Thanks to Lance Cody-Valdez for writing this wonderful guest post!
You may still be developing your business model or already have a steady flow of paying customers. Either way, there are practices that can benefit your business as a woman entrepreneur. Whether you have a daycare, a gym, or any other endeavor, apply these four business strategies to help grow your company. Further, to succeed both professionally and personally, make sure to subscribe to the blog today!
Onboarding
Proper onboarding is vital for day-to-day operations to run smoothly. When employees are trained correctly from the start, there is less chance of errors occurring, as everyone knows what to do and how to do it.
When new hires go through training, ask them to keep their phones off or on silent to prevent distractions. Consider providing each individual with a new planner; there are even styles that are especially helpful for remote team members. Staff can utilize this gift to plan their days and keep on task at work.
Of course, you expect your employees to work hard. Pay it forward with reliable payroll. This includes creating a payment schedule to ensure employees are paid accurately and timely. Having an organized system keeps new hire information, such as W-4s and other tax documents, easily accessible for avoiding finance errors and accurately reporting to the IRS.
Marketing
You need to market your company to grow your customer base. Without marketing, consumers may not know that you exist, and you may struggle to stand out from the competition.
In this age of technology, the first step is creating an eye-catching website. Delegate to your marketing team the task of developing or updating your site, or outsource the project to a specific professional. Social media is also a great way to get your brand in the public’s eye. Yelp, Facebook, and Instagram can all be used to showcase your products and services. While some sites offer advertising programs, you can utilize the free pages if you have a tight budget.
Network with other local business owners to get their input on marketing opportunities. Get started by joining your local chamber of commerce. By doing so, you can meet other female business owners who can provide mentorship and valuable marketing feedback.
Rewarding Hard Work
If you fail to acknowledge or reward those who work diligently at your company, there will likely be a high turnover and you will lose hard-working employees. One report states that 65% of workers have not been acknowledged for their quality work in the past year. Without some form of recognition, most people lose motivation to continue working.
Rewarding hard work can be as simple as saying “thank you.” Thank the employee in person and follow it up with a formal acknowledgment in a team meeting or newsletter. Holiday bonuses, extra time off, and gift cards are other great ways to show staff how much you appreciate what they do.
Having an Open Door Policy
Whether the issue is with an employee, manager, or procedure, team members should feel comfortable going to their managers with questions or concerns. Fear of being dismissed or met with retaliation creates a toxic work environment.
Lead by example; welcome questions or concerns from your direct reports, and ensure they have the same attitudes towards their teams. Provide a listening ear and offer solutions. For example, if a staff member is struggling with time management, provide resources, such as a weekly planning guide or an organization checklist.
No matter where you are in your entrepreneur journey, integrate these four practices into your daily business routines to help your company prosper.
