The success of women has a massive positive impact on the labour force and the growth of an economy. It is therefore imperative that optimal entrepreneurial conditions are created for female business owners across the globe so that women can continue to be key drivers of economic growth.
In 2020, the number of female-owned businesses and their success continues to rise, despite the worldwide Coronavirus pandemic. Forbes reports that women are making powerful strides in the field of entrepreneurship. This article will look at 7 ways that women are successfully growing their businesses in 2020.
1) Adapt Your Approach According To Current Circumstances
Having an adaptable approach to business is key – especially in 2020. Think of innovative solutions to overcome new social distancing rules. Change the way your company and store is run or how your stock is handled. Shipping containers, for example, are a great option for self-storage or creative container conversions, such as site offices, studios, and home offices. S Jones Containers state that: ‘Converting shipping containers is relatively simple when compared to other bespoke builds as they provide a structurally robust foundation in standardised sizes and shapes that are both easy to work with and build from.’ So, get imaginative and brainstorm different ways you can still deliver your service or products in the new 2020 business environment.
2) Focus On Customer Relationships
It is common knowledge that it is easier and less costly to keep an existing customer than to develop a new one. This has become particularly important and helpful during the COVID-19 pandemic where acquiring new customers could prove challenging for many businesses. Deliver relevant and timely content that solves customers’ immediate and long-term challenges and questions. The priority during these uncertain times is to make it easy for customers to connect with you as people will be seeking updates, answers, and ways to improve their personal and professional life. Be sure to communicate business changes, including hours of operations, virtual offerings, and managerial decisions to keep customers in the loop during shifting times.
3) Networking and Mentorships
Support networks for women, greater representation of women in leadership positions, and young girls being taught entrepreneurial skills at an early age are essential aspects to furthering women’s success as entrepreneurs. Once a business is established, women entrepreneurs need the right tools to grow and manage that company. There are plenty of support networks, guides, and initiatives available for women, such as She’s Next and Grow Her Business. These are full of helpful resources that give female small business owners opportunities to learn and improve their skills on an online basis – which is key during the coronavirus outbreak.
4) Implement Tech Upgrades
It is important to plan ahead and ensure your communication and business equipment is as efficient as possible. Use the lockdown time to make any upgrades where possible and consider converting to online platforms for your planning and communication, use collaborative documents that everyone can edit and comment on, and online software for business planning and file-sharing. Introduce these changes as early as possible so that staff can become comfortable and proficient with the new methods of communication, which could prove vital for efficient workflow during the nationwide lockdown.
5) Reassess Strategies & Approaches
Use this uncertain COVID-19 lockdown time to reflect on your business strategy and refocus on the things you did not have time for previously. Gather, understand, and process your data to make strategic decisions for your business. It is important to consider not only how to survive as a business during the outbreak, but also to have a strategy in place for what will happen afterwards. It is important to be flexible and adapt your services so that they are not only useful during the outbreak, but remain the best choice once everything has calmed down.
6) Adapt Your Marketing
If your product or service could be of additional use or relevance in the midst of the coronavirus crisis then it is important to adapt your marketing to reflect this, especially if you are introducing an altered service for the duration of the outbreak. Make sure all updates and approaches are clearly communicated in the easiest and most relevant way.
7) Support Your Employees and Other Female-Owned Businesses
Where possible support female-owned businesses and take care of your staff during the coronavirus crisis. Staff members will need extra support and reassurance during these uncertain times. Supporting women-owned businesses is a great way to support the economy. They are a strong catalyst for economic growth, and when female businesses are thriving, the economy in turn thrives. And so, when we support these businesses, we support the economy and the lives of woman around the world.
Thanks to our guest blogger Chloe Walker. Chloe is a freelance writer who’s main focus is on working life and the business world. When she isn’t writing Chloe can be found curled up in front of the fire with the newspaper.
If you are based in the Liverpool City Region and have been running your business for 3 years or less, you could receive support from our Enterprise Hub team to plan your business growth. Get in touch via firstname.lastname@example.org for more info.
Enterprise Hub is part funded by European Regional Development Fund and free to access.