A study conducted by the American Express OPEN Forum shows that women-owned businesses have grown at a rate of 1.5 more times than the national average over the years. But it also shows that about 1.8% of them only exceed $1 million in total revenues - a challenge that many women entrepreneurs like us are facing today.
We could point out several key issues that have prevented us from reaching our full potential. But most of those things, if not all, are out of our circle of control.
However, there are concrete steps that we can take to improve the bottom line of our businesses, and ultimately help us achieve our target.
Define your growth goals
Set realistic goals. It will only take a few hours of brainstorming and writing down well-defined goals and how to attain your objectives. Don’t rush. Be clear about where you want to be at the end of the year.
This can help you strategize and build a solid plan to get you there, instead of just focusing on the next deadline, or the day-to-day operations.
Planning, as opposed to improvisation as you go, will help minimize the level of effort and stress. You can then focus your energy on implementing strategies that have direct impact on business growth
Build a success-driven team
Behind every successful business woman stands a strong, success-driven team. As a busy entrepreneur, there’s only so much time in a day to handle daily business operations and pursuing new opportunities to increase your revenue.
Make the investment in hiring a skilled individual or a team who can do the day-to-day things you do, and do them well. So that you can focus your time on doing core, revenue producing tasks, and delegate the rest to your team.
Embrace new technologies
Utilize technology to your best advantage. There are a lot of amazing new technologies such as social media and mobile marketing tools that you can use to grow your consumer base and leverage your growth.
You can connect to your audience through blogs and huge social networks like Facebook, Twitter and Pinterest.
There’s always plenty of room for improvement. Those easy tips above offer a head start to actualizing the full potential of your business. Always keep a lookout for that extra step and be ready to take action that will bring you closer to your goal.