Increasingly, women entrepreneurs are opening their own small businesses and contributing to the nation’s economy. Today, 40% of all the privately owned firms are owned by women. These women-owned businesses collectively employ more than 13 million people. Here are some management tips that all entrepreneurial women should know.
1. Do the Math
Entrepreneurs should have a strong understanding of their companies’ numbers. Successful business owners must have complete knowledge of the company’s balance sheets, expenses, revenues, cash flow, and tax payments.
2. Have an Advisory Group
An advisory group allows entrepreneurs to get together, offer marketing strategies, discuss plans for vendors and suppliers, and exchange expertise. Collaborating with other entrepreneurs is a great way to get fresh ideas for your small business. Having a support group is helpful.
3. Don’t Shy Away From New Technology
Things like social media and cloud computing can do wonders for your small business. Social media will help you spread the word about your business—and enable you to gain new customers and maintain current ones. Cloud computing can help you streamline things like data-storage.
In conjunction with the release of its second annual report analyzing women’s small business challenges, Biz2Credit will host The Venus and Mars of Small Business Finance webinar on Thursday, March 6, from 3:00 – 4:00 p.m. ET. The panel will be moderated by Anita Campbell, founder of Small Business Trends. Panelists will be Biz2Credit CEO Rohit Arora; Lisa Cook, a former member of the President’s Council of Economic Advisors; and John Meyer, Director of Education at The Company Corporation. Click here to register.