In an ideal world, running a business should be the same whoever you are. Reality is not like this, though, as certain groups of people, including women in business, face unique challenges. These challenges include attitudes in the workplace as well as pressures and responsibilities outside.
So, while the 17 tips on this list are applicable to men too, they have an enhanced relevance for women in business.
1. Don’t be Afraid of Failure
Starting and running a business often means putting a lot on the line, especially money and time. This can lead to a fear of failure. However, failure can teach you a lot. It is not enjoyable, but you should treat it as a positive experience.
2. Surround Yourself with Positive People
Negative people will bring down your mood and put doubt in your mind, so surround yourself with people who are positive, enthusiastic, and driven.
3. Aim Big
Big, of course, is a subjective term, but you shouldn’t be afraid to aim higher than you think you can achieve.
4. Be Confident Even When You’re Not
Some industries and work environments are very male-dominated. This can be intimidating for women in business. When in these situations, confidence is crucial. Even when you don’t feel confident, give the impression you are.
5. Delegate, Delegate, Delegate
It is not possible to do everything yourself and do it well, so delegate as much as possible, especially repetitive and administrative tasks.
6. Set Goals
You need something to aim for and something to measure success by, so set goals.
7. Give Rewards
Following on from the last point, it is important to give rewards when you achieve goals. This includes rewarding others as well as rewarding (or treating) yourself.
8. Don’t Try to Please Everyone
You simply can’t please everyone, so concentrate your energies where you will have the most success.
9. Be Open to Feedback and Criticism
Accepting feedback and criticism, and making changes when it is appropriate, are not signs of weakness.
10. Develop a USP
All businesses need to have something unique they offer to customers, so identify and then develop your USP.
11. Use Social Media Wisely
Social media can be a powerful tool in business, but it can also be a drain on your time and energy.
12. Keep Learning
Read, go on courses, attend seminars, etc to continuously grow professionally.
13. Put in Place Clear Lines of Distinction Between Work and Home Life
Even with the best intentions, it is easy for situations to develop where business and work starts to intrude on home life. Before you know it, you are answering an email while pushing your child on a swing. This sort of multi-tasking is unhealthy and unproductive, however, so avoid it as much as possible.
14. Have a Broad Client Base – But Not Too Broad
You need to have enough clients that losing one will not cause your business trading difficulties. That said, you don’t want too many either as this will stretch your resources.
15. Regularly Review Your Client Base
You should do this task with the objective of identifying your least profitable client, so you can drop them – this is on the ruthless side of business but you will benefit in the long run.
Controlling your spending in business is important, but you need to invest in people, technologies, and equipment to be successful.
17. Get a Mentor
Mentors can be a good sounding board, offering honest and impartial advice. If you don’t have one yet, find one.
Do you need more help with your business, particularly in relation to accounts? Get in touch with Gilroy Gannon today.