By Jennifer Jope
Women and business might just be the perfect match.
While we should applaud the recent growth in multi-million dollar female-owned organizations, women are also instrumental in bringing success to small businesses. An added perk? We’re gaining valuable experience at the same time. The best news? There are benefits both for the employers who employ women and for the women themselves.
For Employers: Women Are Good For Business
The numbers don’t lie. Women bring more money to the table.
According to the infographic, Women Rising: Women, Work and What’s Next, companies whose boards include the sustained representation of at least three women board directors outperform those with no female directors:
- Return on sales: +42%
- Return on invested capital: +66%
- Return on equity: +53%
Today, women are better educated than men earning 60% of bachelor’s and master’s degrees. Despite having the smarts, they have faced an uphill battle in the workplace, but we’ve turned it into a positive. Faced with challenges, women are better than ever at strategic thinking and finding creative solutions.
And, any good business owner knows that women influence the economy. As a recent Forbes article points out, the majority of consumer spending is female-driven indicating that women know what makes a good product or service.
For Women: Small Business Gives You Experience
Forbes called 2014 a breakout year for female entrepreneurs and 2015 is looking the same way. Why? Women have proven they can build robust teams and problem-solve differently than men. We’re experts in a variety of industries, but perhaps most importantly, we support each other.
By doing this, we are going from unknown status to business mogul status.
Women in small business are seeing their visions come to fruition. Strong communication skills and great networking chops are often innate in us, but as small business leaders, we can hone these abilities even further. With a stronger skill set, you’ll be able to conquer larger challenges that come your way.
Running a small business forces you to fight for what you believe in, get scrappy when necessary and thoroughly understand the bottom line. Who doesn’t want to be good at that?
Tips to Succeed:
- Ditch perfectionism: Failures will happen. Learn from them.
- Be supportive: Empower, mentor and support fellow women. It will pay off.
- Keep learning: No matter how high you climb, learning should never stop.
- Keep your eye on the prize: Stay passionate and trust your instincts to stay focused.
- Have a voice: Speak up to make a difference.
If your small business is ready to expand, hiring women for the development phase could be the smartest move you make.
Running a company will always have uncertainties, but one thing is crystal clear: Women have the power to learn new skills on the job and shape the next generation of business.
Featured image via Flickr CC: Steve wilson
Jennifer Jope is a content manager for AllBusinessSchools.com. She is a former banking and real estate reporter and personal finance writer.