Prof. Patricia Greene of Babson College is sharing five lessons from women-owned businesses surviving the recession based on an National Federation of Independent Businesses (NFIB) - Chase study on line at www.NFIB.com.
Among the key points: 1) Maintain focus on cost controls. 2) Get outside help. 3) Understand who your best customers are. 4) Get involved with community. 5) Make time for yourself.
"Many of today’s women-owned businesses (WOBs) are led by recession-tested entrepreneurs whose experiences provide valuable insight into the challenges that may await aspiring small business owners," says the NFIB, citing a study released by Chase Card Services, a division of JPMorgan Chase & Co., NFIB and the Center for Women's Business Research.
The study looks at how women small business owners performed during the “Great Recession,” including:
Focus on cost control: 45 percent of WOBs focused on controlling costs in response to economic challenges, while 31 percent concentrated on increasing sales.
Use social media as a business tool: Half of WOBs owners now use social media compared to 4 percent before the recession. Of those surveyed, 56 percent said social media is “very important” or “important” to their business.
Promote the business through community activities: 39 percent of WOBs increased their involvement in civic, social or school activities to boost their exposure and create value for their communities.
The study also notes that WOB's dealt with the recession by:
Targeting the right customers: Although more than half of WOBs (54 percent) focused on new business among their existing customer base, approximately one in four (23 percent) say they are marketing to a customer base today that is different from their pre-recession targets.
Finding outside help: The sales record of those who invested in outside help to control costs and/or increase sales (23 percent) proved somewhat better than those who did not, the study said.
Working harder: Women business owners are working harder than they were during the height of the Great Recession (41 percent).
Visit www.NFIB.com