It’s safe to say that no two women-owned businesses are exactly alike. Yet, even in our differences, the way that we run our companies have many things in common. Here are seven secrets to female business success that stands out for me:
- The first thing I notice among female entrepreneurs is our goal to consistently reach new markets. We build companies with staying power. That means we are conscious of not putting all of our eggs in one basket. We add diversity in our companies by adding new products, services and market segments. We also consider new ways to fill a different need by focusing on our core strengths.
- Women in business seek better ways to get goods and services to their customers. We run our companies like lean organizations because we want them to be efficient. Keeping our eyes on logistics is key as we look for ideas to streamline our processes. We are careful to control costs while doing our best to meet high standards of quality.
- Female CEO’s realize that a successful enterprise is a growing enterprise. Women in business know the difference between being thirsty and being hungry for success. That’s why we set the bar high. For us, the focus is two-fold: Give extremely high value to customers and add extremely high value to the companies we own.
- We are also interested in building relationships. In business the adage, “Time is money” is true. That’s why it is key to build strong business relationships. Industrious women know that the investment of time is the seed that produces long-term growth.
- Women business owners build companies with strong teams. No woman is an island. So women achieve their goals in business by delegating where they are weak and building teams to complement their strengths.
- We look for ways to reduce costs without sacrificing quality. When it comes to saving money, enterprising women are careful of where and when to cut expenses. We also look at costs as investments when they make our brands and market positions stronger.
- Enterprising women are interested in managing money well. This is a strategy that most women business owners do not take lightly. We start with the end in mind picturing where in retirement we want to financially be. Then with the help of financial professionals, we create our companies around our goals.
As an entrepreneur of over a decade I have personally used these in my business but can always improve (especially in number 5 — getting better at delegating roles).
So tell me in the comments below, did any of these tips strike a chord?