10 Mistakes Business Women must avoid for Successful Business
In recent years, women-owned businesses have generated very little revenue in comparison to their male counterparts. Have you ever through what is coming in their way when it comes to conceptualizing business ideas that make bank?
Here are the 10 grave mistakes that often get in their way:
1. Not hiring Sufficient Support
Most women avoid delegating their responsibilities fearing imperfection. Even they know they’re stressed out, many women do not delegate their work to others. Moreover, they don’t want to shell out any money on this and also due to no relevant experience in management. The fact is until women entrepreneurs wouldn’t learn to become delegation experts, it is tough to concentrate on work.
2. Not busting Myths
Believe in yourself is the biggest game-changer where women often fail. Mostly women thing they’re making rational decisions driven by facts and figures, but the truth is, their subconscious mind drives the show. Although most entrepreneurs think scaling sales is the key to rapid growth, it’s not possible without the right mindset. This is the rare competency holding women back. A powerful mind is of the essence as it’s the cornerstone on which you erect your mansion of dreams, and it's the major thing that Women often underscore as critical to their success. It’s time to replace limiting beliefs to empower themselves and this will make it possible to embrace success.
3. Not identifying the scalable part of your business
You need to understand the scalable part of your business to make it big. It’ll also help make your company the best bet for investors as your company could grow many folds bigger without hiring the required number of staff members. Women entrepreneurs often fail to see their companies with the lens of what is scalable and how do I upsell or optimize my products or services to charge more and reach more customers.
4. Insufficient financial Knacks
Finances are also a major component of any business. Having poor financial management and running out of liquidity is the biggest setback for any business. For this, you do not have to be financially qualified or earn finance degrees, but you must know how to build a cash runway, leverage your money better and effectively raise funds when needed.
5. Mismanagement of Internal Systems and Procedures
The key to scaling up isn't just about doing more of what you're already doing and putting longer hours, you need to work smarter instead of work harder. You must streamline the right internal systems to manage your marketing, sales, operations, and accounting. It might appear to be challenging to manage time and juggle among all these but with the right systems, you would be able to grow rapidly. You need to fine-tune and centralize every process and system focusing on “moneymaking machines”. That means you should have a set strategy in place, right set of brains, the right software that automates much of the work.
6. Wrongly Tracking Expenses
Running out of cash is one of the most dangerous situation for any business. This may happen due to improper evaluation of expense starting from bidding on Google search keywords, initiating Facebook ads and any other online and offline marketing strategy as marketing is one of the biggest expenditures for any growing business. Do not keep your eyes closed on your marketing expenses, better figuring out which marketing funnels are working for you and tracking your spend are the core elements of scaling up your business smoothly.
7. Absent of Cash Runway
Being low in cash can run for a long time but running out of cash is only once. Most of the startups fail as they run out of cash. Women entrepreneurs are twice as likely as men to close down their startup due to lack of cash. Better to work with an advisor to properly manage your flow projections. Don’t hesitate seeking help to make sure what you owe and what is owed to you frequently to have a decent cash balance.
8. Not Associating with Mentors
Most women aren't programmed to invest in themselves. Women’s are taught to keep other people’s needs over theirs. But the fact is, the best way to expedite your business is to learning the ropes from people who have already passed that phase as they can guide and mentor you the best way. You may also find your own way to success, but it may not be a long term success. Hiring or seeking the help of the right coach or attending the entrepreneur program is the great way to learn the techniques avoiding possible setbacks to ensure you avoid the financial crash and are on the right growth track.
9. Vision without Execution or Vice Versa
Every entrepreneur has a diverse skill set especially when it comes to the vision for their business but often they fail to execute. Or else they’re great in getting things done but lack the vision for big-picture planning. The truth is, both are necessary to build a successful business. Better to perform SWOT analysis and point out your strengths and complement your weaknesses hiring new brains. Learn to work on the business not only in the business. You will learn to plan the execution and execute the plan.
10. No or limited Investment in Networking or Personal Development
Do you know what you do not know? The best way to learn about your inabilities is to be in the company of people who can help us understand this and push you to the next level. Spare time for personal and business development growth, like reading industry-related blogs and books, attending seminars, conferences, registering with organizations for entrepreneurs, searching the right coaches and mentors. Often female entrepreneurs did not do any of these or some combination of above. It’s always suggested for your business and personal growth to do it all and it should pay off in the long run.
If any of these sounds great, it’s the right time to figure out what you’re going to do in 2020 to grow your business as big as you dreamt of.