It goes without saying that small businesses are a strong contributor to the U.S. economy. According to the Small Business Association, small businesses accounted for 63 percent of the net new jobs created between 1993 and mid-2013. And, the fastest growing segment of these small businesses is women owned small businesses (cited by the National Women’s Business Council). In fact, women own nearly 30 percent of the country’s small businesses. In order to continue this momentum, women small business owners must learn how to grow their businesses to further their successes. Here are a few ways to do so:
- Turn to the Web. According to recent survey of small business owners by Ink from Chase and the National Association of Women Business Owners, 62 percent of female small business owners plan to increase social media and marketing outreach to grow their business over the next 12 months. This is with good reason because social media has been proven to have a direct impact on business results, sales leads, third-party endorsements, and purchases. By now, Facebook, Twitter, Pinterest, and Instagram should be part of your vocabulary, but if not, there are plenty of courses — in person and online — to teach you how to use these social media vehicles to boost your business. As a business owner, there’s always something new to learn and these social media platforms aren’t the only one’s worth taking note of. Leveraging your skills and talent can mean a lot for your business. You can always choose to further your studies with an Online Degree in Organizational Leadership, and be able to better manage your business ventures.
- Ask for help. Women have a tendency to want to try to do it all. But there are only 24 hours in a day — and that simply isn’t enough time to get everything done although we may try. Contributing to this overwhelming feeling of trying to fit everything into a day is the need to hold on to work that could easily be given to other people. In fact, the Ink from Chase survey showed that 54 percent of female small business owners feel time management/delegating work is the most challenging part of running their business. One solution is to hire people you can trust and train them to be able to handle some of the tasks you usually keep to yourself. Doing this will help lighten your workload and give you more time to focus the high-level priorities of your business.
- Always be on the hunt. Searching for new business leads is important for any company, but it’s even more critical for small businesses; especially since the task of finding new business often falls on the shoulders of the business owner. Knowing where to look is the key and a lot easier than you may think. Industry groups are a great first stop, but they should definitely go beyond just being sources of support. Most members will be there for the same reason: to secure new business. And these groups can be a valuable resource for just that — whether you’re keeping in touch with audiences that care most about your business, looking for potential talent, or sharing knowledge you’ve gained in your area of expertise. All of these can ultimately lead to growing your business.
Although your business may be strong, there is always room for improvement. Even the smallest of changes can help grow and run your business more efficiently, so it’s always a good idea to explore new tactics to help make that happen. Success isn’t reliant on doing one thing to make your business better; it’s about doing many things to make your business better. Once you’ve embraced that concept, you’ll be well on your way to a more successful business.
By Laura Miller
Photo by Dot Shock | Shutterstock