According to Kiplinger, women-owned businesses represent one of the fastest growing facets of the economy. It makes sense. In the past decades, more women in their 30s and 40s have felt they have the confidence and competence to start business in industries like real estate, construction, transportation, IT services and more. If you’re one of the growing group of women who are planning to start your own business soon, you’ll want to make sure you have a thoroughly planned map for your business.
The smartest business leaders plan ahead when they make any decision related to their business. Planning for the future of your business can be as simple as leasing more warehouse space than you currently need, or it can be as bold as wooing investors for your next round of financing two years from now.
The balance point to planning ahead wisely is to assume growth, but not assume success. Any growing business is going to run into obstacles, and just like a speeding car can quickly veer off its intended trajectory, so can your business.
Don’t assume you’ll be perfectly successful with a business five times as large as it is now. To plan ahead wisely, you’re much better off assuming you’ll have five times as many problems to solve. In that way you’ll place yourself at a better vantage point to predict what those problems might be, and to put things in place now that will manage those difficulties.
Plan for Communication
One potential for major disruption for any growing business is communication. Of course it depends on what kind of business you’re running, and what kind of employee communication you need, but communication in some form is going to be key.
If your sales team will be on the road, you’ll need a mobile communication system that can be scaled to fit as your business grows. If your team will be logging onto your intranet from locations across the country or around the globe, you’ll need a collaborative software solution that can be updated in real time, so team members can move projects forward from wherever they are. If your company will be storing sensitive business or public data, you’ll need a secure IT solution that provides two or three stage authentication practices, and a manager who can ensure that you’re adhering to state and federal regulations regarding data security.