The Competitive Edge Women Business Owners Have – And How To Keep It

In a previous Blog, I wrote about the biggest obstacle women business owners face. Today, I want to shift gears a bit and focus on certain natural talents women have that can be very advantageous in business. If applied and developed, these talents can give women a real competitive edge.

The difficulty comes when adding one more task to a business owner’s already busy day. How does she balance her time between developing these talents in business and handling the other necessary tasks? The answer is simple! But before addressing this issue, let’s look at some of these natural qualities.

Sense of Purpose

Women tend to start businesses in part to gain control over their lives – which includes taking care of themselves and their families. Women don’t necessarily start a business just to get rich, but rather to pursue some passion in their life. A recent poll found that 56% of female entrepreneurs have a strong sense of purpose, compared to only 47% of male entrepreneurs.

This works to a woman’s advantage. A strong purpose attracts customers. motivates employees and is key to growth and longevity in business. A purpose-driven business makes customers want to be part of the bigger vision. This creates loyalty. But building a business that is purpose-driven is no easy task. It takes focus and consistent messaging to keep that passion alive.

Engagement

The Pew Research Center reports that women are better at social media than men are. This is not a surprise – most of us would agree! Whether we’re talking about social media, networking or personal contact, engagement with others seems to come more easily to women.

In business, this gives women a huge competitive edge. Engaged customers are loyal, buy more and help build brand recognition. Over time this creates real value in a business. But, as many of you know first-hand, staying engaged with your customers takes time and constant attention.

Multitasking

Another talent that’s often mentioned when talking about women is multitasking. Multitasking is the ability to do more than one thing at a time. It turns out that women are much better at multitasking than men are. A research study out of the U.K. showed that women are better at juggling tasks and making plans to get things done.

Time is money. Multitasking helps a business owner perform more tasks and stay competitive. This is especially important for a small business that may not have the resources to hire a team of experts. However, there is a risk in trying to do too much. Some tasks may be performed poorly and some not at all.

Keep That Competitive Edge

Ladies, we’re good at so many things. Let’s take advantage of our natural talents to gain that competitive edge in business – and keep it.

How do we do that? First, prioritize. Place those tasks that come naturally to you and that you enjoy doing at the top of your list. You want to play to your strengths. Focus your time on the skills in which you excel.

Next, get expert help for those tasks that are not your strong suit or that you don’t enjoy doing. These tasks can’t be ignored. When everyone brings their “A” game to the table, the business stays competitive and will succeed. A savvy business owner knows this and gets expert help where needed.

If finance is not your forte, a trusted financial confidante can make it easy for you by providing expertise, experience and support to build a strong profitable business. To find out more about working with a financial confidante, please click here to contact me to set up a time to talk.