How Women-Owned Businesses Can Go Further In 2020

Women-owned businesses have always been a thing of marvel. Women have excelled at wearing multiple hats and juggling many stresses for centuries. If there is anything a woman knows how to do, it’s getting the job done, and doing it with efficiency. For many small business owners, there are plenty of things that go on simultaneously. For women-owned businesses, that can mean a lot of things. But the rise of the woman business owner didn’t happen overnight. She’s had some challenges along the way, but all of that has proven to be for her benefit. We’ll take a look at a few things we think have kept the momentum going to be able to accelerate from here. 

When women started to realize there was a glass ceiling in business they could shatter if they wanted to, things started to change for women in business. Still, it didn’t happen overnight. When you seek to upset any status quo, there are going to be plenty of people who will object. No one likes change, especially if you are part of the reason things have to change in the first place. 

Women-owned businesses had to rise up through the ranks with little in the way of personal mentorship. For women who sought men for mentorship in business, they were either met with ignorance or skepticism. Women who had already made it were protective and distant to those who would seek to be like them. Women-owned businesses grew through grit, childbearing, and self-education. You’ve finally made it, Lady! 

Two Things Helped Further Women-Owned Businesses In The Last 20 Years 

The diversity focus in workplace culture helped give women a boost in business. When businesses started to pay attention to making sure that all people groups would be represented in their workplace, thinking about including women in that mix started to change things. With that, the notable lack of women in leadership positions became a regular conversation in business. As businesses sought to make sure women were being represented on Mahogany Row and their board rooms, women started to dream a little bigger. Maybe they could take the CEO seat for themselves. If leadership was a possibility then women-owned businesses could be a real thing. 

Today, over 10 Million Women represent certified Women-Owned Businesses in America. The women-owned business is going strong and getting bigger. What’s it like being part of a women-owned business? Well, there are some really great things to being part of a women-led business that may be different than you are used to. Workplace culture tends to be the main focal point of consideration. Women tend to pay more attention to how their workplace culture is impacting their employees more than men. Not to say that men are not concerned with what kind of workplace culture they have, but women generally lead the way in ensuring it’s a positive one. 

It could be part of overcoming the earlier mindsets that women were difficult to work with. It was a rumor in business that women in leadership positions were emotionally volatile or too personally distant to connect to their workforces. Thankfully, that common misconception is going by the wayside. Most would say that being part of women-owned businesses is a welcome change in their workplace environments. 

Things That Women-Owned Businesses Should Consider

While women have done a lot to make great strides in raising the bar for other small businesses to hit, there are other things to consider that could not only keep the momentum going but help their businesses hit the accelerator. One thing that women can improve upon with respect to productivity is knowing when to delegate tasks so they can focus on growth. One of those things tends to be HR functions. When businesses are very small, doing your own HR and payroll sounds like a no-brainer. But things quickly get out of a small business owner’s control as the company grows. When HR and payroll start to feel like another full-time position at your small business, it’s time to pursue delegating these tasks to other professionals.

Likewise, another thing that women own businesses can let slide with positive growth is keeping up with employment law. Laws regarding employment are ever-changing and the laws in your state don’t always match up with other states if you branch out to other areas. Letting HR law slide is a big mistake, but a common one to make when business is booming. Don’t let that happen to your business. 

Payroll is quite a task to keep your arms around when your business is booming. And this is another task that swiftly runs away from the small business owner as things pick up. Neglecting payroll and keeping up with payroll taxes is not worth it. Delegate those tasks now, before Uncle Sam comes knocking on your door.

PEOs Are A Great Solution For Thriving Women-Owned Businesses

PEOs are just the thing to boost morale, enhance workplace culture, and keep on top of vital tasks that women business leaders need to keep their businesses growing strong. Best yet, PEOs offer small businesses the kinds of benefits for their employees that they could only dream of one day being able to offer. What could be better than that? If you’d like to find out how PEOs could help your women-owned business keep growing strong, contact us today for a free, no-risk consultation. Keep your business going in the right direction with a PEO today.