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It seems that equality has become a big discussion over many years but has recently had a significant impact on society. With all of the discrimination that has surfaced recently has brought a lot of attention to including everyone no matter the situation. We should also think this way when it comes to business, and a way to do that is by empowering women to start their own business. Forbes published an article that I think is important for women who own a business or are going to start one. It gives five tips that every woman should know and provide a few programs that could help women who own their business.
The article states that, "Women-owned firms account for 40% of all privately held firms, employ more than 13 million people, and generate $1.9 trillion in sales" showing that women have a prominent presence in the business world, but unfortunately most are still struggling. I learned that in the business world even though women-run businesses have gained substantial profits, "most of these businesses (97%) have revenues below the million-dollar mark." Proving that women need more advice about how to improve their businesses. After reading this article, I learned five essential tips that I will be sure to remember.
One piece of advice that the article gives is that women should understand the importance of crunching the numbers, those with a successful business, "understood cash flow, and had a handle on balance sheets." By running your business be sure to pay close attention to the numbers because this can help create a successful business. Also by establishing an advisory group can help you with your finances and help you with useful strategies for your business plans. The other important thing to keep in mind is to remember that this is just a business and you need to make sure that the business needs come first. Put feelings aside and make sure you make the right decisions for the business and not the people who work there. Another strategy as your business grows is to hire contract employees because this reduces the stress of hiring full-time employees. Lastly, and most importantly, is to stay up to date with the advancing technology. It is important to use these new updates to your advantage to help "leverage your business." Ultimately, I learned that it is crucial to know these critical tips if you are a business owner to create a successful business that keeps growing.
~Erin Connolly
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