NAWBO 2011 Top Ten Resolutions for Women Business Owners

February 1, 2011

1. If a task or decision is nagging at you, take action. Most likely if something is stuck in your brain and thwarting your good mood or continuously hammering at the edge of your thoughts, it needs to be dealt with. Taking action will not only put the nagging voices to rest, it will probably move you forward on some significant goal. You will also save mental, and possibly physical, energy because you are doubtlessly spending more time and effort evading thoughts than making decisions.

2. Be certain you know who your customers/clients are. If you do not drill down to specific client types, you will probably spend some of your time, effort and money marketing to the wrong people. If you are too general in the description of your customers (using words such as “all” or “every”), you will likely be too general in your message and not stimulate actual purchases. Look back at the misses and successes of the last two years and use that data to help you reassess your idea of your real customers/clients and prospects.

3. Speak in the language of your prospects, customers and clients. Remember that you are not selling your products or services, but rather meeting the needs or solving the problems of your current and prospective clients/customers. In turn, package and market your products and services in a way that addresses these needs or problems. Look at it from their viewpoint. Knowing the language of your customers/clients means you must know who they are and what they aim to achieve.

4. Do not let desperation cloud your thinking. The perfect storm of desperation is not over. There are signs of economic recovery, and everyone wants some of the new revenue crumbs. You will be offered everything from “the secrets to getting your share of the millions being spent by the government” to promotional materials on how to get your message to “thousands of prospects.” And if your desperation clouds your thinking, you will not be able to evaluate invitations and announcements for their true value opportunity. Assess the value of the opportunity and compare it to its cost—actual fees and your time.

5. Adopt the philosophy that some revenue is better than none. Many woman-owned businesses miss opportunities because they are not willing or do not know how to take advantage of chances at part of a sale, project or contract. Subcontracting, partnering and being the recipient of outsourced functions increase your opportunities for revenue. Do not stall your success because you 1) are afraid partnering will reveal your secrets to a potential competitor 2) do not want to share the revenue 3) do not want to be seen as “too small” or not capable or 4) do not want to do the research and negotiation necessary to establish a working relationship with another company.

6. Put it in writing. If you put the specifics of every agreement and arrangement in writing, you will save yourself time, money, agony and broken relationships. Any partnering or subcontracting arrangement should be spelled out in a signed agreement and include a Scope of Work/Services that clearly states what you will do, what the client will do and the amount and schedule of payment. Things can happen that will alter the original circumstances—people leave, new factors arise, funds are delayed—and if you are not protected by terms in writing, you could jeopardize your revenue and/or reputation. If you are working with or for friends or relatives, putting conditions and stipulations in writing is just as important and sometimes even more so because it may save a relationship.

7. Follow up and follow through. How well a vendor follows up or follows through on promises is part of the test to determine if they will be a quality supplier. Another reason follow-up is so important is illustrated by that old saying: “out of sight, out of mind.” Buyers say they deal with many vendors so they need for you to remind them that your business is still in operation and you are still interested in meeting their needs.

8. Treat marketing activities as you would any client project. Develop a schedule of marketing actions, put them on your calendar and carry them out—just as you would any product or service development and delivery for a client. Because many people are not comfortable with marketing, do not like it or feel that other things are more important, it often does not receive the proper level of attention. If you do not schedule the actions and commit to completing them, they will keep getting pushed aside and may never be finished. We all know that if you do not market your business, you will eventually have no business.

9. Research. Research is an investment of time to ensure that you find the right prospects, do the right thing, use the most compelling words, avoid pitfalls, minimize mistakes and reap the most benefits. This is another thing that should be scheduled, committed to and carried out.

10. Avoid spending too much time “getting ready” instead of “doing.” If there is something you do not really want to do or are not comfortable with, there is the risk of avoiding it by getting trapped in the preparation phase. Examples include 1) listening to motivational types to get inspired about a project instead of breaking it down into bite-size pieces and doing it 2) writing and rewriting copy for a marketing piece instead of sending out a decent effort or 3) asking everyone you know for input on an important decision instead of making the decision. Truly, you will know when you reach the point where preparation turns into avoidance. Now is the time to act.

NAWBO National Launches Accelerated Growth Series

January 19, 2011

(January 17, 2010)The NAWBO® Institute for Entrepreneurial Development is a nonprofit educational foundation of the National Association of Women Business Owners® that strives to strengthen the wealth-creating capacity of women business owners and promote economic development within the business community. To further its mission in 2011, The NAWBO® Institute is launching the Accelerated Growth Series® sponsored by Wells Fargo a premiere capacity-building program created by and for women business owners to help increase their business competitiveness and grow to the next level.

The 2011 program launch will take place in San Francisco, California, with two workshop offerings: Workshop 1: Assessing Your Organizational Capacity will be held April 25-26 and Workshop 2: Developing a Strategic Plan for Growth will be held June 16-17.

We are pleased to pilot launch this educational initiative at a time when it is so critical for women entrepreneurs to grow their businesses, create new jobs and contribute significantly to the overall economy. Women business owners may very well be the group that pulls us out of this recession, says Wendy Lopez, Chair of the NAWBO® Institute.

The NAWBO® Institute is launching this program to address the unique needs and challenges that women-owned businesses face in the current economic landscape. The Accelerated Growth Series® is designed for competitive, growth-minded women business owners who want to step out of the day-to-day, assess their organizational capacity, develop a road-map for success and execute effectively against their long-term plan to grow their enterprise to the next level, says Helen Han, NAWBO® President & CEO.

Program sponsor Wells Fargo recognizes the power, drive and potential of women entrepreneurs and is committed to helping them achieve continued success through programs like the Accelerated Growth Series®. We are excited for the opportunity to partner with NAWBO® and The Institute to help women business owners achieve an even greater level of growth, recognition and appreciation for the important contributions they make to the U.S. economy, says Joy Ott, Wells Fargo Regional President, Montana.

For more information on the Accelerate Growth Series®, visit www.NAWBO.org. Click on Events & Programs from the main menu, then “Accelerated Growth Series®.”

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About the NAWBO® Institute for Entrepreneurial Development

In 2003, the National Association for Women Business Owner®s (NAWBO®) formed the NAWBO® Institute for Entrepreneurial Development, a 501(c)3 nonprofit educational foundation that seeks to provide opportunities for capacity building and organizational development for emerging and established women entrepreneurs. Through The Institute, NAWBO® aims to strengthen the wealth-creating capacity of women business owners and to promote economic development within the entrepreneurial community so that we can build a legacy of success for the next generation of women entrepreneurs.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortunes 2009 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.

Wells Fargo is Americas #1 small business lender (2009 Community Reinvestment Act government data) and a leading lender to women- and diverse-owned businesses. With the nations largest network of retail banking stores, and an award-winning online Business Insight Series (www.wellsfargobusinessinsights.com) including videos, webcasts and articles, Wells Fargo provides business owners with timely advice and information to educate and help them succeed financially. For more information, or to speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.

NAWBO Represented at FCEM World Congress

December 20, 2010

This fall, NAWBO National Board Member Deborah Stallings represented NAWBO at the 58th Les Femmes Chefs d’Enterprises Mondiales (FCEM) World Congress in Florence, Italy. Former President of NAWBO National and former FCEM Commissioner Lisa Hickey and former NAWBO National President Virginia Littlejohn were also in attendance.

This annual event provides the opportunity for FCEM members and business owners around the world to form valuable connections, assess business plans and strategize for future success. For more than 60 years, FCEM—or “World Association of Women Entrepreneurs”—has provided a well-renowned forum for women business owners, particularly those interested in international affairs, to connect with like-minded entrepreneurs.

During the Congress, Deborah and Lisa had an opportunity to speak on NAWBO’s behalf and share the state of affairs for women entrepreneurs in the United States. “We reported that in spite of the challenging economic climate, NAWBO is working diligently to help women business owners sustain and grow their businesses—and promote job growth,” notes Deborah. “This is being accomplished through the association’s advocacy initiatives and visibility at the federal and state government levels, capacity building for women entrepreneurs through advanced educational programming, linkage to resources and business opportunities through members and corporate partners and business growth opportunities—both in the domestic and international arena.”

Competing for Government Contracts

November 16, 2010

Small Business Administration Expands Federal Contracting Opportunities For Women-Owned Small Businesses

The Small Business Administration (SBA) has published its final rule on federal contracting opportunities for women-owned small businesses (WOSBs), which goes into effect on February 4th. This rule was based on The Rand Report, a study commissioned by the SBA from the Kauffman-Rand Foundation.

The report presents disparity ratios for WOSBs, computed in four ways:

  • Number of contracts for the population of all employer firms
  • Total contract dollars for the population of all employer firms
  • Number of contracts of all firms that have registered as potential bidders for federal contract
  • Total contract dollars for the population of all firms that have registered as potential bidders for federal contracts.
  • To read the full report, click here.

    By implementing the existing statutory where 5 percent of federal contracting dollars go to WOSBs, the final rule provides even more opportunities for women in business. NAWBO advocated for this 5 percent federal procurement goal and other steps designed to assure women business owners access their fair share of federal contracts and contract dollars.

    Using NAICS (North American Industry Classification System) codes, the final rule identifies 83 industries in which women-owned small business are under-represented. It authorizes a set-aside of federal contracts for WOSBs and economically disadvantaged women owned small businesses (EDWOSBs) where the anticipated contract price does not exceed $5 million for manufacturing contracts and $3 million for other contracts.

    In addition to allocating set government funds, the final rule removes requirements mentioned in previous versions in which federal agencies had to certify that they had engaged in discrimination against WOSBs in order for the contracting program to apply to their agency. In theory, WOSBs will now self-certify their status or seek third-party certifiers like government entities and private certifications groups.

    The SBA is currently developing the process in which entities can become approved to certify businesses as either WOSBs or EDWOSBs. In the meantime, women business owners and NAWBO members nationwide celebrate new contracting opportunities on the horizon!

    NAWBO Day is a Huge Success

    October 22, 2010

    If you missed NAWBO Day you missed how magnificently our Chicago Area Chapter members – YOU! – represented women’s business leadership and success at NAWBO DAY!

    If you were among the 200+ attendees at NAWBO DAY on Thursday, at the Metropolitan Club on the 66th floor of the Sears/Willis Tower in conjunction with Crain’s Small Business Week, you know that the energy was high, the networking was powerful, the speakers and panelists were top-of-class, and the entire day was one of high-caliber education, inspiration, and celebration!

    Highlights included:

  • the incredible Mind/Body/Business panel at breakfast, organized by NAWBO Chicago Past President Gillian Schultz and moderated by TV personality Mary Ann Childers, with NAWBO member Karyn Pettigrew among the outstanding panelists
  • lunchtime remarks by IL Attorney General Lisa Madigan
  • lunchtime entertainment by NAWBO Chicago charity partner Harmony Hope and Healing
  • a brilliant afternoon panel on How Charity Boosts Your Business, organized and moderated by NAWBO Chicago Board Director Mary Kay Slowikowski, with panelists including NAWBO members Christine Hutchinson and Erica Miller-Mahin, with a visit from Carol Moseley Braun, the first female US Senator
  • presenting Mayor Daley’s official NAWBO DAY proclamation
  • strong sessions on health care reform with NAWBO member Rebecca Busch, 30 marketing tips in 30 minutes with NAWBO member Mary Bahr, a financing keynote and one-on-ones with Sue Malone who is the largest SBA lender in the country, and more
  • having an interview about your business taped by Nology and being handed the flash drive of your video immediately afterward
  • a valuable next-generation mentor/mentee session coordinated by Committee Chair Elaine Quinn
  • a fun wine reception coordinated by NAWBO member Melissa Lagowski, with enticing raffle prizes galore, and yet more networking
  • goody bags with substantial goods
  • 13 new members who joined NAWBO on the spot at NAWBO DAY – 2,000 members and 200 corporate partners, here we come! – meaning that more people are finding more ways that NAWBO is relevant to them
  • turning points, which happen when you think a new thought, and take action on that thought. Here’s to your turning point!
  • Thank you to our amazingly hard working and organized NAWBO DAY Task Force led by our President Elect Gail Zelitzky who kept us all moving in the same direction; our Key Sponsors Crain’s and WinTrust Financial; our Event Sponsors American Family Insurance, Aramark, Medical Business Associates, Mesirow Financial, Shred Station Express, and Sam’s Club; our esteemed NAWBO Chicago Area Committees, coordinated by Board Director Emily Smith, who presented booth displays and showed the range and diversity of NAWBO; our Event Exhibitors; our Raffle Prize Donors; Michael Chan and Kristin Dube and our Association Management Company, and all who attended all or part of the day, brought guests, and added your sparkle to NAWBO DAY!

    See for yourself – and in some cases see yourself! – in these NAWBO DAY photos:

  • NAWBO member Kristi Sanford of Light on Life Images took amazing photos at NAWBO DAY
  • Crain’s featured photos of NAWBO DAY online as part of their Small Business Week roundup
  • The first NAWBO DAY was phenomenal. Please mark your calendar for the second NAWBO DAY, Thursday, October 13, 2011!

    NAWBO is #1 for a reason, and our Chicago Area Chapter is #1 for a reason, and those reasons are you. It is a deep honor to represent you, as we fulfill the NAWBO mission of economic, social, and political empowerment for women business owners, and let NAWBO help power our dreams!

    Mayor Daley Declares October 14 to be NAWBO Day in Chicago

    October 13, 2010

    It’s hard to believe but NAWBO Day is almost here. Mayor Daley declares that October 14 is to be NAWBO Day in the city of Chicago. Click the link to view the proclamation.

    NAWBO Day Proclamation

    Small Business Job Act Becomes Law

    September 28, 2010

    Today, President Obama signed The Small Business Jobs and Credit Act of 2010, providing $12 billion in tax breaks for small businesses and creating the $30 billion Small Business Lending Fund that permits the Treasury to make capital investments with qualifying financial institutions.

    The Small Business Jobs Act boosts access to credit for women-owned businesses and provides tax incentives that are expected to create jobs. The Small Business Lending Fund, estimated to raise $1.1 billion over the next ten years, increases availability of small business credit and a company’s ability to hire new employees. The legislation also offers tax breaks for small businesses, encourages investment, provides entrepreneurial incentives and increases trade opportunities. Overall, The Small Business Jobs Act is expected to promote hiring, generate over 500,000 new jobs and provide incentives for small business growth.

    See the Senate Finance Committee Bill Summary.

    Click here to access the NAWBO® position on this and other issues that are key for women business owners.

    NAWBO Day and Crain’s Chicago Small Business Week October 2010

    September 23, 2010

    Crain’s Chicago Business contacted NAWBO Chicago back in the Spring to invite NAWBO Chicago to be its business partner for the first annual Crain’s Small Business Week that’s scheduled for the week of October 11, 2010. As a result NAWBO Chicago worked with Crain’s to schedule a “NAWBO Day” which will be held on October 14, 2010.

    What is NAWBO Day? NAWBO Day is a jam packed day of workshops, presentations and networking all designed to boost your business! So for those who are not familiar with NAWBO (National Association of Women Business Owners) we are the premier women’s business organization. We are an organization made up of the decision makers for our businesses. The National Association of Women Business Owners, Chicago Area Chapter, propels women entrepreneurs into economic, social, and political spheres of power. NAWBO Day is designed to support our vision and mission.

    Come and invest in your business at this valuable day of educational, networking and visibility for women business owners and companies that support them.

    NAWBO Day will take place on Thursday, October 14, 2010 at the Metropolitan Club, which is located in Chicago at the Willis Tower (Sears Tower). Click here to register. Register today to take advantage of Early Bird registration! (Ticket price increases after 9/30).

    The day’s activities begin at 7:30 a.m. with registration. Click here for detailed information about the programming schedule.

    If you are a business owner looking to get energized, you need to attend this special event.

    Niche Marketing – How to Target Your Marketing Efforts and Master Your Business Niche

    September 9, 2010

    The National NAWBO Focus magazine that was just sent out had a wonderful article regarding Niche Marketing. It’s definitely worth reading. We all need a competitive edge in this challenging business climate. Click here to read the article.

    Is your business statistically set up for success?

    August 30, 2010

    Women-owned businesses are expanding faster than men-owned firms in most states, according to a report from the Small Business Administration Office of Advocacy. The report also shows that women-owned companies with more employees are less likely to close and indicates the top states for being a woman business owner. Take the test and see where you stand. Click here:BNET/Women Drivers blog


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