Top 5 Challenges Faced By Women In Business…and The Solutions!

Both career women and those in business have faced many obstacles in past decades and unfortunately, still today. Women in the workforce have battled glass ceilings, unequal pay for equal production and undeserved stereotypical barriers. As business prototypes have changed with the advent and growth of the internet, so have the unique issues encountered by women in business. Below are five of these challenges and solutions to overcome and achieve success.

Challenge 1: Lack of Cash Flow

Even the most brilliant business plan will fail without sufficient cash flow. Simply put, cash flow can be loosely defined as “cash in” (as generated by revenue) and “cash out” (to pay the expenses incurred to achieve “cash in.” Inadequate cash flow can stifle a business into failure.

Let’s just get real… your creditors, employees or suppliers don’t care about your cash flow woes. They want to be paid in a timely manner!

Solution:To simplify this problem, as well as correct it, look at all facets of the balance sheet and income statement. Is there a lag time between the time you have to pay your creditors, suppliers and employees and when you collect from your customers? If so, you must pinpoint the problem areas and take necessary steps to correct them.

Four quick solutions to manage your cash flow:

  • Consider factoring. In factoring, a business owner sells accounts receivable at a discount to a third-party funding source that pays invoices immediately. Chris Lehres, a loan officer for Versant Funding says, “A wide range of companies in a multitude of industries, including some with a negative net worth, that are losing money, and often even companies in Chapter 11 Bankruptcy are eligible for factoring services.”
  • Open a line of credit. A line of credit is a standard service provided by many banks and credit unions that serve small businesses. Your banker can best discuss the benefits of a business line of credit.
  • Offer several payment options to your clients, such as Electronic Funds Transfer (EFT) or pay pal.
  • Track your receivables. Have a collection process in place so that you have a protocol to handle aging invoices.

Challenge 2: Undefined Niche

To Niche or Not to Niche…that is the question. What is a niche? A niche business is one that targets a very specific group of people with specific shared interest. A business with an undefined niche is like a ship sailing in shallow water.

By creating a niche business allows you to market to your ideal clients. For example, if you were a behavioral psychologist targeting teens, you would market your services in places where parents are likely to find out about you; such as advertising in parent magazines, providing resources to local middle and high schools or joining organizations geared towards parents.

Solution:By understanding who and where your ideal customers are; it is easy to craft a marketing plan to target them. Here are three easy ways to target your potential clients:

  • Improve your website’s SEO with specific key words
  • Generate exposure locally and virtually with professional speaking, seminars or publishing a book or articles.
  • Craft a clear message that speak at the heart of your customer

Challenge 3: Not Understanding the Power of Referral Marketing

For years, the mantra for success in marketing was “cold calling.” Today, we know that cold calling is ineffectual, especially when compared to referral marketing. Referral marketing is promoting your business thru referrals and word of mouth networking to more effectively gain sales.

When comparing referral marketing to cold calling, think of it as sowing grass seed. It is much easier to grow grass from seeds if you know how fertile the ground is. You can scatter a handful of seeds over a wide area of dirt and some of it may, or may not, take root.

Solution: Find others with whom to network and collaborate to gain sales. For instance, if your business sells cars, you might collaborate with a local automobile service company with the result that the purchase of a car includes a certificate for a free oil change from the car servicing business. Both businesses benefit and just increased the likelihood for repeat business.

Challenge 4: No Social Media Plan

Random tweets and meandering Facebook posts will result in a lot of time devoted to zero results. Before making another useless post, sit down with pen and paper and make a list of what you want to achieve from social media. To which social media do you belong? What are some social media marketing strategies that you have noticed from other companies? What do you have that will offer value? You may find that your company is spread a little too thin across the social media spectrum. Quality truly is superior to quantity in this respect.

Solution: Create a social media marketing plan and stay the long haul. Establishing a strong presence can be a very time consuming process. It is unwise to expect your list of fans, followers or subscribers to grow overnight.

Challenge 5: No Strategic Plan (after 3 years in business)

Without a strategic plan, a business can become stagnant in the mire of what is immediately going on, rather than focusing on long-term goals. Successful businesses recognize the critical need for strategic planning and it is an ongoing process – it is never finished.

Solution:An effective strategic planning process allows small businesses to take control of their future and stay focused on the essential areas that will result in sustained periods of growth and success. Here are six tips to help you in the planning process:

  • Assess the Current Business Environment
  • Focus on Important (SWOT) Strengths, Weaknesses, Opportunities and Threats
  • Define (or Redefine) the Company’s Mission and Goals
  • Start with An End In Mind
  • Establish Mini Milestones
  • Plan for Follow Through

If starting your strategic plan seems a little intimidating, download your FREE ‘Strategic Planning Strategy Worksheet.’

As you can see, there are many hurdles that can cause women to fail in business; nevertheless, many solutions to prevent failure from happening. These are my top 5 challenges; what other challenges do you think women face today?

Sylvia Browder is a small business consultant, trainer and author. She is founder of National Association Women on the Rise, a virtual community for aspiring and established women entrepreneurs. For the past 6 years, she has worked as Project Director of the Women’s Business Center; and served as an online volunteer SCORE counselor since 2004. For FREE weekly articles go to Sylvia Browder’s Blog for Women Entrepreneurs, http://www.sylviabrowder.com.

139 COMMENTS

  1. Hi. I know this will be somewhat off-topic, but We were wondering in the event you realized where I could obtain a captcha plugin for my personal comment form? I’m making use of the same blog platform just like yours, and I’m getting difficulty finding one? Thanks a ton.

  2. I am just planning to start my personal blog soon, but I am a bit lost on almost everything. Would you suggest beginning with a free program like WordPress or get for a paid choice? There are so several choices available that I am completely confused. Any recommendations? Thanks a lot.

  3. Hi all! This specific is my first review here, so I only wanted to provide a fast shout out and state I genuinely enjoy studying your articles. Could you suggest any other blogs/websites/forums of which deal with the identical subjects? Thanks.

  4. Hello! It is my very first visit to going through your brilliant blog! We all are a team regarding volunteers and starting a fresh initiative in a neighborhood inside the same niche. Your own blog provided us valuable information to function on. A person have done a superb task.

  5. My companion and I stumbled above here different website and even thought I might simply because well check things out there. I like the points i see so nowadays I’m following you. Seem forward to checking out there your on line webpage repeatedly.

  6. Howdy, would likely you mind letting us know which web number you’re utilizing? I’ve packed your blog in three or more completely different web web browsers, and I must claim this blog loads significantly faster then most. Could you suggest an excellent internet hosting provider with a reasonable price?

  7. Please let me understand if you’re searching for a great author for your web site. You might have some great articles, and I think I would personally be a good property. Should you ever want to get some of the fill off, I’d like to be able to write some material with regard to your blog in change for the link back in order to mine. Please shoot myself an email if curious. Thanks.

  8. You in point of fact did more than visitors expectations. Thank you for rendering these helpful, trusted, edifying and moreover chilly thoughts on the topic.I straightforwardly wanted to thank you for that reason much again. I am not distinct the things that I might have bearing in mind through without the type of hints revealed by you around that situation.

  9. My lover and I stumbled above here different website plus thought I might mainly because well check things out there. I like the items i see so today I’m following you. Seem forward to checking away your on line webpage repeatedly.

  10. Does your website have a contact web page? I’m having problems finding it but, I’d such as to shoot you a great email. I’ve got several recommendations for your blog page you will be interested in listening to.

  11. We would like to present thanks to you merely for bailing me away of this particular problems. As a result involving checking throughout the net and even meeting techniques that had been not productive, I think our life was done.

  12. You in reality did more than visitors expectations. Thank you for rendering these helpful, trusted, edifying and in addition to cool thoughts upon the topic.I simply wanted to thank you appropriately much again. I am not definite the things that I might have bearing in mind through without the type of hints revealed by you not far off from that situation.

  13. Your quite own commitment to having the message throughout emerged to be rather strong and have consistently empowered employees just like us to travel to their desired objectives.

  14. I would love to be the part of group exactly where I can get guidance from the other experienced people that will share the identical interest. In the event that you have any suggestions, please let me recognize. Thank you.

  15. Does your blog page have a contact webpage? I’m having problems discovering it but, I’d such as to shoot you the email. I’ve got a few recommendations for your blog page you could be interested in ability to hear.

  16. Hi, I do think this is an excellent website. I stumbledupon it ;) I am going to return once again since I bookmarked it. Money and freedom is the greatest way to change, may you be rich and continue to guide others.

  17. You could certainly see your enthusiasm within the work you write. The world hopes for more passionate writers such as you who are not afraid to say how they believe. All the time follow your heart.

  18. Today, while I was at work, my cousin stole my iPad and tested
    to see if it can survive a 40 foot drop, just so she can be
    a youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is entirely off topic but I had to share it with someone!

  19. Hello would you mind letting me know which webhost you’re working with? I’ve loaded your blog in 3 different browsers and I must say this blog loads a lot quicker then most. Can you recommend a good web hosting provider at a honest price? Thanks a lot, I appreciate it!

  20. Thanks for the marvelous posting! I really enjoyed reading it, you happen to be a great author.I will make sure to bookmark your blog and will often come back down the road. I want to encourage you to definitely continue your great posts, have a nice morning!

  21. I have learned several important things by means of your post. I might also like to convey that there may be situation that you will obtain a loan and do not need a cosigner such as a U.S. Student Support Loan. But if you are getting credit through a regular financier then you need to be made ready to have a co-signer ready to make it easier for you. The lenders will base that decision using a few elements but the main one will be your credit worthiness. There are some financial institutions that will furthermore look at your job history and make up your mind based on that but in many instances it will depend on your credit score.

  22. Thanks for your write-up. One other thing is that often individual states have their own laws which affect householders, which makes it quite difficult for the the nation’s lawmakers to come up with a different set of recommendations concerning foreclosures on people. The problem is that each state features own regulations which may have impact in a damaging manner in relation to foreclosure policies.

  23. I think a visualized presentation can be superior then simply a trouble-free text, if things are defined in sketches one can without difficulty be familiar with these.

  24. 747122 97345Nice 1, there is really some wonderful facts on this post some of my subscribers may possibly uncover this beneficial, will send them a link, many thanks. 499339

  25. I do agree with all the ideas you’ve presented on your post. They are very convincing and can certainly work. Nonetheless, the posts are too short for novices. Could you please extend them a bit from subsequent time? Thank you for the post.

  26. I have learn several excellent stuff here. Certainly value bookmarking for revisiting. I wonder how so much effort you place to make such a great informative web site.

  27. It is appropriate time to make a few plans for the longer term and it is time to be happy. I’ve learn this publish and if I may I want to counsel you some interesting issues or advice. Maybe you could write subsequent articles regarding this article. I wish to learn even more things about it!

  28. I have really learned some new things through your blog post. One other thing to I have recognized is that typically, FSBO sellers can reject you actually. Remember, they might prefer not to ever use your providers. But if an individual maintain a gentle, professional relationship, offering aid and remaining in contact for around four to five weeks, you will usually have the capacity to win an interview. From there, a listing follows. Thanks a lot

  29. Excellent weblog here! Additionally your web site so much up very fast! What host are you using? Can I get your affiliate hyperlink in your host? I wish my site loaded up as fast as yours lol

  30. One other important component is that if you are an elderly person, travel insurance for pensioners is something you ought to really look at. The older you are, the more at risk you might be for allowing something poor happen to you while in another country. If you are never covered by many comprehensive insurance plan, you could have a few serious problems. Thanks for giving your advice on this website.

  31. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You definitely know what youre talking about, why waste your intelligence on just posting videos to your blog when you could be giving us something informative to read?

  32. Definitely believe that which you said. Your favorite reason appeared to be on the net the easiest thing to be aware of. I say to you, I certainly get irked while people think about worries that they plainly don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal. Will likely be back to get more. Thanks

  33. Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!

  34. Do you mind if I quote a few of your posts as long as I provide credit and sources back to your webpage? My website is in the very same area of interest as yours and my users would really benefit from some of the information you present here. Please let me know if this ok with you. Thanks a lot!

  35. Hi. Neat article. There’s an issue with your site in chrome, and you might want to check this… The browser is the market chief and a good portion of other folks will miss your magnificent writing because of this problem.

  36. Hello would you mind sharing which blog platform you’re working with? I’m looking to start my own blog in the near future but I’m having a difficult time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique. P.S My apologies for being off-topic but I had to ask!

  37. Yet another issue is that video gaming has become one of the all-time greatest forms of recreation for people spanning various ages. Kids engage in video games, plus adults do, too. The particular XBox 360 is one of the favorite gaming systems for folks who love to have a lot of activities available to them, plus who like to experiment with live with other people all over the world. Many thanks for sharing your ideas.

  38. Thanks for your article. It is unfortunate that over the last 10 years, the travel industry has had to fight terrorism, SARS, tsunamis, bird flu virus, swine flu, along with the first ever true global economic depression. Through it all the industry has really proven to be solid, resilient along with dynamic, locating new ways to deal with hardship. There are constantly fresh troubles and chance to which the industry must yet again adapt and behave.

  39. You have to waste less time to search your required topic on internet, as today the searching techniques of search engines are fastidious. Thatís why I fount this post at this place.

  40. 567553 498134Oh my goodness! a amazing post dude. Thanks a great deal Nevertheless I will probably be experiencing trouble with ur rss . Dont know why Not able to sign up for it. Is there everyone acquiring identical rss concern? Anybody who knows kindly respond. Thnkx 557957

LEAVE A REPLY

Please enter your comment!
Please enter your name here