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Ten Best Resolutions For Women Business Owners

Submitted by: John Warner on Dec 26, 2006 at 10:57 pm Tagged with: Entrepreneurial Source:

TEN BEST RESOLUTIONS FOR WOMEN BUSINESS OWNERS

GREER SC. (December 5, 2006) - As a New Year is born Women-Business Owners, existing and would-be, are making plans and plotting strategies that will improve their efficiency and increase their revenue. These Female Entrepreneurs are making lists of resolutions in hopes that 2007 will be a banner year.

Janet W Christy, author of Capitalizing on Being Woman Owned: Expert Advice for Women Who Have or Are Starting Their Own Business, has compiled the Ten Best Resolutions for Women Business Owners.

1) Stop looking for grants and no-strings attached money. "There are still no free lunches...or rides...or money!" Christy states in the introduction to her book. She goes on to explain that most government agencies fund centers or projects for the development of women owned businesses instead of awarding grants to individual businesses just because they are owned by a female. Time spent looking for grants would be better spent on researching prospects.
2) Identify my most likely prospects. According to bankers and other small business funders interviewed by Christy, one of the common mistakes for loan applicants is that they do not know who their prospects are. Too often the applicant assumes that just because a person or business can use their product or service they are a prospect. One bank loan officer told Christy, "When I ask a loan applicant who will buy her product the correct answer is not 'anybody'."
3) Develop a real Marketing Road Map. If you are starting a business or developing a Business Plan, you need a Marketing Plan. But don't settle for a general or philosophical concept; instead make it a road map with strategy, actions, time frames and measurements.
4) Do the research it takes to develop a Marketing Road Map. Christy advocates that you can never know too much about your customers, clients or prospects. In her consulting practice she continually sees evidence that knowledge and understanding of a customer, client, or prospect sets a business apart from competition. Because it is so important, a large part of her book Capitalizing On Being Woman Owned is a manual on how to accomplish this research.
5) Decide if Certification will help me. Certification as Woman-Owned means that a business meets criteria specific to the certifying organization. Certifications are used by businesses, government agencies and education institutions as a screening tool to ensure that they are using valid Woman-Owned Businesses to meet their vendor diversification goals or requirements. Christy devotes an entire chapter of her book, complete with a how-to chart, to determining if Certification is beneficial to an individual business.
6) Do the Certification paperwork! If Certification will help then why wait - you will never have time, so make time.
7) Determine if Subcontracting is a good option for my business. Christy states that many Woman-Owned Businesses are missing opportunities since they do not consider being a Subcontractor. The requirements for Subcontractors are often simpler than for the direct contractor. However, Woman-Owned Businesses frequently have no idea how to go about it. In her book Christy provides step-by-step guides on how to find and take advantage of subcontracting opportunities on government, education and commercial projects and purchases.
8) Find partners. Government agencies, education institutions and commercial businesses do not always separate projects or purchases into small enough parts for most Woman-Owned Businesses to participate. Partnering can provide a solution for this obstacle.
9) Make prospects aware of my business. Commercial enterprises, federal contractors, government agencies and schools are looking for Woman-Owned Businesses to meet goals and contract requirements. If your business is not on the right lists they will not find you.
10) Ride the wave. The focus on the use of Woman-Owned Businesses will not last forever. Don't miss the opportunity; ride this wave to start or grow your business.

Capitalizing on Being Woman Owned: Expert Advice for Women Who Have or Are Starting Their Own Business is available through bookstores and on-line booksellers.

Janet W. Christy is the founder and President of Leverage & Development, LLC, a consulting firm that helps Women and Minority owned businesses use their status to their advantage. Her services include marketing research and planning, certification assistance, sales guidance, and assistance in government bidding. She is based in Greer, South Carolina.