Being a Superwoman in Business Can Cost You Money

                  

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.