Tips For Women's Business Growth In 2014
Economists are Predicting a Year of Economic Growth for the U.S.
1. Retail Giants - Turn this competition into a partnership
Working hard to drive business to your own store or website is important but small business owners have to pay attention to opportunities and understand what it takes to become a player in the global supply chain. Bottom line, to compete in the marketplace you need to produce something that is new, better and different.
2. Know your financials and have solid financial goals
This is something many women tend to avoid. If you’re going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last dollar. You need to fully know where you’re going and what you need to achieve in each quarter. It’s important to understand profit.
3. Learn how to be a CEO
This is one of the biggest transitions women we work with need to overcome. Just because it’s your company does not mean you have to do everything yourself. In order to grow your company you need to be out there selling it. It’s called working on your business, instead of in your business.
Your role as CEO is knowing how to hire the right people to help you make money. To start, write down the things you don’t like to do, don’t know how to do, and where you just aren’t skilled. Be honest. For these things it’s perfectly OK and more efficient to have someone else handle them.
4. Get Involved
There are lots of great resources and communities out there that provide opportunities to connect with other women small business owners in person. These groups provide important places to be heard, to share ideas, and find encouragement and support.
5. Don’t Fear Failure
In facing challenges, I find it helpful to ask myself, “What’s the worst that can happen?” Once I face that possibility and the consequences that go with it, some of that fear subsides because I know I can handle it. Being in business isn’t all about wins, it’s about learning from your failures in order to move forward.
Read the full article at: forbes
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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