Women owned small businesses are doing well and in some cases, out performing men owned small businesses. Managing the business appropriately in each phase of it's life cycle will be key to longevity and sustainability.
The number of small businesses owned by women is growing faster than the total number of small businesses, according to a small business monitoring report from American Express. Women owned businesses increased nearly 60 percent since 1997. And by 2018, one-third of new U.S. jobs will be generated by female owned companies, compared with 16% now, based on projections by The Guardian Life Small Business Research Institute.
- Crunch the numbers-Women with high-growth companies really ran the business by the numbers, understood cash flow, and had a handle on balance sheets. They focused on using financial reporting to grow their business.
- Form an advisory group-Advisory groups can inform on finances, but also offer strategies on marketing the business and managing vendors.
- Remember, this is business-Talk to your staff, and make the decision that’s good for them but best for business.
- Make use of contract workers-Utilize contract workers. Many talented people have been displaced and are looking for work.
- Embrace new technologies-Business owners should take advantage of new tools to manage their business and leverage social media to grow their consumer base.