Post by Dr. Marsha Firestone, contributing Women On Business writer
Only 3% of all women-owned businesses generate over $1 million in annual revenue, and these million-plus firms are growing faster than smaller women-owned firms. Here are some tips to help you grow your business even in a tough economy.
1. Apply sophisticated management practices, especially the use of financial reports to manage cash flow and expenses
- Make sure you have updated records, and a business plan to create a roadmap for the future of your business.
- Be cautious. Times can be tough, but so can you. Plan for the worst and how you will deal with it in case it happens.
- Use financial reports to manage the business.
2. Use lawyers, accountants, consultants, advisory boards and boards of directors
- Using these important resources is invaluable. These tools can insure that your business is safe, can make sure your finances are straight, can help you out in tough times, and can be available for advise when you need it.
- Professional advisors save many future costs.
3. Innovate continuously by seeking input from customers, staff and board
- Develop a strategy and learn technological needs, considering hiring a professional to update your website.
- Brainstorm with all of your employees, and encourage ideas from everyone involved.
- Keep refreshing current business strategies.
4. Expand both domestically and internationally
- Even in a struggling economy, global expansion can be beneficial. Not only will it create jobs and produce growth but also enhance local competitiveness and pave the way to larger more lucrative customers.
- Explore new markets, reach new customers.
- Do your research before going global to learn where are the right places for you to expand, and then learn about that country and their business customs.