All businesswomen have something in common – a burning desire for success. But success isn’t guaranteed and it doesn’t happen unless you make it happen. A great idea or a unique skill set isn’t enough to create a profitable business. You’re going to have to be a great business woman too!
The four B’s to success in business
Budget your business
How you handle your business finances, is essential to your success. Which is why you must pay special attention to every money-related decision that you make.
If you’re a generally financially savvy person that’s financially responsible with your personal finances, those same skills should help you manage your business finances.
Having a strong grasp on what’s coming in versus what’s going out will help you manage unexpected costs and expenses. Use software that allows you to always see exactly what’s happening with your money. From sales transactions to vendor invoices, you should know where every dollar is going at all times. Budgeting your business will also help you reinvest your profits or build a strong reserve – for the off-season or time periods when business is slow. Take the time to establish a system that works for you, you’ll be happy that you did.
Brand your business
A great first impression is crucial to attracting customers to your business, and brand marketing is how to achieve it. You only get a few seconds to win over a potential customer. Make sure that your marketing efforts are not just attractive, but that they appeal to your target demographic – enough to move them to action.
Find your niche and market to their interests and preferences.
Being broad or general in your branding can be a costly mistake. It’s far better to be a hit in your niche market, than a failure with the general public. Do the necessary research into the audience you’re targeting to ensure that your marketing efforts are appealing to them. The ultimate goal is to convert interested people into paying customers.
Having a strong, skilled, and loyal team is the backbone of most successful small businesses. Make it a top priority to build a winning team of employees that want to see you win. This means more than bringing donuts to the weekly team meeting. It means being invested in the well-being of those that work for you.
Focus on the work environment, understand what motivates your staff, and always lead by example. If you take care of your team, they’ll take care of your customers and your operations – resulting in massive success for you!
Inevitably, things will go wrong from time to time. But it’s often how we prepare in advance that determines how we weather unexpected challenges. Being as ready as possible is vital to your success and the sustainability of your business.
From having proper business contracts to understanding copyrights and trademark laws; or which insurance policies are required for your business to knowing how to calculate your business taxes – as your business grows, so will the amount of information you’re expected to know and enforce.
Remove the element of surprise, by being proactive about understanding the nuances of running a business. If you’re not sure where to start – here are a few tips:
- Take a class on entrepreneurship at the local SBA.
- Join a small business incubator.
- Get a mentor.
- Talk to your accountant and seek legal advice before expanding or changing your business.
The ultimate goal is for you to build a profitable and growing business. Put in the time and effort to learn all you can. Your potential success depends on it.
Don’t be reactive. Always try to be prepared for the unexpected and cover all of your basis. While you won’t be able to avoid issues altogether, you can try to be ready for them!