Tag Archives: women business leaders

Top 4 Things to Consider When Looking for a Potential Business Partner

Posted on Wednesday, 18 October
by Dr. Pamela Williamson

Want to find the perfect business partner to take your company to the next level? Joint ventures are wonderful when they work, but let’s face it, finding the right business partner is not easy by any means.

When looking for a potential business partner you’ve got to find one that is as motivated as you to get the job done and is willing to do their share of the work to take your company to where you envision it to be. As women business owners, relationship building is one of our key strengths, but when evaluating a potential business partner, you’ve got to keep a few key things in mind.

Here are top 4 things to consider when looking for a potential business partner:

  1. Building Trust

Trust is key in any relationship and the same goes for a business partnership. If you can’t completely trust someone with confidential and critical information about your company then you need to think twice about getting into a business relationship with them. Trust is the first building block for starting a business partnership.

  1. Converting Friendship to Business

A good friendship can often be a great starting point for a successful business relationship. However, you need to evaluate if your friend’s values and goals match your own. Also you need to ensure that the responsibilities you both have agreed to are met and everyone is doing their fair share of work. You also have to agree to disagree and  not let business come in the way of a strong friendship – no matter come what may.

  1. Money Matters

Money is often the main reason for souring a good business relationship. To ensure that your new business partnership venture starts out on the right foot, when it gets down to money, being clear cut and getting everything on paper is key. Key points to discuss include each partner’s contribution, how profits will be distributed and losses will be borne.

  1. Sharing Responsibilities

When one partner ends up doing more than what was agreed to and the other partner seems to slack or not share the load fairly, that is often the root to why a good business partnership eventually falls apart. Again, it is important that all parties involved agree (in writing) to what their responsibilities are going to be, so nothing is taken for granted.

In conclusion, finding a good business partner takes time and is not something you should rush into. The first step is to meet with like-minded business owners who are as passionate and motivated as you are and have varied strengths that compliment your own so they can bring a new perspective to the table.

Getting certified is a great way to network with enthusiastic women business owners just like you. Find out more here.

Top 3 Work-Life Balance Tips for Women in Business

Posted on Thursday, 05 October
by Dr. Pamela Williamson

Did you know that work-life balance is now considered to be the second top consideration, after compensation, for procuring and retaining employees?

So it goes without saying that if employees demand work-life balance – as a business owner, maintaining work-life balance is essential to be more effective and feel fulfilled both in your personal and professional life.

In today’s digital world, work does not end at the office. With smart technology you can literally bring the office home and be in constant contact and control. That said, at times you might feel you are working around the clock and that pressure can affect your stress levels, family life and health.

So, as a woman business owner, how do you maintain work-life balance?

  1. Build a strong support structure: Although gender expectations still exist in present society today, dividing duties and gaining support from your partner is key to building your business and taking care of the family. Extended family can also be a tremendous resource when you have conflicting commitments between work and home. Always be appreciative of the help you get and that gift will be there when you need it again.
  1. Plan and prioritize: You would not be late for a meeting with an important client, so don’t be late to pick up your kids from school. Balancing work and life means having to plan and prioritize and giving equal importance to both areas. If you’re a workaholic you’ll need to discipline yourself to perhaps stay unplugged for an hour or two when you get home so you can truly focus on the family, the kids and most importantly, yourself.
  2. Nurture and nourish: Finding work-life balance goes beyond just finding time, it means finding quality time for yourself and indulging in the things you love to do, so when you go back to your business you are ready to tackle the day – no matter what it might bring. Self care is essential in restoring and maintaining your well-being, keeping your energy levels high and leading with clarity and purpose. This means keeping your eating and sleeping habits in check is key. On an emotional level, learn to forgive, forget and let go. Also learning to not take life too seriously can do wonders to reduce stress levels and create a more balanced way of life.

Being a respectable and successful woman business owner and making your mark felt, means believing in yourself and pushing your boundaries. Getting certified can be a great way to climb the ladder of success and still meet both your work and life goals.

3 Ways Women in Business Can Overcome Challenges and Get Ahead

Posted on Friday, 21 July
by Dr. Pamela Williamson

Did you know that more than 9 million firms in the United States are women-owned? In fact women business owners have close to 8 million employees and generate over $1.5 trillion in sales, as per the National Association of Women Business Owners.

Although more and more women are venturing into entrepreneurship the challenges they face are often not the same as their male counterparts entering the business world.

Here are 3 ways women in business can overcome challenges and get ahead:

1.Get over social stigma

When you walk into a crowded networking seminar and you can count the number of women there on your fingertips it can get intimidating. However, you’ve made it this far so being true to who you are and believing in what you have to offer and what you bring to the table can give you the boost of confidence you need to find your voice in situations where you might feel singled out. Also, understanding that if you don’t speak up for your business and make it known, no one else will.

Build a support system.

According to Inc. close to fifty percent of all women entrepreneurs don’t have mentors that can help propel their business growth. When you’re trying to blaze your way in the world of male-dominated businesses, having the advice of a woman mentor who has ‘been there and done that’ can be extremely helpful. But the challenge is in finding a reliable support system. Certifying your business as woman-owned can not only help you get found by procurement officials but also directly enroll you to attend conferences designed to get you networking with other like-minded women owned businesses and find promising mentorship opportunities.

Find work/life balance

Whether you’re a man or a woman, finding work-life balance is no doubt hard, however in the case of women and especially mothers who venture into entrepreneurship most would agree that dealing with the business would get a lot easier if you didn’t have the kids to deal with! The key is to not beat yourself up or sweat the small stuff and come to terms with the fact that you got into this knowing that your responsibilities will be shared between the family and the business.

WBEC-West provides an excellent platform for your business to grow, connect with other businesses in both your local community and nationwide, and be a mentor to other women businesses. Learn more.

 

Are you a Woman with an Entrepreneurial Spirit? Top 11 Questions to Ask Yourself!

Posted on Thursday, 23 March
by Dr. Pamela Williamson

Do you consider yourself to be a successful woman entrepreneur? Today’s women business owners are highly skilled, talented, sharp and technologically savvy.

But more than that, they all share one common denominator – they have an unstoppable entrepreneurial drive and spirit that keeps them going!

There’s no doubt that more women are entering the business world today than ever before – there are those venturing in after years of child-rearing, multi-taskers who are balancing both business and family life and women with a strong entrepreneurial drive ready to take on the world.

It can be said that women are wired for juggling business and family and multi-tasking, but do all women have what it takes to be a successful entrepreneur?

Here are top 10 questions to ask yourself to assess if you make the grade to be a successful entrepreneur:

  1. Have I always wanted to be my own boss?
  2. Do I take direction well from others,­ or have a mind of my own and want to live on my own terms?
  3. Am I ambitious?
  4. Is money a motivating factor for me? Do I want to build wealth?
  5. Can I take calculated risks?
  6. Do I like to be in control?
  7. Can I handle failure? Can I fail and start again?
  8. Am I passionate about what I am doing?
  9. Do I make decisions quickly and can set things in motion?
  10. Do I like to get things done and not procrastinate?
  11. Do I look at the big picture, can plan and start things with the end in mind?

How many did you check off? Even if you picked a few and have the motivation and drive to pursue your dreams, you have an entrepreneurial spirit waiting to emerge.

If you really want to take the step to starting your own business do your research and be prepared. The journey ahead is going to be exciting, but certainly not easy. Talk to women in business. Find a mentor. Join a community.

At WBEC-West we support women business owners to get more business, grow and be successful. Getting certified could be an excellent step to connect with like-minded women,­ discover game-changing mentorship opportunities and join a vibrant WBE community. Learn more.

woman business owners

Are Women Better Business Owners? Here are 5 Reasons Why…

Posted on Wednesday, 28 September
by Dr. Pamela Williamson

Do women make better business owners and managers? If you’re a woman thinking about starting a business and are afraid to take the first step, or if you’re a man contemplating about asking a woman to be your business partner here is some food for thought.

Here are 5 reasons why women are successful in business:

  • Research and due diligence: According to the SBA, “U.S. women have far less business failures than men,” and “The longevity of their businesses surpasses that of men’s.”
    One reason for this is that before taking the plunge into anything women are known to do their research, get all the facts together, investigate and not cut corners. This in one sense allows women to make better business decisions leading to higher business success.
  • Questions, questions, questions:  You may not like it but often women are known to ask lots of questions to get to the bottom of things. Questions help to clear doubt, remove confusion, and zero in on what really needs to be done. Clearing things up on the get-go before any business involvement, can go a long way in doing business transactions, which make women excellent business partners.
  • They listen: This might not come as a surprise but women can often be much better listeners. Although women may ask questions first, they are also careful to listen to the answers they get back. This allows a woman to quickly understand the pain points of her customers and empowers her with the information required to provide the products and services that the customer actually needs.
  • Relationships are key: This is by far one of the biggest strengths a woman has – her ability to form and develop relationships. Business relationships and networking with the right people can often form the backbone of a woman-owned businesses. Strong relationships also fuel lasting loyalty which is why women continue to be successful and profitable and are able to main long-lasting relationships with business partners, customers and employees.
  • Empathy: Some may think that being compassionate can be seen as a sign of weakness, but for many women, it’s the reason for being so successful. Having empathy allows women to build deeper relationships with employees, for example, who stay loyal and will go out of the way to help her succeed. Empathizing with customers shows them that she cares about their problems, which helps to not only build client trust but also helps her to possibly find a better solution to their problems.

    Are you a woman business owner? Which points most struck a chord with you? Let us know in the comments below!