Leveraging Resources and Maximizing Opportunities: Support Strategies for Women in Business
by Anne Nisbet, Staples® Contributing Writer
In 1814, Madame Barbe-Nicole Clicquot-Ponsardin shipped 10,000 bottles of Champagne from France to Russia in the midst of a continental trade embargo. Imagine the challenges of conducting business in an era with no electronic communication and distances that took months to traverse.
Madame’s risk paid off; her wine was celebrated in St. Petersburg by the likes of Pushkin and Chekhov. Her success is still known to us today as Champagne Veuve Clicquot (veuve means widow in French). Inheriting a small Champagne house from her husband in 1805 at the age of 27, the Veuve Clicquot built her business into one of the best-known Champagne brands in the world.
Maximize opportunity: Get certified
Women in business were a rarity in Madame Clicquot’s era. She could have ceded responsibility or sold the business outright. Instead she maximized the opportunity, leading the company to international success.
Today, legions of women own businesses. According to an American Express analysis of Census Bureau figures, the number of women-owned businesses in the U.S. rose by 68 percent between 1997 and 2014. Part of the increase is due to the difficult job market since the recession, but women are also discovering opportunities for entrepreneurship and the resources to help them.
The Office of Women’s Business Ownership, established by the U.S. Small Business Administration, helps promote the growth of women-owned businesses. Its services are tailored to the needs of individual communities through Women’s Business Centers.
“The SBA’s Women’s Business Centers offer women entrepreneurs throughout the country, especially those women who are economically or socially disadvantaged, comprehensive training and counseling on a vast array of topics,” reports Tiffani Clements, public affairs specialist with the Small Business Administration in Washington, D.C. “That includes access to capital, marketing, federal contracting, international trade and manufacturing.”
Earning Women-Owned Small Business Certification (WOSB) provides access to federal contracts set aside specifically for this kind of enterprise. To qualify, the business must be at least 51 percent unconditionally and directly owned and controlled by female U.S. citizens who manage the day-to-day operations and hold the highest positions in the business. Many states offer similar programs that provide preferred access to state-level contracts for historically under-utilized businesses, including those that are owned by women. Check with your state’s commerce department for more information.
Certification can be a valuable way to win good contracts for your business. But the process requires a lot of documentation, which can be time-consuming to collect. That’s why the Office allows you to self-certify or use approved third-party services that do most of the work for you.
Leverage your resources: Grow networks and contacts
No woman accomplishes anything in a vacuum. Think of the contacts Madame Clicquot needed to get her wine to Russia. While you have a great idea to build a business around, you need to build your network, too.
“Almost any situation can be an opportunity to network,” says Lynn Burns, CEO at Burns & Partners Health Coach Agency in New York, NY. “I always tell people what I do and give them my card. If the conversation warrants it, I’ll commit to following up with them and then I do it — I’m amazed at how many people don’t follow up. It makes a huge difference to your business. Make an impression while you’re still fresh in their mind.” There is a myriad of ways to connect with other professionals:
- Internet. The Internet is a great place to get preliminary background information, read the latest articles, and participate in online communities. “The world is at your fingertips,” says Burns. “I Google everything all the time as a way of information gathering and finding resources.”
- Join professional organizations. Memberships keep you in the loop with women in your field and connect you with others who are fielding or have solved whatever challenges you are experiencing. Organizations like Ladies Who Launch, the National Association of Women Business Owners and the American Business Women’s Association are great resources in addition to industry-specific groups for women only.
- Reconnect with former co-workers. Whether still in your line of work or in another field, reach out to these folks who have a whole new set of contacts you can tap.
- Social media. Certain social channels may be more beneficial than others depending on your industry, but everyone benefits from LinkedIn. “It can really connect you with key people,” Burns says.
Don’t Get Eaten by the Sandwich: Balance Work and Family
A Pew Research Center study found 48 percent of adults aged 40 to 59 provided some financial support to at least one grown child, and 21 percent of adults in that range provided financial support to a parent aged 65 or older in the past year. Additionally, 38 percent said both their grown children and their parents rely on them for emotional support.
This is the reality of the sandwich generation, and it’s especially challenging for women. Research shows women do an hour more of chores daily than their male counterparts, and that they often handle more of the family care responsibilities. Balancing family with business ownership can be daunting.
“Time management and organization are critical when running your own business,” says Burns. Consider hiring someone to run errands weekly or addressing and mailing holiday cards. Strapped for cash? Seek out peers in a similar situation and offer to trade time and resources.
“I’ve coached and counseled many women with children at different times in their lives. Every situation is different, but you need support for both your business and family,” she says. “And you need a plan for how things would run if you needed to step back a bit.”
And don’t forget yourself! “Show up for yourself first,” says Burns, “The health coach in me says your own self-care is critical. If you don’t feel healthy and strong, you’re not going to be as effective.”
Leverage your resources, know your strengths and maximize available opportunities and you can build your own legacy, like a 21st-century Madame Clicquot.