By: Sharon Hadary
The highlight of Enterprising Women's annual conference is that gala dinner honoring highly successful women business owners.
For over a decade, this gala celebration has showcased women business owners who have built highly successful business. Honorees are selected based on both business growth and their commitment to using their success to make a difference in communities around the world.
One of the most impressive trends over the years is the growth in revenues. The top revenue category has grown from $10 million in the early years to a whopping $1 billion this year. What is impressive is that making money has not changed women business owners' values and their commitment to giving back to their communities. Equally as impressicve are the women business owners who are achieving success in revenue categories from $1 million and up and in every instance, also giving back to their communities.
We honor women business owners success for three reasons:
Every year, we pour through the honorees' award applications to find the lessons learned; the challenges overcome; and the best advice they want to share. There are similarities over the years, re-affirming the basics. And, every year we gain new insights that all woman business owner can embrace.
This year one of the top honorees said that the best advice she would give other women business owners is "expect to grow." For years, women business owners have been urged to "think big." It is critical to recognize the difference. "Thinking big" and "expecting to grow" are two different aspects of business growth and to achieve high growth the business owner needs both.
"Thinking big" is characterized by your vision, values, and goals. That vision is critical -- it is what inspires you every day. "Expect to grow" is the action plan to achieve your vision.
Thinking Big
Exponential growth starts with thinking big. Thinking big is about your vision for your business. The vision may includes being a game changer for your industry, for your clients, and, for the employees who work with you. Take the time to learn about the potential in your industry and then set goals that exceed those projections. Thinking big is a projection into the future -- as far out as you can think.
"I wish I had realized how much growth potential there is in my industry when I first started," said several of the women business owners in the highest revenue categories. The game changers see the possibilities others miss.
Don't dismiss your growth aspirations because others say they are unrealistic. The value of setting high goals is not merely a motivational myth; business owners who set high goals are very likely to achieve high goals.
Your vision for the company extends to your role -- seeing yourself as CEO and visionary rather than the top sales person. "Don't let others perceptions of you define who you are," urge the honorees with the largest businesses.
Expect to Grow
Expect to grow is the practical side of the equation. It is one thing to have high aspirations for growth. The next step is to set up an infrastructure to facilitates that growth. Your growth goal drives the way you set up your business practices, invest in infrastructure, and select staff. Highly successful business owners establishing and maintaining an enterprise that is can accommodate high growth from day one.
Own Your Culture
High growth starts with you, the business owner. You are the only one who can create the culture for your company. Your job is to create and sustain the culture, engaging every employee and service provider in embracing that culture in every action and decision. This is the one thing you cannot delegate. As the business grows, it becomes increasingly critical that you continue to "hold the culture in your hands."
Hire the Right People -- and Let Them Do the Their Jobs
Hire people who can do the work and then get out of their way. It is very easy to fall into the trap of believing the only way to maintain the quality and service that is the hallmark of your business is to stay personally involved in the day to day operations. When you do that, say
highly successful women business owners, you become the greatest impediment to your company's growth.
Build Teams of Advisors and Supports
Surround yourself with a senior staff and outside advisors who have different skills and experiences than you.
Manage Infrastructure
From the beginning figure out how you will measure success and what the most important metrics are measure progress. Identify the systems your business needs to deliver product and services and vest in an infrastructure that can grow with the business. Anticipate the need to upgrade before it becomes impediment to growth.
One of our award winners learned this lesson the hard way. When the company grew faster than the infrastructure could accommodate, they intentionally stop expanding for a full year to upgrade their infrastructure. Fortunately by managing customer expectations, they were able to resume growth after the infrastructure upgrade.
Continually Explore Growth Opportunities
"Don't rest on your laurels," say the most successful women business owners. Never stop thinking about growth.
Consider whether the best path to growth for your company is to expand organically or to expand through acquisition of another company or a new product line. Don't let your company's size hold you back from considering this option -- with the right growth plan in place, a smaller company can successfully acquire and integrate a larger firm into the business.
"Be alert to those unexpected opportunities that come your way when you are least expecting them. They are often the a real game hanger."
Have Confidence in Yourself
The most frequent advice we hear from our honorees every year is to believe in yourself and have confidence in your instincts.
"It's not rocket science," they say. "You can figure it out. You can learn to do anything."
The highlight of Enterprising Women's annual conference is that gala dinner honoring highly successful women business owners.
For over a decade, this gala celebration has showcased women business owners who have built highly successful business. Honorees are selected based on both business growth and their commitment to using their success to make a difference in communities around the world.
One of the most impressive trends over the years is the growth in revenues. The top revenue category has grown from $10 million in the early years to a whopping $1 billion this year. What is impressive is that making money has not changed women business owners' values and their commitment to giving back to their communities. Equally as impressicve are the women business owners who are achieving success in revenue categories from $1 million and up and in every instance, also giving back to their communities.
We honor women business owners success for three reasons:
- To celebrate their success as business owners and community leaders;
- To re-enforce to corporations that women owned business are a substantial market and a rich source of vendors and supplies;
- And, we do it to share lessons learned with all women who aspire to business growth.
Every year, we pour through the honorees' award applications to find the lessons learned; the challenges overcome; and the best advice they want to share. There are similarities over the years, re-affirming the basics. And, every year we gain new insights that all woman business owner can embrace.
This year one of the top honorees said that the best advice she would give other women business owners is "expect to grow." For years, women business owners have been urged to "think big." It is critical to recognize the difference. "Thinking big" and "expecting to grow" are two different aspects of business growth and to achieve high growth the business owner needs both.
"Thinking big" is characterized by your vision, values, and goals. That vision is critical -- it is what inspires you every day. "Expect to grow" is the action plan to achieve your vision.
Thinking Big
Exponential growth starts with thinking big. Thinking big is about your vision for your business. The vision may includes being a game changer for your industry, for your clients, and, for the employees who work with you. Take the time to learn about the potential in your industry and then set goals that exceed those projections. Thinking big is a projection into the future -- as far out as you can think.
"I wish I had realized how much growth potential there is in my industry when I first started," said several of the women business owners in the highest revenue categories. The game changers see the possibilities others miss.
Don't dismiss your growth aspirations because others say they are unrealistic. The value of setting high goals is not merely a motivational myth; business owners who set high goals are very likely to achieve high goals.
Your vision for the company extends to your role -- seeing yourself as CEO and visionary rather than the top sales person. "Don't let others perceptions of you define who you are," urge the honorees with the largest businesses.
Expect to Grow
Expect to grow is the practical side of the equation. It is one thing to have high aspirations for growth. The next step is to set up an infrastructure to facilitates that growth. Your growth goal drives the way you set up your business practices, invest in infrastructure, and select staff. Highly successful business owners establishing and maintaining an enterprise that is can accommodate high growth from day one.
Own Your Culture
High growth starts with you, the business owner. You are the only one who can create the culture for your company. Your job is to create and sustain the culture, engaging every employee and service provider in embracing that culture in every action and decision. This is the one thing you cannot delegate. As the business grows, it becomes increasingly critical that you continue to "hold the culture in your hands."
Hire the Right People -- and Let Them Do the Their Jobs
Hire people who can do the work and then get out of their way. It is very easy to fall into the trap of believing the only way to maintain the quality and service that is the hallmark of your business is to stay personally involved in the day to day operations. When you do that, say
highly successful women business owners, you become the greatest impediment to your company's growth.
Build Teams of Advisors and Supports
Surround yourself with a senior staff and outside advisors who have different skills and experiences than you.
Manage Infrastructure
From the beginning figure out how you will measure success and what the most important metrics are measure progress. Identify the systems your business needs to deliver product and services and vest in an infrastructure that can grow with the business. Anticipate the need to upgrade before it becomes impediment to growth.
One of our award winners learned this lesson the hard way. When the company grew faster than the infrastructure could accommodate, they intentionally stop expanding for a full year to upgrade their infrastructure. Fortunately by managing customer expectations, they were able to resume growth after the infrastructure upgrade.
Continually Explore Growth Opportunities
"Don't rest on your laurels," say the most successful women business owners. Never stop thinking about growth.
Consider whether the best path to growth for your company is to expand organically or to expand through acquisition of another company or a new product line. Don't let your company's size hold you back from considering this option -- with the right growth plan in place, a smaller company can successfully acquire and integrate a larger firm into the business.
"Be alert to those unexpected opportunities that come your way when you are least expecting them. They are often the a real game hanger."
Have Confidence in Yourself
The most frequent advice we hear from our honorees every year is to believe in yourself and have confidence in your instincts.
"It's not rocket science," they say. "You can figure it out. You can learn to do anything."
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