5 Pieces of Advice for Women Business Owners
WomenVenture offers solid education programs for business owners from ideation to start ups to scale ups . I recently had the opportunity to support their Scale Up! Program by facilitating the Mastermind sessions, which was an amazing experience.
At the Scale Up! Graduation, Elaine Wyatt, Executive Director spoke about her experience as a business woman, business owner and now Executive Director of a non- profit. She gave the women of Scale Up! with some great advice and with her permission, I'm sharing those 5 key points here for you.
1-Never say you aren’t good with numbers. You can and must master the numbers tied to your business, it is essential for your business to grow and prosper. If you don’t feel comfortable with the numbers, seek out additional training.
2- It is easier to create a business/growth plan than to turn it into reality. Break it down into weekly steps and find a mentor or leadership group that will hold you accountable.
3-Stay connected to other business owners in a formal way. One of the key reason’s women’s businesses falter or fail is due to burn out. Find a supportive group of like minded women/business owners to meet with regularly, if it is not the right one for you, keep looking; there is a right group for you out there.
4-Find a mentor, one that will be supportive but will also hold you accountable, this is a key differentiator between women owned and men owned businesses and is associated with growth.
5-Seek out and secure the financing you need to grow your business, financing is available, be persistent. It is a rare business that can scale without a capital infusion. Never enter into merchant loans or usurious loan agreements, even when you feel desperate, they will destroy your business.
Numbers, business plans, peer groups, mentorship....something we can support here at The BWC!