Smaller is not Easier

It's one of the perplexing business questions of our time: 

Why are women-owned firms still smaller, on average, than their male-owned counterparts?

A commonly cited reason is that many women entrepreneurs make a conscious decision NOT to grow their business so they can have more flexibility and "work/life balance."

Some entrepreneurs worry about expanding and hiring because they fear giving up control, not making payroll, and having people who rely on them for their livelihood. Others think that doing everything themselves makes it easier to manage their business.

From what I've seen as a business coach and angel investor, in reality the opposite is usually true. The bigger your business the more you can delegate to employees and the more time you have to spend on non-work related activities. Plus, delegating frees you up to focus on the long-term strategy you need to grow your business more profitably. 

To help you get started in determining if your business has growth potential, author of Blueprint to a Billion, David Thompson — a management guru who uncovered patterns behind billion-dollar firms — reveals some of the most critical factors to achieving exponential growth:

• Create and sustain a  breakthrough value proposition — What is unique about your business? What problem are you solving or need are you filling in a better or different way than other businesses are?
• Exploit a high-growth market — Where's the market for high growth for your business?
• Build and nurture marquee customers — Which of your customers can be a source of exponential revenue growth?
• Leverage alliances to breaking into new markets — How can you leverage alliances with bigger companies or partners to accelerate growth?

Don't be afraid. Set an intention to grow your business. Develop a plan for growth and a hire a team to help you execute it.Your business, your country AND your family will thank you. 

The bigger your business is, the more you can delegate to employees and the more time you can spend on other things you want to do.