7 lessons and tips from successful female business owners

To start and grow a business, it helps to learn from the best people.To commemorate Women’s History Month and International Women’s Day, we focused on the useful experiences and skills of successful people Female business owner, Executives and entrepreneurs.

1. Determine your purpose

When you run a business, you need to determine your “important reason,” says CPA and owner Christina Sjahli. Christina Sjahli Consulting Company, A company that provides virtual CFO services for mission-driven women entrepreneurs.

“Finding a clear sense of purpose allows you to focus on what is most important to you and move forward in challenging times.”

If you have not yet determined your purpose, please take some time to reflect. Do you want to create a product that makes people’s lives easier? Do you want to create employment opportunities in your community? Maybe you want to provide a service to help specific groups of people achieve specific goals.

Sjahli said that when you figure out what is cheering you on, not only are you less likely to develop imposter syndrome, you can also set better boundaries and goals.

Tips for finding the target:

• Think about why you want to start a business. What excites you? Who is your business for? What do you want to achieve?
• Narrow your focus and define your mission.

2. Embrace the opportunity for growth

“I learned to always take on things I have never done before. Growth and comfort cannot coexist.” – Virginia (Ginni) Rometty, former CEO of IBM

“Don’t be afraid to make a decision. Don’t be afraid to make mistakes.” —Carly Fiorina, former HP CEO

To build a thriving business, you must be willing to take risks and accept challenges. Getting out of your comfort zone can help you acquire new skills, solve problems more effectively, and achieve goals faster.Depending on your business and background, the growth opportunity may be buying the building next door or figuring out how Digitize your service.

The secret to embracing growth:

• Say “yes” to challenging projects and efforts.
• Willing to try new things, whether it’s developing new products or targeting different customer groups.
• Free up time and resources for one or two company growth projects each year, such as launching one Digital marketing campaign Or open a second store.

3. Tenacious

“If you are committed to creating value, if you are not afraid of difficult times, obstacles become completely unimportant. It may be annoying, but there is no real power. The world respects creation; people will avoid you.” – Candice Carpenter Olson, former Co-CEO of Fullbridge

As a business owner, setbacks and difficulties are inevitable.In order to overcome the obstacles you encounter-including female-specific challenges, such as gender bias and Pay inequality-Tenacity is the key.

“I believe that women entrepreneurs must remain resilient and walk into every room confidently as they belong,” said founder and CEO Chynna Morgan. GIF Loud, A company that creates experiential marketing activities. It takes practice to cheer up, but this is the only way to make progress towards your goals.

“I knew early on that rejection is protection,” Morgan said. “Everything that my business goes through is for a reason.”

The secret to staying tough:

• Remember your purpose and find motivation there.
• Think creatively about how to use the resources and tools available to you.
• Set boundaries so that you have the energy and confidence to move forward in difficult times.

4. Connect with others

Connecting with entrepreneurs and professionals in your field can boost your business, leading to higher income and happier customers.

“Find one or two organizations that fit your goals, join them, become an active member, and provide your own insights and values,” Sjahli said. “Over time, they can become your champions and bring potential customers in the future.”

It is also helpful to cooperate with other companies for product launches or mutually beneficial marketing activities. “Don’t underestimate its power Good partnership And cooperation. They can take your company to the next level,” Morgan said.

Connection prompt:

• Join a professional group in your industry.
• Give back to organizations related to your mission.
• Contact other business owners In your area.

5. Adopt a learning attitude

“The ability to learn is the most important quality of a leader.”-Padmasree Warrior, founder, president and CEO of Fable

If you are unwilling to learn, you cannot succeed in business.priority learn Keep you at the forefront: It keeps you humble and adaptable, introduces you to new ideas and perspectives, and helps you keep up with industry trends and changes Customer demand.

Even a little effort will go a long way. “I improve by one percent every day,” Sjahli said. “The goal is ambitious, but one small step forward every day.”

Tips for learning first:

• Curious about different aspects of running a business-from product development to customer service.
• Keep up to date with news in your industry.
• Ask to track your employees and understand their daily work.
• Attend a course or seminar.
• Sign up for conferences and events in your field.

6. Seek help

“Never be afraid to ask for help. Always build a support network so that when you fall—you will—they will catch you there.” —— Claire Wasserman, CEO and founder of Ladies Get Paid

Running a business is not the job of one person.Even if you are a sole proprietor, relying on the support and support of others is still vital suggestion.

“As business owners, sometimes we think we should have all the answers, but the truth is that asking for help will make you a great business owner,” Morgan said. “Knowing your strengths and attracting people to help you overcome your weaknesses is essential to building a great company.”

Tips for seeking help:

• Seek advice from other successful business owners.
• hire Smart and capable team members.
• Outsource work that you don’t have the time or bandwidth to undertake.

7. Investment financial knowledge

If you want to run a sustainable and profitable business, you must invest in your financial knowledge.Understanding your business’s financial status is to correctly price your products, set realistic revenue goals, and plan Growth projectAnd secure funding.

Sjahli said: “Growth requires you to understand the company’s financial situation and understand the future financial situation, which means you must understand the story behind the balance sheet, profit and loss and cash flow.”

Tips for improving financial knowledge:

• Actively follow your company’s spend, Revenue and profit margins.
• Learn how to track your cash flow.
• Set goals and keep financial goals in mind.
• Hire a business Accounting.

Build a strong business

Whether you are an aspiring entrepreneur or a successful business owner, there is always room Grow. View our resource Learn more about how to build a thriving business as a business woman.

Fundbox and its affiliates do not provide tax, legal or accounting advice. This material is for reference only and is not intended to be provided and should not be used as a basis for tax, legal or accounting advice. Before conducting any transaction, you should consult your tax, legal and accounting advisors.