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