Top 3 Challenges of Women Entrepreneurs

Women are go-getters and doers in our society. Our ability to multi-task is lauded everywhere (although this idea has a negative implication of multiple burden on women). But as they say, when life throws you lemons, make a lemonade. This is exactly what I did; apply my ability to multi-task in conquering the challenges I face.

As determined as I am, there are just challenges I have to face in managing my small business. I am sure most women with Small to Medium Enterprises (SMEs) could relate to the following:

1. I have too little time in my hands!
I have learned to become flexible due to the many duties I attend to. People might think I have more time on my hands than an employee but that’s not true. For a business woman, longer working hours is equal to more income generated. An hour could be worth a couple hundred of dollars. It is ironic that I could rarely afford to get away even for a short vacation.

2. I don’t have enough money to keep going
Not having enough money is one of top issues for SMEs. The descending percentage of sales results to a tight cash flow which in turn results to another bunch of problems like inability to pay office taxes or the payroll of employees, or worse, lay-off in the workforce.

No proper accounting system results to untidy finances, in other words, chaos!

3. My finances are untidy
There are also instances when there are heaps of clients and income but the finances are in a mess. This happens when there is no proper accounting system or when we have become too occupied with other daily tasks that we have pushed the financial management aspect of our business to the back of our desks.

The solution? Let’s Get Smarter With Our Business!
Always remember that more income spells more employees who could help ease the burden. That means more personal time for us! It is never a disadvantage to invest in the human resource. Provide training and opportunities for them to grow and develop a sense of owning to the company.

More importantly, identify marketing strategies to boost the sales. Learn to read and monitor financial reports especially the cash flow and budget. Cash flow monitoring is very important in a business; it can make or break us.

It might sound complicated but we don’t have to do it alone. The key is to collaborate together and be empowered women to lead today’s businesses.

As Andrea Jung, president and CEO of Grameen America, said; “Don’t underestimate the importance of a peer support network: Entrepreneurship can be extremely lonely…Building a peer support network is critical to staying motivated and sharing information and resources.”

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