How to Succeed as a Woman in Business

“Business is filled with inconvenient, uncomfortable realities.”  For women this truth may be more prevalent than for men.  Even in the 21^st Century, we are still faced with the David versus Goliath (women versus men) in the board room and across corporate America.  Many still believe that if you truly want to succeed in business as a woman, you need to be better than your male counterparts.  This would imply that women have to be “better” than men in the professional Universe.  While that might be the truth, I’m not looking to point fingers or engage in a confrontational debate.  While it’s undeniable that gender inequality exists in the workforce and women will never be judge the same way as men, women must, in essence, find a way to get “over” it or merely move past it through hard work and persistence.

“With ongoing news of inequality, unequal pay and lack of women at [the] boardroom level, businesswomen clearly still have challenges to face.”  Most women have experienced some form of misogyny in their working environment at one point or another.  There are women who have been fired or haven’t been hired for wanting to have children.   But that said, I personally haven’t found that being a woman has held me back or altered my chance of success in the work place.  “Being a successful businesswoman really comes down to personality.”  One must be confident, fiercely independent and above all, determined to succeed.

Here are some of the qualities I believe women need to have to grow and thrive in a man’s world be it corporate or anywhere else:

Self-belief is probably the single most important trait possessed by any successful woman entrepreneur.  If you don’t believe in yourself, you can’t find the motivation and drive to succeed.

Be ambitious.  Go above and beyond.  Go that extra mile.  If you really want to separate yourself from the “boys,” you’ll have to find a way to stand out amongst them.

Be confident.  Confidence breeds success and success breeds confidence.  This trait is essential if you want to win over customers and clients and build a thriving business.  Confidence helps you win people’s trust and respect and will gain you a solid reputation in the corporate world.  Hold your head high and stand tall.  When greeting people for the first time, give them a firm hand shake and look them straight in the eye.  Use your physical presence to announce your intellectual presence. 

Passion.  “Successful female entrepreneurs are always passionate about what they do because they tend to create businesses around the things they enjoy.”  Think hard and seek out your passion and then try with everything you have to go for it.  Telling the corporate world and men in particular how you earned your success will in return earn their respect of you and what you’ve achieved.

Humble yourself and be willing to learn.  There’s no shame in reaching out for help when it’s needed.  “You cannot rest on your laurels when you run your own business.”  Industries are constantly changing and that means you have to maintain a keen eye and an innovative attitude.  Always be looking to improve yourself.  Go to workshops or lectures or networking events.  Even read books.  And most importantly, be willing to learn from others and listen, listen, listen!  You don’t merely have to take advice from other female entrepreneurs; hearing men’s stories can be just as powerful.  Don’t be afraid to admit what you don’t know and always strive to boost your skills.

Have a sense of purpose.  There’s no point in starting a business if you don’t have one.  Believe and you can achieve!  You have to have faith that you are indeed destined for great things and that no corporate inequality can or will hold you back.  You have to persevere.  “To be a successful female entrepreneur you have to believe in yourself and believe that what you are doing is making a difference.”  That strong sense of purpose will be reflected in your business model and indeed determine whether or not you succeed or fail in the long run.

Assert yourself.  Don’t be shy.  A successful businesswoman must be assertive otherwise people will not take them seriously or show them respect.  Be fearless.  Speak with authority and purpose.  “Adopt a confident manner, deal with any criticism rationally and be calm, cool and considered.”

Hard work pays off in the end; it is the true, enduring characteristic of successful people and it is even more important when you are a woman trying to make it in a man’s world.  No amount of intelligence or connections can indefinitely make you a success without putting in the effort to back it up.  As cliché as it may sound, hard work is definitely the secret to success.

Be brave.  It takes guts to run a business especially as a woman with so many obstacles in your way even more so than men face.  You’ll undoubtedly deal with difficult challenges that lay ahead but if you push yourself out of your comfort zone and move forward with confidence, hard work and diligence, you’ll find you’re well on the road to success. “This means that you have to take risks and accept that when things go wrong, you can always survive them and turn things around.”  Once you’re brave, there’s no looking back.

Lastly, be persistent and never give up.  “Starting a business is one thing, keeping it going is another matter entirely.”  Granted there will be days when you feel like throwing in the towel but keep a cool head and consistent demeanor about you when you’re feeling down and remind yourself of all you’ve achieved so far.  While there’s still a long way left to travel, with an attitude of persistence, you’ll likely get there one day.

Here are some articles you might want to check out about succeeding as a businesswoman:

“How Women Can Succeed In Corporate America”: http://excelle.monster.com/benefits/articles/1090-how-women-can-succeed-in-corporate-america

“Do You Have What It Take To Become A Successful Woman Entrepreneur?”: http://womeninbusiness.about.com/od/startingasmallbusiness/a/3traitsofentrep.htm

“How to Be a Successful Businesswoman”: http://www.wikihow.com/Be-A-Successful-Business-Woman

Until next time…

Maintaining Loyal Customers in Business

It’s not brain surgery.  Bottom line: If you don’t have loyal customers that keep coming back for more than you can’t have a thriving business.  But how do you keep those customers coming back for more and maintain a loyal following?  Here are some tips.

Promptly return calls.  This creates trust and loyalty.  When a potential customer takes precious time to contact your business, you owe it to them to respond in a timely fashion; at least within 24 hours.  Even if the response is brief, your customer will still appreciate a prompt response.

After doing business with someone for a while, follow up with them every now and again.  Checking up on your customers shows them that you care about them and their business.  “We’re in a game of trust points and emotional impacts.”  Loyalty is bred form human connections.  Humanizing business and making it personal helps in achieving returning customers.  Things that seem from the heart will always reign supreme.

Remember: Relationships matter!  They are indeed one of the most effective ways to create customer loyalty.  Reach out to your customers even if you are not soliciting they’re business.  Think about writing a written note to keep in touch or offering complimentary services like discounts.  “Building a relationship is the first step; maintaining it helps create loyalty.”

Take the “you” out of the picture and focus on “them.”  It’s not important to your customer what they can do for you but rather what you can do for them.  How can you help solve their problems or meet their needs?  Can you reduce costs to reward loyalty by sending out coupons?

Speak their language.  When you dig deeper into who your clients really are, you’ll get a better understanding of what they need, want and expect from you.  Don’t be disconnected from your customers.  Learn to communicate in ways they’ll relate to easily.

Send your customers things that will interest them.  Provide them with articles or links to your blog.  Send out a monthly news letter.  Keep them engaged.  Always listen to customer feedback.  Give them surveys and offer rewards to those taking them.  When you know what your customers want, you’ll know how to service them better.

Take the time to listen to what your customers have to say.  Engage them digitally through Twitter or Facebook or LinkedIn or other social media sites.  Make the customer experience an interactive one.

Nourish your following.  Show empathy towards their needs.  That’s the quickest way to build up a loyal fanbase.  Customers want to be heard and understood.  Take the time to get to know their problems and work towards resolving them.  Listen, listen, listen!

Make it hard for them to leave you.  Show them why they should indeed stay with you.  If you build a genuine relationship, it will make it hard for your customers to go elsewhere.  They’ll want to keep coming back for more of what you and you alone can provide them with.

Build your brand into a legend!  Change your thinking to that of your customer.  Put yourself in their shoes.  “Sales are the result of how people perceive you, gained through marketing and experience.”  Tell them a story they want to hear.  Put forth a consistent and ethical attitude.  This is a sure fire way to build an iconic brand.

Give them more then they expect.  In essence, exceed expectations.  Offer free advice or helpful tips.  Think about offering some services for free while still charging for others.

Charge less but give more.  Think about taking on less clients and focusing more time and energy on the important ones.  Stay in close contact with them.

It might sound strange but if you under-promise and over-deliver, customers will be pleasantly surprised.  This makes them feel like they are getting more “bang for their buck.”

Keep your promises and make them great ones.  “Customers and clients love big, bold promises that make their lives better and keep their costs down.”  Make sure your promises are relevant and detail-oriented.  Keeping promises often becomes a branding tool and can lead to good “word-of-mouth.”

Make it personal!  Put a special touch on what you’re offering.  Recognize customers and clients by name.  Allow them to feel like they are helping your business grow.  Recognize their part in helping your venture thrive.

Show your clients and customers that you care.  This can build small time buyers into raving fans.  Care about the outcome your customers receive and the product you’re putting out there.  If your servicing clients, show them that you care about helping them become a success too.  Show your appreciation in tangible ways.

Take the time to make a little extra effort – every bit counts.  Remember that!  Go above and beyond what is expected of you.  This will pay off in the long run.  Maybe they’ll even consider giving you referrals for the care you show them.  Pay attention!

Be proactive.  If there’s an issue with a customer order or a client complaint, go above and beyond to fix it and do it quickly, with care and with their best interests at heart.  In this automated age, so many people don’t seem to care anymore.  Show them that you in fact do.

Stay in constant contact with your customers.  While you don’t want to overly bombard them, reach out from time to time.  Think about sending an email or making a phone call or even sending a little gift in the mail.  “The best way to show your customers that you care for them is to stay in touch with them on a frequent basis.”  Keep that as your motto and you may find customer loyalty skyrocketing!

Be the best at what you do and make a concerted effort to keep up the momentum that you build in doing so.  Offer your customers something unique that sets you apart from the competition.  Even if it costs more than what others are selling, if your product and customer service are the best out there, people won’t want to leave you.

Communicate with your customers.  Really hear what they are telling you.  Don’t just yes them to death.  Listen and make good on your promises.  Listening is the core of customer relations.  While it requires patience, the payoff is worth it in the end.

Make an effort to really get to know your customer and understand what they’re looking for and what their needs are.  Take the time to speak with them and listen to their feedback.

Know what’s going on with your clients.  Keep abreast of them in the news or other publications.  But also keep abreast of them personally.  If you know what your customers are up to, you can use this information effectively to build brand loyalty.

Stay true to your word.  Make good on your promises.  Show your customers that you value integrity; that it is front and center in your business model.

Lastly, be the best you can be and gain their trust.  That will most definitely ensure they keep coming back for more!

Here are some articles you might want to check out about maintaining customer loyalty:

“7 Ways to Foster Loyalty”: http://smallbiztrends.com/2012/07/7-ways-to-foster-loyalty.html

‘Tips to Building a Loyal Following”: http://www.business2community.com/strategy/tips-to-building-a-loyal-following-0166477

“How to Build Customer Loyalty”: http://retail.about.com/od/customerservice/a/customer-loyalty.htm

Until next time…

Building a Team in business

Building a solid team is one of the most difficult challenges you’ll face as an entrepreneur.  As it’s your company and reputation on the line, having the right group of people behind you to support you is critical.  If all that was required was mere skill of one individual combined with the mere skill of another individual, you could just pick and choose the best resumes and poof!  You would have the best team.  But that’s not how it works as this method does not consider human factors and soft skills.  Assembling a team requires substantial planning and finding a balance between each individual employees’ depth of skill.  Make sure talent and communications jive between your employees and you’ll be well on your way to building a strong team.

Most people in the workplace talk about building a team or working as a team but few understand how to create a team and experience what it is like to actually work on one that is thriving.  Belonging to a team means belonging to something bigger than yourself and that, in fact, starts with understanding the mission and objectives of your company as a whole.  While everyone has a specific role on the team, how you put those roles together will, in turn, determine if you have failed or succeeded. 

  

First off as an entrepreneur, set a clear expectation of what you are looking for your team to achieve.  Let your employees know what is expected of them and their performance.  Make sure they understand why in fact you are looking to build a team environment.  Support your team with resources of time, money and exemplary personnel.  Emphasize the priorities of the team in terms of effort, time, discussion and interaction among employees.

Make sure your team members understand why in fact they are asked to be active participants in a team.  Teach them the strategy of how team life will help the organization attain its business goals.  Allow your team members to be an active part in the process and help them define goals, targets and long-term achievements.  Make sure employees understand where their work fits into the total context of the organization.

In building a team, first map out your business objectives carefully.  As best you can, lay out what you are looking to achieve.  You don’t need an exact roadmap but the more complete you can paint the picture of what your goals are, the more likely you are to encourage your employees to participate in the team “game.”  Additionally, this will make it easier to match team members to required tasks and goals

Make detailed job descriptions for each member of your team so that everyone on board knows what is required of them.  Don’t just focus on experience; focus on communication and flexibility of your employees.  This will in essence, lead to better team work. “It is often easier to fill a gap in knowledge than it is to correct a dysfunctional team.”

Set your business goals during the interview process so that you can impart a series of expectations of team work to your employees from the get-go.  The best applicants have an interest in the overall process not just the desired goal: this is what, in essence, makes a good team player.

When hiring, look for gaps in knowledge.  Think about what is missing; that missing piece that will make the team jive.  Set clear expectations to new hires.  Once your team is complete, begin a socialization phase during which the team gets to know each other.  Promote teamwork through training and team-building activities.

While it is always difficult to fire an employee, you can’t afford to keep those on staff who don’t buy into your theory of team building.  If an employee does not jive with the goals and culture of your company, it’s time to move on.  Replacing an employee can be a daunting task and slow process, but it’s worth it in the end.  One “bad apple” can bring down team morale.  

Think about designing a bonus structure that promotes team work.  Why you don’t want to create an environment that is overly competitive and in turn might be destructive, foster healthy competition among employees.  Try using anonymous peer reviews to evaluate employees.

Encourage your employees to commit to the team motto.  Figure out a way to get them to dedicate themselves to accomplishing the team mission and expected outcomes.  Get your employees to understand that a team environment fosters growth and is beneficial for them individually, not just the group as a whole.  Make sure they feel valued and are still congratulated for their individual achievements in the midst of team building.  Recognize their own significant contributions as a huge part in the success of the team.  Keep them excited and challenged.

Define each employee’s role in the team.  Give each person an assigned area of responsibility.  While there will always be ranks among the team, make the entry level employees feel as if their voice and opinion is just as highly valued as those coming from the top.  Allow all members to help design the mission, vision and strategy of the company’s goals.  Everyone’s anticipated outcomes and contributions are important.  Don’t forget that!

Make sure the team has confidence in its ability to work together to achieve goals.  Do they feel that they have the appropriate people participating?  Is everyone confident in their peers knowledge, skills and capabilities to address and issues or problems that may arise?  Make sure you endow your team with the resources and strategies needed to support and accomplish its mission.

Make sure your team is collaborating and working together as a unified group.  Are members working together effectively and interpersonally?  Ensure that everyone understands their own unique roles and responsibilities.  Does the team have a modus of operandi in place to deal with problems as they arise?  Enable them to cooperate and work together as a unit to achieve goals.

Make sure you are communicating clearly to your team members what is expected of them.  Clearly label their priorities and most important tasks.  Are you fostering an environment where they can bring new, fresh ideas to the table and will indeed, be heard?

Reward creative innovation.  Show your employees that you value their ability to work in conjunction with others and grow ideas together.  Being a member of a team does not mean that you have to fit into a certain mold.  You can bring unique methods for success to the table and go above and beyond the status quo and the mere requirements for success.

Make sure your team is centrally coordinated by strong leadership.  While everyone on the team can feel like an active participant, not everyone can be boss and that is where your role as leader of the team comes in.  Make sure you set priorities for you team and give them guidance and support them with resource allocation.

In fostering strong team building, it is also important to make sure your employees feel a responsibility to the team and realize that there are consequences for stepping too far away from the team model you are looking to build.  Of course, you don’t want to stifle individual greatness, success and original ideas but your employees need to commit themselves to the team model if that is in fact the road you plan to go with your business.

Lastly, be prepared for cultural changes.  Not everyone might jump on board with the team model from the get-go so you have to inspire your employees to understand why in fact the model works and will lead to greater individual success down the road.

Here are some articles you might want to check out on the importance of building a team:

“10 Essential Tips for Building Your Small Biz Team”: http://mashable.com/2010/05/05/how-to-build-a-business-team/

“How to Build Your first Business Team”: http://juniorbiz.com/build-business-team

“How to Build a Strong Business Management Team From Scratch”: http://www.strategicbusinessteam.com/small-business-development-strategy/how-to-build-a-strong-business-management-team-from-scratch/

Until next time…

Is Your Business Idea Viable?

Many small businesses start out as hobbies.  People find what they are passionate about and turn them into a start-up in a flush of enthusiasm.  Enthusiasm, although it is important, isn’t always the best ingredient for business success.  The most important thing when starting up a new venture is to find out first and foremost if there is a demand for the product you’re looking to sell and if it’s at the right price point that people will actually buy it.  Unfortunately, not all fantastic ideas actually become thriving businesses.  Even if you’ve thought of a superb product, you need the right business model in place, funding, marketing and a strong team to put your plan into motion.  So how do you know if your idea is worth pursuing?  Once you’ve gone through the brainstorming stage, it’s time to find out whether your business model is viable or not.

Before you worry about financing and the pitfalls of a new business, make sure your idea is unique.  That doesn’t mean you necessarily have to invent something completely new, it just means that you have to set yourself apart from the competition.  “The most successful businesses have a strong, unique concept and a clear identity.”  Take the time to define yours.

Ask yourself if there is indeed a market for your idea.  The first step to determining whether your business idea has potential is to carry out extensive market research.  You need to establish that your target market is big enough to make a go of your idea.  Many ideas have failed because business owners didn’t do their homework.  “Not only do you need to work out whether there is sufficient demand for your offering, you must also determine what marketing, pricing and business model will work for your target market.”  To do so, you need to find out as much information as possible about your potential clientele.  Who are they?  What are their needs?  Where do they shop?  What are they not finding that they need?  How much disposable income do they have?  Would they be repeat shoppers?

Is your business recession-proof?  Will it still succeed in times of economic hardships and the lack of income your customers might face?  While no business is secure in hard economic times, do your best to ensure that it is.

Does your business add value to the marketplace?  People tend to do business with those that can improve their quality of life – people like to buy products that make things easier for themselves.  Stay away from “get rich quick” schemes and think about ideas that add value in the long-run.

Make sure your business is expandable and can grow with the times.  While there’s nothing wrong with starting out small or even working from home to save costs at the beginning, think of the bigger picture and where you want to be down the line.

Is there a way out if things don’t go according to plan?  Can you scratch your idea and reconstruct it so it’s viable?  Make sure you’re able to sell or successfully close any small business you consider starting.

While there’s always risk in starting up a new venture, make sure your idea isn’t too risky.  “You don’t want to get wiped out emotionally and financially because a business is just too risky.”  A viable business should not “break the bank” from the get go.  Think about your ideas and the risks involved thoroughly before embarking on your journey.

Do you have enough money to last until your business is profitable?  If you think your business will bring in a strong RIO once it’s established, you still need to make sure that you have enough money at the beginning to make a go of your start-up.  Think of working out a cash-flow forecast to see how much money you’ll need to get started.  You might need to rent office space, take up contracts with vendors, employ staff and pay salaries, put money towards marketing and advertising, etc.  “In addition, you’ll need to able to cover your operational costs and your own personal expenses for quite a few months before you break even of turn a profit.  If you’re borrowing money, you will also need to be able to make the interest payments when they fall due.”

Most importantly, remember that timing is crucial.  Are you entering the marketplace at the right time; at the time there is a need for your product?  Is your business seasonal?  You wouldn’t want to open up an ice cream shop in the dead of winter.  Open at the time when there is the strongest need for customer demand.  This will allow you to burst out of the gate with a flood of new customers who will likely come back for more.

Lastly, ask yourself if you have what it takes to turn an idea into a viable business?  You need the right attitude and skill set to make your idea a success.  Setting up a business is an enduring challenge that takes hard work, planning and foresight.  The success of your idea hinges on your ability to see it through both the good and bad times.  “Your idea needs to be something you’re passionate about and you then need the skills, drive and belief to make it work.”

Here are some articles you might want to check out to see if your business idea is indeed viable:

“Is Your Business Idea Feasible?”: http://www.smarta.com/advice/starting-up/business-ideas/is-your-business-idea-feasible

“Is Your Business Idea Viable”: http://www.entreserv.com/blog/2012/02/03/is-your-business-idea-viable/

“Is Your Business Idea Viable”: http://bradfordkickstart.wordpress.com/2012/05/28/is-your-business-idea-viable-2/

“Is My Idea Viable?”: http://blog.score.org/2012/bryan-janeczko/is-my-idea-viable/

Until next time…