Tips For Women's Business Growth In 2014

Article from Forbes.com
By By Nell Merlino
Photo: Dell’s Official Flickr Page

Economists are predicting a year of economic growth for the U.S. economy and competition will be tough for American businesses.  It’s important to note that many of today’s small businesses are owned and operated by women. They represent 50% or more of privately held companies but only 4.2% of their businesses generate more than $1 million in revenue.*   So how can female entrepreneurs take advantage of the upswing in the economy and take their businesses to the next level?

As the founder of Count Me In for Women’s Economic Independence, the leading not-for-profit provider of resources, business education and community support for women entrepreneurs,  it’s my mission to help the over eight million women business owners in the U.S. to substantially grow their businesses.  The benefit of helping this group of entrepreneurs will result in increased revenues and job growth in communities across the country.

A new year means new opportunities to reassess and explore new avenues that put women entrepreneurs on the path to growth.  Here are five tips I recommend that small business owners consider for success:

1.  Retail Giants – Turn this competition into a partnership

Working hard to drive business to your own store or website is important but small business owners have to pay attention to opportunities and understand what it takes to become a player in the global supply chain.  Bottom line, to compete in the marketplace you need to produce something that is new, better and different.

There are a growing number of opportunities for small American businesses to work with retail giants such as Walmart and Sam’s Club. Rather than just waiting for business to come to you why not seek it out in places where a large portion of consumers shop?  Two years ago, Walmart, a generous supporter of Count Me In, invited me to help create its Global Women’s Economic Empowerment Initiative. One of their goals is to purchase $20 billion worth of goods and services from women-owned companies by the end of 2016.  Another door into big box opportunity is through the Sam Club’s Showcase event.  Local vendors can approach the manager of their nearby Sam’s Club for the chance to sample and sell their goods for a limited time with the prospect of establishing a more permanent relationship. Beyond brick and mortar opportunities, Amazon and other ecommerce sites can also deliver big results.

2.  Know your financials and have solid financial goals

This is something many women tend to avoid. If you’re going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last dollar. You need to fully know where you’re going and what you need to achieve in each quarter. It’s important to understand profit.

3.  Learn how to be a CEO

This is one of the biggest transitions women we work with need to overcome. Just because it’s your company does not mean you have to do everything yourself. In order to grow your company you need to be out there selling it. It’s called working on your business, instead of in your business.

Your role as CEO is knowing how to hire the right people to help you make money. To start, write down the things you don’t like to do, don’t know how to do, and where you just aren’t skilled. Be honest! For these things it’s perfectly OK—and more efficient—to have someone else handle them.

Then, think about what other areas of your business need to be addressed? What are the skill sets they require? Is it an assistant to deal with the manufacturer when you have a big order? Or a salesperson or a sales force if that’s the least favorite part of your work? What about a bookkeeper to take charge of getting your invoices out on time?

4.  Get Involved

There are lots of great resources and communities out there that provide opportunities to connect with other women small business owners in person. These groups provide important places to be heard, to share ideas, and find encouragement and support. Count Me In offers lots of resources like the upcoming competition for women from military families taking place in April 2014.

Networking opportunities can make a world of difference for entrepreneurs.  One of Count Me In’s supporters has been Ariela Balk, whose Smart & Sexy lingerie line is in Walmart nationwide.  She has been instrumental in helping Count Me In members find opportunities they wouldn’t have held otherwise, to do business with Walmart and other big box outlets.

Also consider attending at least one conference per quarter. And no—they don’t have to break your bank. Think of it as an investment. If carefully chosen and carefully planned, you can earn the money back in terms of vital new contacts, new ideas and keeping up with your industry.

5.  Don’t Fear Failure

In facing challenges, I find it helpful to ask myself, "what's the worst that can happen?" Once I face that possibility and the consequences that go with it, some of that fear subsides because I know I can handle it.  Being in business is not all about wins, it's about learning from your failures in order to move forward.

Change in the business world is happening at a faster pace than ever.  Consistently striving to improve yourself and company will help you keep moving toward revenue growth.  

Mommy Guilt

You might have something in common with the Kardashians:  Mommy Guilt.

4 Reasons the Kardashian moms shouldn't feel guilty about working (and neither should you)

www.Time.com
Article By

Margaret Magnarelli @mmagnarelli

July 8, 2014

Even the Sisters K say leaving the kids behind to earn a living can be tough. Cheer up, Kim, Khloe, and Kourtney. Research finds there's an upside to balancing mommy duties with office demands.

Kim, Khloe, and Kourtney Kardashian aren't your average working moms. Or are they?Omar Vega—Invision/AP

Who knew I had something in common with the Kardashians? Surprise, surprise: The incredibly rich are not immune to working-mommy guilt.

While promoting their new kids’ clothing line on CNBC’s Closing Bell yesterday, Kim, Khloe, and Kourtney were asked to respond to the recent comments by PepsiCo CEO Indra Nooyi that women can’t have it all.

Whether or not you believe that what The Sisters K do actually counts as work—it certainly pays better than my job as an editor here at Money—their comments echo some of what I have heard from my fellow employed moms of the real world.

“There are so many times I just didn’t want to get up and work on something, I just wanted to be at home with my baby,” Kim said.

“I used to feel so guilty every time I left,” added Kourtney, who’s preggers with her third kid.

I guess this is proof that every working mom has had regret about leaving their child with a caregiver at some point or another. (Though if I had three, I would probably feel elated about going to work, not guilty.) But for those of us who are the familybreadwinners and those of us who simply love our careers, we know we have to power through.

One way to beat back the guilt is to focus on the upside. And the good news is that there is a lot of research showing the benefits of being a mom who works (and this is not to vilify those who stay at home, who have the tougher job by my estimation). Remembering these four things helps me get through the tough mornings when my toddler breaks down in tears when I leave:

1. Working moms are healthier. A 2011 study from the University of North Carolina at Greensboro found that moms who work rate themselves in better health overall—more likely to say they feel “excellent”—than those who stay at home with their kids. This was confirmed by a 2012 paper from the University of Akron that looked at full-time working moms at age 40 who went back to work early on after having their children. These mamas reported higher levels of energy and mobility. I have to wonder, though, if either of these studies took into consideration what my husband and I have termed “daycare disease”—the family cold we pass between us from October to April.

2. Working moms are happier. Both the North Carolina and University of Akron studies showed that working moms exhibited fewer signs of depression than SAHMs. “Work is good for your health, both mentally and physically,” said Adrianne Frech, the lead researcher on the Akron study by way of explanation. “It gives women a sense of purpose, self-efficacy, control, and autonomy.” Additionally, a Gallup poll from 2012 found that moms who don’t work have higher levels of worry, depression, sadness, anger, and stress than those who do—which may speak to just how much harder that job really is.

But you don’t need a study to tell you that you’ll actually be happier if you’re doing something you like. I mean, just take it from an expert like Kim Kardashian: “You know, for me, and I think I can speak for my sisters, it makes us feel good when we are out working and we can provide something for our friends and products that, you know, we can’t find that we really want. And it just makes you feel productive.” Of course, a lot of this depends on being in the right job.

3. Your kids will not suffer for it. In a recent Pew study, 60% of Americans said children are better off when a parent stays home to focus on the family, but there’s a lot of data showing the opposite. Kids of working moms turn out okay—and possibly better depending on what research you’re looking at.

A 2010 review from the APA’s peer-reviewed Psychological Bulletinlooked back at 50 years worth of studies on the children of working parents and found that those whose moms went back to work before the child turned three weren’t any more likely to exhibit behavioral or academic problems than those of moms who stayed at home. Among lower-income families, the kids actually did better on academic metrics. “Overall, I think this shows women who go back to work soon after they have their children should not be too concerned about the effects their employment has on their children’s long-term well-being,” said the study’s lead author, psychologist Rachel Lucas-Thompson.

Other recent research has shown similar results, including a 2014 study out of Boston College which found that kids of middle-class working moms are as well prepared for kindergarten as childen of moms who don’t work, and children of lower-income working moms are better prepared.

4. Your kids will still love you. For her 1999 book Ask the Children, Ellen Galinsky, president of the Families and Work Institute, interviewed 1,000 kids ages 8 to 18 and found that a mom’s work status wasn’t a factor in how the children assessed their parents. In fact, the relationship between the parent and child was more important than whether or not mommy went to a job.

4. Your kids will still love you. For her 1999 book Ask the Children, Ellen Galinsky, president of the Families and Work Institute, interviewed 1,000 kids ages 8 to 18 and found that a mom’s work status wasn’t a factor in how the children assessed their parents. In fact, the relationship between the parent and child was more important than whether or not mommy went to a job.

Me, I’m reminded of this every day at around 6 p.m. While it’s awful to leave my kid in the morning—well, some mornings anyway—there’s nothing like the giant hug and sloppy kiss that’s waiting for me when I get home.

Two Moms Build Buzz for a Boozy Spin on a Classic Drink

Story by Michelle Juergen @Entrepreneur.com


Image credit: Photography by Nicole Caldwell

It's not the hardest sell in the world: A product called Adult Chocolate Milk naturally sounds like a good idea. Add that it tastes delicious and is peddled by rapper Ginuwine and girls in sexy milkman outfits and it's no surprise that Adult Beverage Company's flagship product quickly took off.

The inspiration to "Re-taste your youth … at 40 proof" came from a simple Facebook status update posted by co-founder Tracy Reinhardt: "Tracy is enjoying some adult chocolate milk." The single mom had recently gone through a divorce and was relaxing one night with a homemade concoction after she'd put the kids to bed. She often mixed up different brews, but this particular creation--chocolate milk, vodka and a few secret ingredients--sparked much discussion from her friends online, including comments from high school friend Nikki Halbur.

"It totally became Facebook fodder: ‘Had a rough day, wish I had some ACM,'" says Halbur, also a mother of two. "Things are so hectic, you're up to your armpits in babies, and you just want to escape to a simpler time. And that was the appeal."

At the time, Halbur was looking to invest in a business she believed in, and decided to take a trip from her home in Arizona to Newport Beach, Calif., to visit Reinhardt for a girl's night.

"It was literally our 'aha' moment, on the sofa, having some adult chocolate milk: ‘Why don't we do this together?'" Reinhardt says.

The two thirtysomething moms--Reinhardt, a bubbly blonde with a background in sales and marketing, and Halbur, an equally bubbly brunette who formerly worked in supply chain management and manufacturing--dove headfirst into the venture.

Shaking Things Up
From the start, Reinhardt and Halbur's drink was a hit--before it was ever officially bottled. Through some of Reinhardt's connections, she and Halbur were invited to bring Adult Chocolate Milk to a breast cancer benefit party at a pre-Emmy luncheon at the home of Adrienne Maloof (of Bravo's Real Housewives of Beverly Hills fame). The two got to work fast, incorporating in 48 hours, putting together a logo and printing business cards. They bought the ingredients they would need, mixed the drink in Maloof's kitchen, served it with little red straws and passed it out at their ACM booth.

"When you looked out that day, there was just a sea of red straws--everyone's talking about it, people are stopping by our booth saying, ‘You're the chocolate milk people!' It spread like wildfire," Halbur says. "We knew then that we were on to something."  story continues here