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Women have come a long way in business. Today, they own one-third of all Canadian companies, paying the salaries of nearly 2 millions people. The top 100 women entrepreneurs in Canada generate over $2 billions in revenue annually. What's more, women now own increasing numbers of small and medium-sized companies outside of traditional service sectors, such as biotechnology, robotics and manufacturing.
That's the good news. On the other side of the coin, according to a study by Industry Canada, over half of businesses run by women entrepreneurs are in a slow-growth stage of development. The majority of women-owned businesses tend to have fewer employees. Women export less and request less financing.
So as a woman entrepreneur, how do you overcome some of these barriers? If your business is a little sluggish, how do you make that vital shift into fast-forward growth? Chic Allison, Partner with BDC's Consulting Group, who has worked closely with hundreds of women in business, offers some essential advice on how women can build on their strengths.
Assess your growth potential
Businesswomen are more inclined to take measured or calculated risks. But their reticence to risk too much may also create barriers to growth. What can help here? A formal growth potential assessment of your company can actually measure your risk potential. Basically, this involves hiring experienced consultants to do a cost-effective diagnosis of your business to help you see your strengths and minimize weaknesses that could hinder your success. By conducting in-depth interviews with key people in your business, the experts can provide you an outsider's perspective on your company's operations and pinpoint challenges associated with your growth.
Make strategic planning a part of your business
It's a rule of thumb – if you don't know where you're going, any road will take you there. Often faced with balancing family, community and business lives, women often have less time to give to strategic planning. And without that long-term vision, growth is hard to achieve. Long-term planning means recognizing windows of opportunity and anticipating the needs of consumers where you can build your company. It means ensuring your employees understand exactly where your company is going and how they can individually contribute to achieving your company vision. Most importantly, you could seek the advice of professional management consultants who can help you build a strategic plan for growth.
Network in mainstream organizations
Avoid working in a silo. As you may know, women entrepreneurs are often skilled at networking because they've worked hard to get into the spotlight. Always focus on personal and professional visibility in the business community at large. Keep in mind that you should be building a strong presence in mainstream organizations. Consider your possible contribution to the local chamber of commerce, lobbying groups and industry-based organizations. Ultimately, being a part of the mainstream business community enables you to strengthen and polish your competitive business skills.
Show your sizzle. Get growth financing.
Although women in business are often well-prepared on paper when seeking financing, they tend to be less assertive when it comes to selling their business strengths. When you're looking for financing, remember that you're there to help the loan officer help you get what you want. Be sure you present a full picture of where you're going, which means showing that you're proud of your achievements. Showing confidence in your growth potential is as important as demonstrating the figures.
Break the rules and always innovate!
Innovative companies outperform non-innovative businesses by far in a competitive business world. And women entrepreneurs tend to be naturally creative, want to learn and are open to new ideas. If you're looking to achieve growth, be sure you're challenging the status quo in your key operational activities such as human resources and financial planning. For example, you many need to encourage your employees to get involved in the decision-making process, to brainstorm strategic plans and share ideas on working smarter and faster. On the financial front, you should be looking at innovative financing alternatives from your banking partners, for example, that enable you to pursue growth, expand into few markets, develop your people and export. If you feel that you're not a risk taker, look for financing that provides you flexibility and a comfortable level of cash flow.
Develop your resources from within
Women are born communicators, so to drive your business growth potential, be sure you build a strong learning organization. Encourage your people to take the initiative to develop and support risk-taking. Training your people means appointing mentors and coaches to cement the partnership between managers and employees. Most importantly, be sure you assess the full range of training vehicles readily available today, from Web-based learning to leader-led workshops.
Get the people you need and delegate
As multi-taskers in business and their personal lives, women often have difficulty delegating responsibility. But if you've reached a plateau in your business, it may be because you have reached your own personal limits. Remember that you can't do everything yourself, so be sure to bring in the right talent to help you pursue your company's growth. Hire people who match your company's profile and who will help you achieve the growth you need.
To learn more about the services that BDC can offer women in business, explore this Web site further. BDC's financial experts provide flexible financial solutions customized to your needs. BDC's Consulting Group offers women entrepreneurs comprehensive solutions that help them develop and implement growth strategies.
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