October is National Women in Business Month. To celebrate woman I decided to write an article about women in business. The book “The
Emyth Revised” by author Michael E. Gerber uses the term “Management by
Abdication” which requires you to relinquish the business and hire someone to
help you run the day-to-day operations of your business thereby passing the
accountability to others so you can focus on managing your business. Being a superwoman in your business can cost
you money, reputation damage, loss revenue or state, federal or legal fees.
Your business
should work without you not with you. Unfortunately most entrepreneurs start
their business on their own and then decide to seek help later which is a huge
mistake. You should commence with staff when starting your business. You can
hire college graduates or entry level staff to help you perform the day-to-day
operations of your business if you are unable to hire experienced workers.
When starting
a business set clear business goals, a company vision, mission and business
requirements such as funding, staff, location, and future growth needs. Then
determine how your business would need to perform to accomplish these tasks and
start running your business accordingly.
Many times entrepreneurs
continue to act as employees when running their business instead of acting like
business owners. If you want to be a great successful company you have to
running your business like one.
Focus more on
business development and less on administrative tasks. Focusing on the
day-to-day operations of your business keeps you in a narrow-minded focus and
makes it difficult to generate sales and revenue.
In addition
to having staff assist with the day-to-day operations of your business you need
a team of advisors such as: an accountant, lawyer, financial advisor,
mentor/business coach and insurance agent. Hiring a team of advisors may cost
money upfront but will save you money in the future if an issue arises and you
need professional advice. Focusing on the day-to-day operations of your
business can also cause you to lose money because you don’t have enough time to
acquire new business and can cause you to lose existing customers.
Start your
business with the future in mind and then work your way backwards. Don’t focus
on how much revenue you want to generate or the work that has to be done. Focus
on how to run your business effectively, gain new customers and continually
focus on growing the entire business not just one aspect of it. Use these tips
to help you stop losing money in your business by being a superwoman.
Learn
Hire a
business coach who can mentor you regarding your business. Take classes, read
books or articles or watch television shows to learn how to run a successful
business. Study other business owners and gain lessons learned from them
especially those who were able to turn home-based or small businesses into
large businesses.
Provide Service
Stop focusing
on how many sales you want to get in a day or how can you sell a product. When
you create a great product and focus on the customer experience, customers will
follow, sales will increase and your business will grow. Create multiple ways
for customers to reach you and consider getting a toll-free phone number. Use
various methods to frequently obtain feedback from customers.
Grow
You must see
your company as a competitor with other businesses and learn how to attract
customers in an innovative way. Focus
more on how you do business. Always look for opportunities to grow your
business and attract new customers. Use the “SWOT” (strengths, weaknesses,
opportunities, threats) strategic planning method to help you improve in all
areas and develop your business. Constantly ask how will your business stand
out, how your business is unique and how customers will view your business.
Reduce Costs
Automate as
many of your business systems and processes which will help you save time,
money and resources. Find inexpensive
ways to get what you need, hire interns, barter services, and use sites like
Fiverr, social media or free or low-cost services. Continually finds ways to increase your
return on investment and save money. Think about future needs and the most
effective ways to fulfill those needs without impacting your bottom line.
Use Technology
Use
technology as much as possible to remain competitive and to reduce time and
effort to track data, engage with customers and address current and future
current needs. Innovate by continually thinking of new ways to grow your
business. If you are not creative hire someone who can do this for you which
will help you stand out from your competition.
Protect
Protect your
ideas by using copyrights, trademarks or patents. Avoid sharing your ideas with
everyone especially other business owners. Protecting your ideas helps you remain
competitive and makes you look more favorable if you decide to sell your
company.
Measure
Gauge your
success and business growth. Create critical success factors, key performance
measures, surveys and other feedback methods to measure your business
performance. Ensure that work is always performed in alignment with your future
business goals and objectives. Focus on where your business is now and where
you want your business to go.
