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Women business owners are the driving force behind America’s economic recovery from the Covid-19 pandemic. According to a 2023 study, for the third yr in a row, women created about half of recent businesses report from the U.S. Senate Committee on Small Business and Entrepreneurship.
The momentum that women entrepreneurs have today can’t be ignored and is not slowing down any time soon. Women across the country have the desire and desire to push boundaries as business owners, so we must work together to break down the barriers to success. As we approach the end of Women’s History Month, I encourage women business owners to take advantage of this momentum and translate it into growth in the coming yr. Growth is a term that covers all the things related to the ownership of a business, including the physical development of the business in addition to the development and strengthening of an entrepreneurial mindset.
Here are some areas of interest for women who want to take the next step in developing their business:
Establish and develop your organization’s development plan
Last fall, Bank of America questionnaire found that 45% of women business owners plan to expand their business in 2024.
If what you are promoting is ready, it is best to start by creating a plan, setting goals, and identifying the key areas of need for what you are promoting. Whether it’s additional funding, staffing support, recent types of capital, additional inventory or expanding your real estate footprint, having a plan on paper is a crucial first step to tracking your progress and achieving your goals.
Review and revise your development plan usually – I suggest quarterly – to account for any internal changes, resembling product and service updates, or external aspects, resembling recent economic trends. This will assist you to avoid unnecessary obstacles and unexpected gaps in the market.
Whenever you re-evaluate what you are promoting plan, review your organization’s performance and compare it to previous months or years, as appropriate. Update forecasts for money flow and fixed costs, and review feedback from customers, employees and other stakeholders to higher understand what you are promoting needs and assist you to grow.
Have your chair and lean on your perseverance
Women are underrepresented in the entrepreneurial landscape. According to World Economic Forum, when it comes to business ownership worldwide, men outnumber women three to one. This gender disparity has been a key factor in the ‘trust gap’, where women feel less confident than men, particularly in relation to their role in the labor market.
When I face the “Trust Gap,” I remind myself that “I own my chair.” For me, it means recognizing that we deserve to be where we are, knowing that we have worked hard to achieve our goals, and that we deserve to have our voices heard. I’ll be the first to admit that this is often easier said than done.
To truly imagine this, practice affirmations, support yourself, and proceed to grow and learn from past successes and mistakes. Any of those small actions can assist you to develop an entrepreneurial mindset and move forward – whether it’s growing and promoting your small business, dominating the boardroom, or owning your expertise in the classroom.
Networking and mentoring proceed to be key skills and tactics for women building their communities. In addition to helping women advance in the business world, female mentors can help educate and empower women entrepreneurs, opening doors that can help them grow or scale their business operations. In fact, research from University of Chicago found that women entrepreneurs ran more successful businesses after receiving mentoring from other women compared to receiving mentoring from men or no mentoring at all.
Build on your education
Another good way to grow as a business owner is through continuing education opportunities. To develop and refine your leadership style, I encourage women business owners to take advantage of the tools and resources at their fingertips to help their small businesses succeed, especially as the business landscape is consistently changing.
At Bank of America, we imagine that women entrepreneurs play a critical role in driving a strong, healthy economy, which is why we invest in partnerships and educational tools that ensure women business owners have access to the mentoring, training and capital resources obligatory to ensure the success of their businesses. In 2021, we partnered with Seneca Women to launch the Bank of America Access to Capital Directory, a first-of-its-kind resource to help women- and minority-led businesses discover potential sources of financing. Additionally, our Bank of America Women’s Entrepreneurship Institute at Cornell is the world’s only online Ivy League certification program for women business owners.
Additionally, there are several opportunities for women to proceed their education. The best organizations include: National Association of Women Business Owners (NAWBO), which advocates for women entrepreneurs across the United States and hosts in-person and online events for members, offering educational resources and tools to help all women entrepreneurs.
Is also Association of Women’s Business Centers, which has over 100 business centers across the United States and offers resources that promote equality and opportunity for women entrepreneurs. Another excellent organization is Ladies who run, which takes a modern approach to empowering women entrepreneurs through digital networks and events. Each of those organizations is passionate about inspiring women business owners and helping raise the next generation of leaders among us.
It’s natural to feel overwhelmed by the challenges of running a business, let alone successfully navigating an ever-changing business environment. However, it can be helpful to take proactive steps to develop each what you are promoting and your entrepreneurial mindset. Women are intelligent and resilient and have proven that they can overcome the challenges placed before them.
Each Women’s History Month, I take time to reflect on the progress that women have made, and I appreciate the opportunity to pay tribute to this and the next generation of confident women business owners who will proceed to learn, grow and thrive in the years to come.