Tips on Goal Setting for Female Small Business Owners

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The number of women who own their own businesses is substantial, and in certain areas such as in minority dominated communities, the demographic has been growing. In an SBA report, the population of women who own their own businesses was reported as 36% of of business owners, but there is always room for more representation of women in the small business sphere. Female entrepreneurs can have a statistically more difficult time obtaining financing, and they face other challenges depending on the gender roles associated with their industries of choice, however diversity is essential and therefore the significant points already put on the board by female business owners deserve to be celebrated and built upon. Here are some tips for female entrepreneurs looking to grow their businesses and their networks.

Attend business and industry events. In order to grow out the networks that you have, gain advice from other experts and establish yourself as a leader in your field, attending events can be a great way to hit all the bases and have a fun time as well. PR is especially important for businesses that are trying to grow a brand, and speaking and contributing to business events allows you to share your expertise in a forum where you gain valuable exposure and the ability to leverage your appearance in press releases and content you create. Business often hinges on a fortuitous connection made, so give yourself as many chances as possible to make them.

Based on what you learn at these events, you can formulate a strategy that incorporates industry trends and new strategies. Getting an idea for a new strategy can change how you think about your business, potentially getting you past constraints that you have ground against for a long time. Drawing on the insights you gather from your peers and the macro trends you are able to observe, you should be in a strong position to plan your next moves.

Set goals that go beyond revenue milestones. Yes, revenues are going to be one of the most important yardsticks with which you measure the success of your business, but in order to set more comprehensive goals for your business you should go deeper. For example, instead of saying that you want to double your sales, you might consider planning on identifying three new possible retailers of your product and closing a deal with one every month. These deeper, more specific goals will help keep you accountable as opposed to making larger goals without a cohesive plan for achieving them.

Photo Credit to Dell inc. on Flickr

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