- Are you a female entrepreneur looking to maximize the potential of your new business and increase revenues and sales?
- Do you know how you can give your business a competitive edge and improve productivity in the short-term?
- Have you tried looking at what some of the other top women entrepreneurs are telling women-run businesses?
In the past few years, many reports and data studies have pointed out how women in authority positions are able to do much better for their organizations. This is the case with women political leaders, heads of states, entrepreneurs of CEOs.
Many point out that it is empathy, while others refer to the honesty level of doing business. In this article, we are going to look at 8 ways women can grow their businesses.
List of 8 Ways of Growing your Business as a Female Entrepreneur
1. Improving Employee Productivity-
A lot has been written about how women CEOs are very good at manpower management. Most companies that have been led by powerful women CEOs invest in their employees, payroll, and team members. They consider employees as the foundation of a good organization. This approach is something male entrepreneurs are not very likely to take.
2. Maintaining Clear Financial Records-
The financial data of a company is the greatest marker of its credibility. Women entrepreneurs tend to take financials like business term loans very seriously and avoid manipulating figures or numbers under any circumstances. This helps the company keep a very clean image of itself in the eyes of the consumers, vendors, shareholders, banks, and other financial institutions.
3. Rigorous Budgeting and Cost Cutting Mechanisms-
Women who lead businesses have been found to be notoriously strict about company expenditures. They try to cut down on unnecessary spending patterns being made within the company. They also focus on covering utilities. This includes first-class tickets, five-star stays, and other luxuries, which can easily be compromised in favor of saving up for the company.
4. Investing in the Human Side of the Business-
Women-led companies have been praised for being more socially responsible. If you see the CSR activities of companies, which are run by women, you will realize that the aim is not just to give money, but to ensure that the money and other operating expenses are being used for something meaningful. This is why they take the reins of the execution and the disbursement.
5. Promoting Equal Opportunities-
There are times when gender biases can come in the way of hiring the right personnel within an organization. The same can also extend to promotions, increments, and assigning new responsibilities. Women entrepreneurs tend to promote an equal opportunity climate and allow merit to take precedence over biases and favoritism.
6. Investing in Customer Service-
Just like women leaders invest in their teams and employees, so to do they pay close attention to what the customer is telling them. Many business owners feel that the thought of the customer can be manipulated and changed by feeding them marketing materials. However, women CEOs always believe that the success of a business lies in its customers.
7. Open to New Tech and Digital Opportunities-
In a study conducted in 2019, it was found that companies who had women in senior marketing and leadership positions did well on social media and digital than companies, which were run by male counterparts. This shows that when it comes to improving the performance of the business through new digital or tech innovations, women are always at the forefront.
8. Long-Term Planning and Growth Strategies-
As compared to male CEOs and entrepreneurs, women are more likely to go for long term strategies of growth. This is because they believe in the strategy and invest in a major way to ensure that all the moving parts of a plan work as a cohesive whole. Many companies who have this kind of growth trajectory often turn into successful ventures.
The Final Word
If you are a woman who is looking to start her own company, then this article is very useful for you. By paying attention to the eight points in the article, you too can ensure that you walk in the same glorious leagues of an Indra Nooyi or a Sheryl Sandberg.