how to avoid the top 10 mistakes women business owners make

How to Avoid the 10 Most Common Mistakes

Women Business Owners Make

1) Not understanding your numbers

• Abdicating financial oversight• Profit & loss statement• Balance sheet• Key indicators

2) Running out of cash

• Twelve week cash flow projections• Make adjustments• Increase income• Cut expenses

3) Becoming dependent on one or two large customers

• Don’t put all your eggs in one basket

• Vulnerable to one client’s fortunes

• Diversify your client base

4) Not having a written marketing plan or budget

• Makes it easy to ignore marketing

• You can’t be strategic without a plan

• Know your target customer

• Plan your marketing dollars

5) Missing free public relations opportunities

• Think like your own publicist• Know what makes a great story• Create opportunities for free press

6) Not having a methodical, measurable sales process

• What gets measured gets done• Institutionalize the sales process• Know your ratio of prospects to clients

7) Hiring family or friends

• We hire people we trust

• Attracted to their loyalty

• Neglect to define the position & needed skills

8) Not developing a culture of accountability

• Women are particularly vulnerable• Relationship

oriented• Want to be liked• Clarify your your

expectations

9) Making the business dependent on you

• Doing it all yourself• Pricing is too low to

generate revenue for staff and growth

• Leaves you with no exit strategy

10) Not developing in your leadership skills

• Absence of self-awareness• Doing instead of leading• Invest in understanding the

leader’s role• Strategic planning, staff

meetings, teamwork, accountability

Summary

• Know your numbers• Manage your cash wisely• Diversify your customer base• Have a written marketing plan• Create opportunities for free press

Summary

• Have a methodical, measurable sales process• Hire the right person for the job• Develop a culture of accountability• Think long term and delegate or outsource• Invest in yourself & your leadership skills

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