The problem is the belief that as the business grows, the stress will grow, the business owner’s time will be more limited and their work/life balance [...]]]> Often an interesting thing happens when women entrepreneurs think about creating a bigger business vision. They freeze. They revert to old behaviors. The urge to control is stronger than ever.

The problem is the belief that as the business grows, the stress will grow, the business owner’s time will be more limited and their work/life balance will be gone forever. If you practice the principles of Holistic Business Management, this can be avoided.

What is Holistic Business Management? It’s a style of management that incorporates the best of current business practices with the best of what women bring to the table as business owners and managers.

In order to run your business holistically, you need to be clear about what’s important in your business. Over the last few weeks I’ve been blogging about money and different ways to look at your income and expenses within your business.  It’s obvious that a certain income is important so a business can keep its doors open. However, what other financial aspects are important to you? For instance,  gives 1% of its sales to environmental groups and supports the environment in many other ways. The giving is built into its model.

What’s important to you? Why did you build your business in the first place?  Define what you want to have happen in your business. Think about financials, how you want your customers to be treated, and the culture and environment you want for your customers. How do you want to source your raw materials? Do you want to insure that only non-toxic products are used to clean your floors?

Be specific. Rather than saying “Prompt delivery of meals to a table,” say, “Delivery of meals to a table in 15 minutes or less.” The more specific you are, the easier it will be to develop metrics to run your business.

We’ll talk about metrics next week.

The recognition was given, in part, by my obsessive need to document!  When I worked at AT&T too long ago, they nicknamed me the “Documentation Queen.” It’s an [...]]]> Last night NAWBO-SV honored me by presenting me with the 2010 Member of the Year Award.  There is nothing like an award given to you by your peers.

The recognition was given, in part, by my obsessive need to document!  When I worked at AT&T too long ago, they nicknamed me the “Documentation Queen.” It’s an obsession that’s stood me in good stead. Good information can help anyone in any position.

Reports continue to abound about the lack of visibility women leaders. In fact there was a blog about that topic on Women in Business yesterday. Organizations like NAWBO need our help and support. They’re incubators for young women entrepreneurs and places where we can meet our soul sisters in business to exchange ideas, victories and woes. But they don’t run without strong leadership and strong backs.

Thank you again, NAWBO-SV.  I’m blessed to know you.

First of all she talks about the importance of goal-setting. “Research shows that the only statistically [...]]]> In a recent article in the Wall Street Journal entitled, “Why Are Women-Owned Firms Smaller Than Men-Owned Ones,” Sharon G. Hadary, an adjunct professor at Maryland University College develops excellent points that every woman business owner should pay attention to.

First of all she talks about the importance of goal-setting. “Research shows that the only statistically significant predictor of business growth is not the industry, size of business or length of time in business. It is the entrepreneur’s goal for growth.”  If you don’t have a goal that includes growing your company, you’re not going to grow your company. It’s that simple.

Maybe you’ve decided that what you have is enough. That’s okay. But what I see with many entrepreneurial women is the need to get more business. To escape the cycle of wanting/needing business, working like crazy when you get it without spending time stratigizing or marketing your business, you must be willing to grow your business. That growth begins with a goal.

Hadley also makes the point that planning for growth must be built in from the very beginning of your business. When you need a loan from the bank, you need to have the records to support the request. You also need to have a relationship with a banker.

I recommend that you take the following steps if you want to build a business that grows.

• Get advisors. Get out of your own head and get support–not only from women advisors, but also from men. Talk with people who make you uncomfortable and talk with people who make you stretch.
• Make and complete goals regularly. Get someone like a business coach to hold you accountable if you need to.
• Know your financials. Keep records. Review reports. Hire both a bookkeeper and an accountant. Do not get “cheap” in this area.  Get a loan if you need to rather than relying solely on credit cards and personal savings. You don’t have to hide your business debt from the world. Healthy large companies carry up to 20% of their gross revenues in debt.  It’s okay.
• Expand your network.  Too many women business owners I know “think small.” They don’t feel they’re good enough to be in male-dominated large business groups. Get over it, you need to be there if you want to compete at the same level.
• Get beyond initial training. You know the business basics. Get the training and knowledge you need to manage and accelerate growth. If you are in the Silicon Valley area, consider joining an Executive Support Circle, which is dedicated to accelerate business growth of both men and women.  Sample sessions are starting up in June 2010.

Vivak also cited statistics from her research, “Women start only around 3% [...]]]> In a recent post on TechCrunch by Vivek Wadhwa, Lesa Mitchell, VP of the Kauffman Foundation was cited as saying that “Women need encouragement, entrepreneurship education, and access to solid mentor networks—particularly in fields in which the deck is stacked against them.”

Vivak also cited statistics from her research, “Women start only around 3% of the nation’s tech firms; they are almost absent in high-level technology positions; they contribute to fewer than 5% of all IT patents and 1.2% of open-source software; and the proportion of women-led companies receiving venture capital has dropped dramatically over the past few years.”

There’s also been research done that shows that the number of women on corporate boards is decreasing from it’s peek in the early years of this century.

What is going on?

What Women Entrepreneurs Need to Do

I agree with the general premise that women need encouragement, education and mentor networks. And yet, after nearly a decade of working primarily with women business owners, I’ve noticed a few other things that need to happen.

Women need to be willing to invest in their personal development. And by that I mean that they need to invest with their time, energy and money.  I’ve seen too many women purchase good education material, only to set it on a shelf to gather dust.  Or, they spend a few hundred dollars to join an organization such as NAWBO, but never show up for the meetings. Or, worst of all, they spend their budgeted “personal development” money on new clothes.  (Yes, we need to take care of our personal appearance–I do it too–but not to the exclusion of taking care of our minds.)

Women entrepreneurs need to stop resisting advice. In a recent article in Inc., Sales & Marketing advice was given to a woman entrepreneur starting a new company.  When she gave her feedback on the ideas, the woman entrepreneur repeatedly noted what “wouldn’t work.” There was a “but” to almost every sentence.  It probably wouldn’t have caught my eye, but (!) I hear the same pattern a lot from women entrepreneurs, particularly when you give them advice for free.

Want to grow your business and increase revenues? Join a peer group. Start one yourself or invest in a professionally mentored one. Studies prove that a peer group, particularly one that’s professionally facilitated, brings phenomenal return on investment.

In fact, a partner and I are starting one in the San Jose area this summer.  Join us for a sample session.  Learn more and register by clicking here.

Gerber states that the #1 mistake women entrepreneurs make in running their companies is that they don’t make [...]]]> In the announcement for the Women Entrepreneur’s Rock the World Event in New York on May 5-6, 2010 (wish I could attend — sounds great!), there’s a note about something that Michael Gerber, author of E-Myth, has said:

Gerber states that the #1 mistake women entrepreneurs make in running their companies is that they don’t make is “scalable” and they work in their business, not on their business.

How big are you planning on growing your business?  Quick, write down the number.  If it’s less than a million, you’re thinking small.  Which is fine, as long as you’re doing it because you want a small business, not because you think that’s the only size you can have. It’s also good to know that a miniature business can be a lot more work for you than a larger business would be.

Why?

Because if we think we’re running a small business, we see no need to write things down or create processes or procedures that can be replicated and done by many people. That’s what Gerber means by “scalable.” We’re caught up in the daily doing, doing, doing and don’t make time to reflect where we are going with our business, which is what Gerber means when he says we work in our businesses, not on our businesses.

When I work with clients, we spend a lot of time developing written policies and procedures. Most of them are ready to do that because their businesses have grown to where they are hiring employees or contractors and working 80 hours a week to handle it all. They know that they need to do something differently or they won’t be able to continue to grow.

So this week, do yourself a favor. Find at least one thing that you do repetitively that you can document. Then, go find someone else to do it for you.

As an entrepreneurial woman, what should you celebrate today? Here are my thoughts: