8 Tips for Women’s Business Success

28 05 2010

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:

  1. Delegate – Learn to trust others and hire people to cover your non-strength areas.
  2. Make Lists – Every day do something that makes you money.
  3. Advisors – Develop a network of 12-14 people who will form your resource group.
  4. Sustainability – If you are a service business, build your business so that you are not central to its success. Is it sustainable without you?
  5. 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.
  6. Visionary – Look ahead of the curve and always be willing to reinvent yourself.
  7. 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.
  8. 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





An Expert’s Touch

4 05 2010

BreadI had carefully followed the recipes for making bread, but each loaf came out flat and heavy like a doorstop.  Lamenting to a friend about my failed attempts, she invited me to her house to watch and learn how an expert does it.

She didn’t measure the flour! She meticulously measured the other ingredients but added the flour a cup at a time until she had the right touch – sticky but pulling away from the bowl. She let me touch the dough so that I understood what I was aiming for.

Do you know someone who is an expert in an aspect of their business? Perhaps they are great at networking, customer service, online retail, hiring key staff, or launching new products. You could read up on the topic and muddle your way through. Or you could do as I did and ask for an expert’s help.

I am always surprised by how quickly others are willing to share their experience – to be a mentor. What aspect of your business could use an expert’s advice? Who could you approach this week to seek out that help?

Bev McCrostie, M.Ed.
Your Unlimited Potential
Coaching Small Business Startups