.S. Small Business Administration’s mission is to help women start and grow small businesses. They also provide both training and counseling services on a variety of topics. The IAW provides its members with in-person and virtual networking events, professional development opportunities, career and business development services, and promotional opportunities. 

PayWow

PayWow is an all-in-one payroll and compliance solution. PayWow will handle all of the administrative work that goes into running your payroll so that you don’t have to! PayWow handles everything from issuing payroll and payments to ensuring tax compliance. 

We specialize in providing industry-specific solutions because we know each business is unique. Start using PayWow today and meet the payroll needs of your small business with ease.

This September PayWow is celebrating “Working Women Wednesday,” where we will be honoring the hard-working women we work with. Follow along on our social media sites!


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