Smart Tips for Female Small Business Owners

A foundation of the U.S. economy, women-owned firms and the number of female entrepreneurs continue to grow over the years. Women-owned businesses account for almost half of all privately held businesses, hire nearly 15 million workers, and generate almost $2 trillion in operational sales, as reported by the National Association for Women Business Owners—although more than 90% of these businesses have bellow-million-dollar earnings. 

In one of the surveys conducted, female business owners explained that wanting to be their own boss was one of their main reasons for starting a business. The list also included such factors as their enthusiasm with the experience of realizing one’s business goals and successfully overcoming the challenges that come with working for oneself, while keeping focused and maintaining a positive outlook ranked high on their roster of secrets and tips to success.

Below are some helpful management secrets every businesswoman should keep in mind:

1. Have a good understanding of the financial picture. You do not need to be a financial planner or an expert to be able to manage your firm’s money well. But financial knowledge really matters. Successful businesswomen know their way in handling balance sheets, understand their business cash flow, really run their firms by the numbers, and are focused on utilizing the financial picture in growing their business.
2. Set clear boundaries about work and home. Female entrepreneurs really enjoy their success when they are finally able to set a good balance between work and home. It takes a lot of discipline to be able to define the limits between work and leisure such that family and friends must know that when you are at work, you should only be reached for emergency purposes or that when you’re not at work, to be able to really have time to bond with the family or relax just for yourself.
3. Get help from contract workers.
   
   While many businesswomen are focused about growing and expanding their companies, many are hesitant and are afraid about tax costs, insurance expenses, and the economy in general. Hiring contract workers instead of getting full-time workers provides a long list of advantages, especially with a huge number of talented people being displaced by the bad market and on the hunt for work.   
4. Find an advisory and support group. Another vital factor that successful female entrepreneurs give credit to for their success is having a strong and reliable support network that can come from friends, family, and even business associates. Building up a network of professional contacts is also beneficial as they will provide good avenues for sharing business ideas, promoting the business, and meeting other small business owners. The American Business Women's Association and the National Association of Women Business Owners are just some of these organizations that are specifically aimed at helping women in the industry.
5. Keep up with innovation.
   
   Successful modern-day businesswomen never hesitate to make use of new tools that come with modernization and take advantage of the revolutionary social media to enhance their clientele base and reach out to other entrepreneurs in the industry. There are various software that deal with money management, leaderships skills enhancement, people skills training that can prove to be very useful in running the business. Also, networking can be a good way to meaningfully connect with other business owners.
6. Give yourself credit for your success. Even with the support group around it is equally important that you reward yourself not only when the business is flourishing but also even during the tougher times. This should motivate you into doing better and continue to pursue your business goals with a firmly positive outlook amidst all the challenges, changes, and competition in the industry.

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Why Do Small Businesses Fail?

Here’s a fact: three out of four business start-ups will not make it, and almost 50% of businesses that successfully get off the ground will cease operations within a year.

Running and making a profit from your small business is no walk in the park. But having a good understanding of the major points that blow a business into oblivion will help you steer clear of these mistakes and increase your chances of standing tough even beyond the initial years.

Let’s examine these common elements that could hinder your business from getting a good head start and eventually succeed.

Inadequate Business Skills and Qualifications

It should go without saying that anyone planning to run a business should possess the basic business and enterprise skills. Other business professions would also require certain qualifications and certificates for the owner to be allowed to operate.

A new business will largely benefit when staff and personnel are required to undergo training courses so they better understand the different variables that keep a business running well and good.   

Lack of Marketing Strategy or Business Plan

Every business needs a good customer base to boost its sales that will cover operational expenses and eventually make a profit. But this is far from being realized if consumers are not even aware that your business exists or know of any special offers you have on your products or services.

A clear marketing plan or strategy should help your business get customers by being describing your product effectively, giving your product or service a reasonable price, and selling or marketing your product or service based on its functions or features. 

Insufficient Market Research

It’s too sad to know that many business owners are guilty of making a product or selling a service that has little or very minimal demand. Failure to define your market and understand what it wants often results in poor or zero sales and eventually pull your business down.

Undertaking detailed and sufficient market research is critical to gather the right information that you will need about the potential demand for your product or service and be able to act accordingly based on these information.

Dysfunctional Management and People Problems

The moment you hire your first employee, your small business should be committed to complying with all the legislation and dedicate enough time and resource to ensure that your staff and personnel are well managed. Work on getting the right focus, vision, benchmarks, and the like and your team should be happy to work with you all the way.

Poor Finance and Cash Flow

Every business big or small needs enough cash, financial resources, and a good credit control system to meet all start-up expenses as well as the cost of operating until the business is finally fully established. If your financial capacity is not up to par with the costs that you have initially identified, then the business will have a hard time getting off the ground.

Personal Limitations

Your personal outlook, attitude, goals, and reasons for planning and starting a business will largely influence the way you put up your business and man it. Obviously, your business will demand a large investment of your time and efforts to give it a good start and to make it succeed.

It is vital that you understand your personal strengths and weakness, your aims and motivations to know how you can work your way to establishing your business well and giving it the best that it deserves so it will grow and flourish.

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