A LOOK INTO A BUSINESSWOMAN’S MIND
A businesswoman is bold, resourceful and resilient. We need to overcome several biases over and above the normal challenges of entrepreneurship. A businesswoman needs to work harder and smarter to get ahead. It is not fair but we do this and are even successful.
As a businesswoman, it is important to be knowledgeable about how to run your business. You must be the vision carrier. Finance, Branding, Marketing, Human Resource, Strategy and Networking are all on your Things To Do List. The fundamental thing in any business is to BELIEVE in your business. You must be convinced of the impact to enable you to put your blood, sweat and tears towards its success. If you enjoy what you do even better! It is easier to convince others to buy if you are convinced yourself.
Finance and Brand
On Finance, this is the lifetime of your business. Business is for PROFIT otherwise it is an NGO and not a business. Finances are one measure of your success. You need to keep proper records. Costing before pricing is key. Many a time we price according to the competition and not according to actual costs and profit margins.
A brand is the story of your business and the promise you make to your customers. It makes customers connect to you and your product. It develops loyalty. Your brand must be authentic. You can represent it in a logo or tag making it easy for customers to identify.
The brand is a promise and requires you to deliver every time. Losing your brand confidence is difficult to recover from. As a businesswoman, you should be alert to any threats to your brand and protect and promote your brand to grow your business. Your brand has value and is an asset to your business.
What is your unique selling proposition? Why should a customer choose you over all other similar providers? This is a key aspect to figure out for success. Price is an easy option but may not be sustainable. Customer service and after-sales service are other strategies. Marketing is a constant activity. We usually invest more in this initially, but we should constantly be on the top of our customers’ minds. Do not allow a customer to forget you exist. There are various strategies for this.
Human Resource
Without a team, the business cannot reach customers effectively. Time to delegate so that you may spend more time on strategy and growth. Loyal, motivated, committed staff are a great asset for any business. It is the burden of the entrepreneur to create a good working environment. Investing in your team is a good strategy to achieve the objectives of the business. In recent times Artificial Intelligence, the Internet of things, BOTS and computers are taking over traditional human resources. As a businesswoman, you need to have the best mix or alternative to human resource to achieve your business goals.
FAILURE TO PLAN IS PLANNING TO FAIL is a common adage. It has been proven to be true. A businesswoman needs to spend time planning, re-planning, and implementing a strategy that will lead the company to grow. The business blueprint is a good template for strategy. It is useful to brainstorm with teammates and/or consultants to come up with the best strategy. Of course, all strategies must be backed with ACTION!
Strategy for Growth
Growing your business largely depends on strategy and networking; making key partnerships. You need to be strategic in your networking to make the necessary contacts. Networking should be targeted putting in mind the business brand and growth strategy.
In conclusion, a businesswoman who is clear on the roadmap to grow her business should be ready for success. Many businesswomen get overwhelmed by success.
It is important to have a mentor and advisors who will guide you onto the next level and next phase of your business growth either further growth or sale. As the leader of your business, you need to keep all the aspects of the business in mind and move for growth.
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You can contact us on 0790408849 or info@mpowerlimited.co.ke
Janet Katisya Mpower Limited.