challenges (11)

3 Women in a meeting strategizing

 

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?

 

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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.

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It happened.

Your heart is pounding,

Your palms are sweating

You’re stuttering and fumbling over your words

Your stomach starts to turn flips and you secretly wish the sky would fall so you have a valid excuse to end this situation – IMMEDIATELY.

No matter the level of your business – whether you are new or seasoned, it’s inevitable, you will experience challenges. They may all appear different but they all have similar underlying emotions.

they create fearanxiety, frustration and even in some cases horrible procrastination (I’m looking at you Dream list that’s collecting dust).

I’ve had my own share of challenges since starting my journey in entrepreneurship over 5 years ago – even in the midst of tremendous success and recognition  I still struggled with work-life “balance”, learning the fine art form of attracting the RIGHT customers (I’ve never had issues in attracting but in attracting the right customers consistently, I learned a while ago is a fine art) The beauty of challenges however that many entrepreneurs often overlook is that they also create tremendous opportunities when you’ve learned to master the art of “CALL & RESPONSE” instead of “REACTION”

 

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10744045868?profile=originalOne of the best ways that I have learned to overcome obstacles is to face each challenge head on. What I mean by that is not running away from or becoming overwhelmed by issues that seem bigger than life. I realize that many work at home mothers are handling a lot of the day-to-day details of holding up the household and juggling business tasks at the same time. It can be a bit much to handle but here are some of the ways that I have been able to manage it all.

  1. It starts with remembering to take a few deep breaths. Really. Take some time to quiet yourself and breathe. I have what I call a quiet area which is really just a space that I have set aside for focus. This place could be anywhere you feel comfortable. I use a corner of my bedroom that has a nice comfy chair. I sit there and close my eyes a few moments each day to pause and see each challenge for what it really is – an opportunity to learn something new.
  2. Next, I accept that every problem has a solution. That's when I can begin the next phase of working things out. There is a saying used in Step Programs that goes something like this, “You can only begin solving a problem when you admit that you have one.” When you ignore challenges in business they will continue getting bigger. Eliminate the snowball effect by playing an active part in the process. Face the issue by writing it down or speaking it aloud. Then get ready to get in action.
  3. Finally, moving forward requires you to list out what you need and figuring out how best to get there. Some solutions require connecting with others. If you are working from home and unable to get out and about try reaching out to others in business by visiting their blog and participating in forums. I am a big fan of mastermind groups and you might find it useful to join one or start one of your own. This will help you get a fresh point of view from like-minded entrepreneurs who are serious about attaining next level success just like you.

With the abundance of information and resources available on the internet today moving past unstuck quickly is more doable than ever. And if cash flow is one of the challenges that you are facing in your business I invite you to sign up for my newsletter at www.tbsusa.com to get solutions for managing and growing your business.

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GET YOUR ISH TOGETHER, OH MY!!!!

GET YOUR ISH TOGETHER, OH MY!!!!Shynel Cooper Sykes, is unique in her presentation of some most spoke about subjects,love,money,realtionship,challenges.I find her observations and commentary to be refreshing.You have to listen her videoblogs. Some will have you smiling, other may make you say "ouch" (trust,you will be ok and much for the better), some will make you THINK!!!Make sure you check her web sitehttp://stilettosinthekitchen.com/home.htmland grab her book - Stilettos In The Kitchen"I know this lady is making a positive difference
YOU HAVE TO LISTEN TO SHANEL COOPER SYKES

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Summer Ends a New Season Begins............

We have the seasons that last for a while and we make the necessary adjustments to acclimate ourselves. Well as the seasons come and go, I reflect on the various challenges and triumphs that I have had to endure - I call them my seasons. One of my favorite scriptures in the bible is found in the book of Ecclesiastes Chapter 3 verses 1-13.The year 2009 has whizzed on by with each month appearing to end almost as soon as it has begun. I often wonder if it's my age or is it that I am finally taking the time to see how time truly flies.In the beginning of the year, I could not wait for the winter to end. I look forward to the spring which seemed as though winter was lingering on a bit longer. Nevertheless, the seasonal days of spring carried on until it was time to begin summer. Ah, yes summer! I was excited about summer - finally some sunny, warm weather with days to dress without jackets, scarves or gloves. However, summer was interrupted by the spring like weather that poured down rain and a lingering chill that somehow just did not feel quite right. We kept our umbrellas close, rain gear actively ready and a light jacket - not the typical summer. In fact, we had an unusual sleet and hail storm in July where people were shoveling wearing shorts and T shirts. Summer is officially coming to an end and I wonder what the Fall will be like for us. Will summer linger on or will fall take its place and prepare us for the winter?In my daily life, the challenges have lingered much longer than I could stand. It all makes me wonder if the triumphs will come soon and will they last longer. To make it clear, even though I complain about waring the rain gear, I appreciate the rain that comes with the spring, we need it. It is essential for our livelihood. I am not afraid of the challenges, in fact, I welcome the challenges. Challenges allows me to learn more about myself. I work through the challenges and somehow, I make it through. I just do not like the consistency of them as they seem to come more often than necessary. I celebrate the triumphs and at times it seems as though they are short lived as the challenge arises while I am still dancing for joy.I have decided and I am determined to work through the seasons. I will not wait for December 31st to resolve that the New Year will be the best year yet. I will allow each season to come and I will make it the best season ever. When the rain falls, an unexpected blizzard, a snowstorm, or any other unusual occurrence, I will get my protective gear and keep it moving.
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Even if you lose every thing…

God is not the author of destruction, but He is the God of restoration. As long as there is breath in your body, He is able to do marvelous works in your life, even if you have lost every thing. I remind myself during challenges that God loves me, He never leaves or forsakes me and nothing can take me out of His Hand.Do you remember the story of Joseph? His own brothers sold him into slavery, he was imprisoned based on a false accusation, and he was betrayed while in prison…this brother had some challenges! Nevertheless, throughout his life we were reminded that the hand of God was upon him and Joseph prospered in all that he did.Remember this:1.God loves His children2.He is always with us, even when it looks darkNow rest and tell the enemy, “You thought you won, but I’m just like Jesus, I just came to step on your neck and remind you who has the authority in this earth!”Peace.
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Strengthened through Adversity

I’m learning to use my challenges to strengthen myself. God never promised a trouble free life, but He did promise that He is our refuge, a very present help in the time of trouble, our Salvation, our Fortress, our Hiding Place… So, when trouble knocks I will not be afraid to open the door. God has already made me the victor in every situation I just have to stay focused on Him.
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Staying Alive!

As each day seems to be quite unpredictable, one thing is certainly predictable - the economy is slipping further into the negative direction. As we look to our new president elect Barack Obama to create a miraculous turn, we realize that he will not take office until January and things are not looking good - we need help now. The talk of working to fix the economy is just not enough - we want immediate action. Some of us cannot wait that long......and January 21st, 2009 will not be the day we see the difference. It appears that the focus is mainly on Wall Street and the big companies as they are looked to be the leaders of the economy. However, we know that this dilemma affects us all.Health care is an essential part of business. However, the health care industry is also facing major cuts in various areas. Who would think that this day would ever come? When one would ask what fields are sound to find stability - the health care industry would be mentioned on the top of the list. The truth is, this is not so true anymore. Hospitals are laying off their employees and replacing them with temporary employees. Nurses are signing on to temporary agencies to keep themselves employed. Hospitals and Nursing Homes have closed. Moratoriums are in place for certain business applications who seek to do business within various states. Partnership programs that provides health care services to low income and under served communities have already close due to the loss of funding and those who remain open are preparing to layoff workers within the next few weeks.The health care industry is the line of business that we target. However, we have had to make some major adjustments to find ways to stay viable. We had to review our services and find ways to become creative. It is certainly not an easy task as we have to convince the clients that we can offer them just what they need. How is your business doing? Have you considered reviewing your business plan, looking at what you have to offer and who can benefit from your services? As I mentioned before, we are a health care focused company. However, we have found ourselves doing business with corporate companies that needed our service - who would have even imagined that we could cross over? Yet we have and it is helping to keep us alive. Look closely at your business, can you use your expertise and help others in the field? Have you considered being a speaker/lecturer at a local community college? How about hosting an event that shows off your business? It does not have to be a big shing dig - just a simple customer appreciation day - with juice, fruit and pastries. Smile at your customers - let them know how much you value their patronage. It may be the thing to keep them coming back and telling others - and that's a plus.
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Facing the Truth.....

As business owners, we are accustomed to facing challenges -- daily. In most cases, we work through them and even though they are temporary fixes - it helps to keep things afloat even just for a short period of time. Financial worries are often a worry of small business owners regardless whether the business is a success, if it's thriving or just barely making it through. The point is we have all had our moments where we celebrate the good times and shortly after face a potential crisis that may change the direction and growth of the business. Somehow, it works out.However, we have a huge dilemma. It appears that Wall Street is going through a major turbulence. Our government is trying to figure out a way to keep it all afloat. Like small business owners, we may rob Peter to pay Paul - the government is literally robbing us to pay the big guys. Small businesses have quite the challenge to gain loans, contracts, grants and forbid a BAIL OUT. We have to be innovative - stretch our resources - just make it happen.The truth is there is going to be a tough road ahead for Small Businesses. We must accept that we have to be even more innovative:• avoid taking on more financial burdens (hold off on buying new equipment and furniture, etc.)• keep a close watch of your inventory (no need to order more pens and pencils - look in your draw and pull out that pen)• bring your lunch to work• try to conserve energy - keep the lights off in areas that are not in use (bathrooms, empty offices, kitchen/dining area, etc.)• Use the supplies wisely (when a blank paper comes through the printer - put it back in the bin for printing)It is important to understand that every penny counts. The truth is we need to be in control of the things we can change - our habits. We will feel the brunt of this 700 Billion Dollar Bail Out - other businesses will be taking it easy until they feel confident to resume doing business as they were before this crisis. facing the truth is to acknowledge what most of us already know -- although the politicians have said and will continue to say that Small Businesses are the backbone of our Country -- they have done very little to ensure that we have the same resources available as the major companies - we're on our own and it's time to face the truth.
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How do you handle the pressure - the stress?

As a business woman you are faced with many challenges. The pressure and the stress can be overwhelming. Pressure is an effect which occurs when a Force is applied on a surface while stress is defined as forces from the outside world impinging on the individual.Each day comes with a new challenge and how we handle the challenge determines how we work through the potential stress that comes along with the task at hand. Some days the pressure is more intense than others and it becomes so overwhelming - it makes you question yourself. Is it worth it? What am I a going to do? How will I get through this? Why after all that I have gone through getting things together is this happening now? and amidst all the wondering you ask Why does this happen only to me?Well the truth is you are not alone. As long as you are a living being, you will face pressures and challenges. The best way to handle the forces that appear to be crushing you is to face them head on as calmly as possible.• Look at the situation• Evaluate the problem• Devise a plan• Reach out to othersThere are those who feel that they are all alone but wait a minute you are not - you have joined the site. It's time to use your networking skills to find a way to resolve your problem. Go to the board and ask questions. Send an email. Don't be shy, chances are there is someone else who has faced a similar situation. Reach out to the friends you have on your business site list they may be able to assist you or encourage you through the process. It is a time to band together - a time to support and uplift.After all is said and done -- you can be sure that there will be more challenges ahead so don't allow it to overwhelm you. You have a business to run -goals to achieve - and a life to live..........
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It's Worth It

Your vision is plain. You get excited and you are fired up - ready to go............... Then somewhere along the path of following your business goals, you become disheartened. You question your ability to be successful, you wonder why things are not falling into place, you begin to question yourself. The paperwork, the licenses, permits, finances, etc. - one thing after the other - and on and on................ You ask yourself is it worth it?I strongly believe that you must remain resilient. Challenges will come - they always do. Although the moments during the challenge can be overwhelming, it is how you were able to come through the challenge that prepares you for handling the business. I can't tell you how many times I have had to face one challenge after another - it was as though there was a challenge line - with each one waiting for the other to be over so that the next one can present itself. I can tell you that once you've worked through it, you will see that it was not so bad after all - it's worth it.Your business is always a work in progress. Why? Well, you should always be in the frame of mind where you think of ways to improve. Even if your business idea is just in the head, add your ideas to your plans - write it down. Plan to be great at what you do and know that the challenges are going to happen - work through them - seek guidance - push on - in the end you will realize - it's worth it.................
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