5 Ways Women-Owned Businesses Can Thrive in Today's Economy

According to a recent Small Business Administration (SBA) Office of Advocacy report, there are over 1.1 million women-owned businesses currently employing over 10 million workers in the United States. With $388.1 billion in payroll, their contribution to the marketplace is undeniable. Despite their size and economic impact, women-owned businesses still, unfortunately, face challenges in today’s economy, including lower revenues and smaller profits than male-owned businesses in similar industries.

As a trusted partner for your business, here are five tips from us on how women business owners can thrive in the current economic environment.

1. Build a Support Network

The entrepreneur mindset is not for everyone, and it’s essential to surround yourself with people who support your endeavors, both emotionally and financially. Building a support network can take time, but it’s one of the most valuable things you can do for your business. Start by joining a local business organization for other women business owners. Check your local chamber of commerce website or visit LinkedIn.com and search for women-owned businesses + [your city].

Many organizations have conferences and events where you can meet other business owners face-to-face or online. The more time you spend with like-minded people, the greater chance you'll uncover an idea or opportunity that will help your company thrive.

2. Sharpen Your Expertise

Market saturation can make getting noticed incredibly challenging, which is why industry expertise is an important business asset. Set yourself apart from your competitors and position yourself as a leader in your field. Attend networking events and learn from the successes of other women. Read industry publications to stay up-to-date on news and trends. If you’re interested in adding to your skillset, consider courses offered through online universities.

3. Increase Brand Awareness

Could someone identify your business by looking at your logo? Would they know what you sell? If you build brand awareness, consumers will readily recognize your business and what it offers. The more familiar consumers are with your brand or its products, the more likely they'll do business with you.

Effective promotion is key to online and offline brand awareness. Here are a few tactics worth considering:

• Partnering with complementary brands
• Hosting free product giveaways
• Creating a consistent social media presence
• Advertising with paid media
• Highlighting female leadership at your company

Brand awareness is a long-term strategy that takes time to implement. But that doesn't mean you should wait to get started. Ask customers how they learned about your business. Evaluate the top two responses and determine if you should spend more time and money on those ways of funneling customers to your business.

4. Invest in Technology

It's crucial that companies use technology to increase efficiency and tap into new markets if they want to succeed over the long term. Money spent on automated systems could help you save time on repetitive tasks and improve customer experience. For example, email and social media campaigns could help expand your customer base by encouraging consumers to sign up for updates on new products and services or sales announcements.

But manually scheduling email messages or social media posts takes time away from other necessary business tasks. Using an automated marketing system could pull double-duty by ensuring targeted messages are sent to consumers who've already shown an interest in your product or service.

Don't forget to use smart technology to help strike a balance between business and family responsibilities. The right tech tools could make it easier to maximize productivity without spending more time at the office.

5. Access Local Financial Resources

The U.S. Chamber of Commerce cites business funding as the biggest challenge for most entrepreneurs. If you’re looking to open or expand a business but aren’t sure where to turn, start with Town and Country and Peoples Prosperity Bank's Resources for Women-Owned Businesses in Illinois. This valuable list designed to support women entrepreneurs includes grants for female entrepreneurs in Illinois, mentoring and education programs, professional organizations, and more.

At Town and Country Bank and Peoples Prosperity Bank, we are truly committed to building meaningful relationships with women-owned businesses in order to meet their organization’s goals and financial needs. If you'd like personalized assistance examining which resources best match your business goals, we strongly encourage you to request a complimentary Business Financial Review with one of our trusted team members. Our experienced business banking team is available to help your women-owned business thrive today, tomorrow, and for years to come.