Posted by: Robin Gronsky | October 1, 2012

October is Women in Small Business Month

This month is Women in Small Business Month.  While I don’t normally pay attention to any special naming of months, women in small business are dear to my heart.  After all, I am a woman in small business myself (yes, a law practice is a business).

Although women are starting businesses at twice the rate that men are, their businesses are usually of a much smaller scale.  There are very few women starting tech businesses, the kind that make the headlines.  There are few women who have million dollar businesses.

We need to not only think bigger, we need to get the help that it takes to make our businesses bigger.  I attended a presentation a few months ago where the presenter’s first question was “How much do you want your business to earn in five years?”  Then he said, “Now, multiply that by 10.”  For many of the women in that room, that was an eye-opening thought.  We tend to think more modestly about our businesses.  Maybe, part of that is due to our wanting to work less so we can focus on our family.  But, there are ways to get your business sales up so you can afford to hire people to run things while you watch your daughter’s recital or attend a school function.  Many women have 1-person businesses.  They never think of growing their businesses past that level so they become an enterprise.

Don’t shortchange yourself.  Bigger businesses offer more financial security to you and your family.  They allow you to trade money for hired help on the job so you can work fewer hours as you are not doing everything by yourself.  Go out and learn more – get financial skills so you understand exactly what your cash flow means, network with more successful people so you can learn how to be more successful, and embrace technology so you can learn how to be more productive without spending more hours on the job.  If you are a man whose wife, mother, daughter, sister or friend has her own business, celebrate that business and ask her if she’d like to make it better, whether that means more hours doing what she likes, getting more or better customers, or just getting more revenue.

 I have a soft spot for women entrepreneurs and love to work with them.  If you need some quick advice about how to grow and protect your business, give me a call at 201-251-8001.  If you want ongoing legal information, sign up for my monthly newsletter, called “Practical Legal Tips,” by sending an email to RGronsky@Gronskylaw.com and I will put you on the list.

 In the meantime, celebrate all the women you know who are business owners

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: