Barriers to Success
Overcoming Challenges and Issues Specific to Women-Owned Businesses
By: Maria Meyers

A few business basics can mean the difference between success and failure for men and women alike. However, despite women business owners’ impressive growth rates and real economic clout nationwide, their barriers to business success include some issues and challenges specific to women.

Capital
For continued business growth, women business owners need to learn more about how to access and use both equity and venture capital markets. This is an area where women business owners still lag behind men, a funding gap that limits women’s growth opportunities.

Pricing and Cash Flow
Women-owned firms often price their goods and services too low.* Pricing can be tricky, but success does not come from undervaluing yourself and your work. It is also important to look at “the numbers” every week and do a cash flow analysis that shows your income and expenses over future months. If you don’t know how to do this or are unsure about reading and understanding your financials Ð learn how right away!

Systems
Women often start or buy businesses that are labor-intensiveÉthey trade hours for dollars. Your business should be a system that functions without your presence.* Creating systems that work, backed up by an operating procedures manual and regular employee training, can free you to run the business, increase sales, and take a vacation!

Planning
A written business plan is your internal roadmap to success. When you plan a vacation, you decide where you are going and what route you will take to get there. In the same way, your business plan determines your destination and guides the daily activities and decisions that move you towards business success. It includes your marketing plan, expected revenues, and expense budget. Your plan is a living document meant to be used. Schedule regular appointments to review your plan and to evaluate how you are matching up against your expectations.

Sales and Marketing
What makes you unique? Why should customers buy from you and not your competition? It may be something about your product, how you sell and service it, your guarantee, or a prized endorsement. Write down your big benefit in 50 words or less, memorize, and use this message over and over Ð when you speak, in your brochures, advertising, and your website.

Find out everything you can about your target customers and the best ways to reach them. Listen to your customers. Their goals, needs, questions Ð even their complaints and rejections Ð can be very important sales and marketing guides. Be creative and offer new solutions that meet their needs. You will increase sales and build customer loyalty.

Trust Your Intuition
Linda Hollander, entrepreneur and business coach**, believes that most women business owners have highly developed business intuition and encourages women to remember to listen to and trust their “inner voice.” Hollander also advises women to not be too sensitive, especially about business rejections, which can actually free them to go after the qualified customers who will help build their business.

Seek and Accept Help
Every business owner makes business blunders. The key to success lies in acknowledging them early and being willing to reach out for advice and help. One way is to find other women business owners who will understand your situation and give you advice. Consult your professional advisors, such as your banker, accountant, investment and insurance professional. There is a whole network of organizations in Kansas City that provides support to those who are growing and starting businesses. Just ask. You and your business are worth it.

Maria Meyers is Network Builder for KCSourceLink, connecting a network of 135+ nonprofit organizations. She can be contacted at 816.235.

*Source: www.ecomhelp.com, **“Seven Biggest Business Blunders That Women Make” by Linda Hollander, the Wealthy Bag Lady ©2003