8) CASH FLOW IS KING – Pay close attention to the cash flow in your business for reasons other than the obvious. Cash flow is one of the best temperature gauges of what is and what isn’t working in your business. When so much of your business is service, customer feedback is important, but your cash flow will tell you not onlyhow your customers feel about you, but alsowhat they find valuable and worth paying for. Don’t just read cash flow statements to know how it’s coming in and going out, but watch your cash flow and compare it to what your customers are telling you about what they VALUE.
7) KNOW HOW IS ONLY HALF THE GAME, IT’S ALSO ABOUT THE “KNOW WHO” – I pilfered this catchy phrase from a good friend’s Facebook post. “Know WHO” is about getting to the “decision maker” within a company because often one of the components to success is in the area of B2B. The “know who” is really about developing a competitive advantage by developing strong relationships over time with key senior managers, decision makers, or influencers.
6) HIRE FOR FIT – One of the most underutilized resources in so many businesses is staff. Professional skill can be trained, but a love for service cannot. Don’t just hire for competence, hire for attitude, passion and chemistry. Even if you’re not in a service based business, at some point, your customers will interact or engage with your company. Never underestimate the power your people have on your brand.
5) CREATE A MASTERMIND GROUP – Ya know the old adage, “You know what you know, you don’t know what you don’t know”. Know and embrace your strengths, but also recognize your shortcomings and surround yourself with people who are experts in those areas. For example, if you’re a dental professional, you don’t really need to surround yourself with more dentists so much as you need to find peers who specialize in accounting, marketing, finance, or strategy. Create a core group of advisors whom you can call upon for help when faced with a challenge in your business and keep that group engaged and interested in your success. What better place than NAWBO-LA to find that mastermind group!
4) MANAGE YOUR ONLINE PRESENCE – The majority of your future customers are finding you online. If you have a crappy website – sadly, it will discredit you. Additionally, since I’m looking for you online, I’m also aware if you have a Facebook page, a Twitter account and your rating on Yelp. If you’re not managing your presence online, red alert – it is managing YOU.
3) DON’T NEGOTIATE AGAINST YOURSELF – Never ever be the first to give out a “number”. One of the mistakes I see women entrepreneurs make over and over and over again is that they leave money on the table, they negotiate against themselves and they drop the price before the other party has even anchored. Whatever your hang-up might be, get over it – charge what you are worth and make no apologies. Remember, you can always go down market, but you can’t go up.
2) ALWAYS HAVE A SHORT TERM AND LONG TERM STRATEGY – If you’re not planning for the future, how can you measure the results of what you’re doing today? Revisit this strategy and engage and involve your staff and your family in this discussion. You may be the owner of the business, but there are many others who are hitched to your success as an entrepreneur-don’t leave them in the dark.
1) CONTINUE YOUR EDUCATION – I’m not talking about the requisite license updates that come with your industry, I’m talking about developing a discipline for continued learning. Things like pricing strategy are REALLY COMPLICATED, understanding why things like net present value is important because it helps you understand the fiscal impact of that $100,000 gadget you are thinking about investing in today and what that means to you over the next 10 years. I’m sure you’ve heard the phrase, “If you keep doing what you’ve done, you’ll keep getting what you’ve got.” Actually, the reality is what you know today MAY NOT BE RELEVANT tomorrow. In a continually changing world, one that is evolving exponentially faster thanks to technology, you can’t afford to not make time and effort to stay ahead of the curve. It is singularly your most sustainable competitive advantage.
Jane Pak currently serves as the Chief Executive Officer of the National Association of Women Business Owners, Los Angeles Chapter.
