5 tips for business growth
Many women’s businesses do not grow to multi-million dollar enterprises. Maria Coyne, Executive VP of Business Banking at KeyBank hopes to change this fact. She says there are 5 management secrets that every female business owner should know.
- Crunch the numbers
She discovered that financial knowledge does matter. “Women with high-growth companies really ran the business by the numbers, understood cash flow, and had a handle on balance sheets They focused on using financial reporting to grow their business.” Do you need an MBA? No, just a mentor, business partner or good accountant, says Coyne.
- Form an advisory group
“The other distinguishing factor of successful female business owners was that they often had formal or informal advisory groups. We’ve encouraged our clients to tap into that expertise.” According to Coyne, working with other business owners is critical. Advisory groups can inform finances, but also offer strategies on marketing the business and managing vendors.
- Remember, this is business
“The hardest thing for women has been the human capital side,” says Coyne. “Women business owners treat employees like family and are slow to make decisions around staffing.” Talk to your staff, and make the decision that’s good for them but best for business.
- Make use of contract workers
Coyne says that many female owners are thinking about growth and want to expand, but are still nervous about the economy. She’s seeing that many use contract workers instead of making the commitment to hire full-time workers. It’s a good time for it, says Coyne, as so many talented people have been displaced by the bad market and are looking for work.
- Embrace new technologies
Smart business owners take advantage of new tools to manage their business and leverage social media to grow their consumer base, Coyne advises. “Businesses use social media to reach new customers, but also to find and network with other business owners who want to connect in a way that’s meaningful.”
Are there more tips you could add that could increase profits?