After attending the Next Steps VAST Workshop for Women Entrepreneurs, I came away with a number of tips for business growth. VAST (founded by three businesswomen) is an equity fund focussed on investing in businesses created by, run by, or owned by women.
The 14 panel members and presenters are all women entrepreneurs who have started and grown highly successful businesses. Here are a few of their tips:
- Delegate – Learn to trust others and hire people to cover your non-strength areas.
- Make Lists – Every day do something that makes you money.
- Advisors – Develop a network of 12-14 people who will form your resource group.
- Sustainability – If you are a service business, build your business so that you are not central to its success. Is it sustainable without you?
- Document Financing – Be sure to document all loans and investments in your company.
Knowing those details may be vital when later seeking further growth funding.
- Visionary – Look ahead of the curve and always be willing to reinvent yourself.
- Financing – Have other financial sources (credit cards, line of credit) in your back pocket to cover those times when revenues may be delayed. Always keep your commitments and meet your financial obligations.
- Free Resources – Make use of the local and online resources that are available, such as SCORE, Micro Mentor, and the Women’s Business Center.
If you were going to select one of the above tips to work on today, which one would it be? Creating a spider web drawing of your advisors? Seeking out one of the free mentors for tips on growing your business? Brainstorming ideas as to how your business could be sustainable without you?
Bev McCrostie, M.Ed.
YOUR UNLIMITED POTENTIAL
Coaching Small Business Startups