Start 2023 strong with these winning small business strategies!

In 2022, Ladies Who Launch hosted events with expert speakers who helped break down the barriers women and non-binary small business owners face. Here are some key takeaways—from tips on financing to insights on being resilient as a leader—to inspire you and support your small business as we prepare to enter the new year.

Seeking capital doesn’t mean your business is failing, it means it’s healthy and growing.?

“When you need more capital, it’s indicative that your business is healthy and it’s growing,” Peggy Marie Alford , Executive Vice President-Global Sales at PayPal expressed during our Virtual Resilient Leadership Summit. Don’t be afraid to research your options and take on debt if it will help your business grow. With the right preparations and business plan, your cash flow can cover your debt.

“In my culture, I always shied away from getting loans,” Dr. LaTeasha Gaither-Davis , Founder & CEO of Therapeutic Focus, a pediatric occupational therapy business in Arkansas, said during the Virtual Summit. “I thought, ‘Oh no, if I start my business I have to do this on my own.’... I realized that I needed those, I needed some sort of capital so that I could increase my revenue, increase my employees.”

Hiring and retaining talent isn’t easy. Be flexible and transparent when expanding your team.?

“You’re constantly flying the plane while you’re building it,” Amy Peterson , Co-Founder and CEO of Detroit, Michigan-based retailer Rebel Nell , shared at our San Francisco event of her small business’s hiring journey. You often don’t have time to think when you’re a small business owner trying to juggle multiple priorities, but by stepping back and identifying goals and expectations for every role she hires for, she’s been able to make more thoughtful hiring decisions.?

When expanding your business and hiring talent, it’s important to be flexible and transparent while investing in your employee’s personal growth. Coach your employees up in the organization, or coach them out to pursue their passions elsewhere. “Retention for the sake of retention is not what we’re trying to achieve. It’s working the fit as long as you have it,” Irene Shiang Li , Co-Owner of Boston, Massachusetts-based Mei Mei Dumplings and Prep Shift, expressed.

The community you build around your business will help you through good times and bad.??

At all of our events, the concept of community resonates loud and clear with attendees. Building a community you trust helps support your resilience as a leader. “Finding your niche in your community and finding that coach, that mentor, that person that's going to vouch for you and is going to make sure that when those opportunities come up that you're ready for them,” Yumeka Rushing , Chief Strategy Officer of NAACP , shared with our San Francisco audience.?

Many small business owners express that their network is what has saved them during hard times. “The people in this room have always been the ones who’ve worked together to get us all through tough times,” Jayne Brady , Head of Northern Ireland Civil Service, said at our Belfast, Northern Ireland Summit. Sharing resources and paying it forward to others in your community will strengthen your business.?