OH, BABY(CAKES)!

Wow, what an evening it was!

We had the best time with Erin McKenna of BabyCakes NYC on Thursday night at our second event in the IGC Conversations Series.

Erin was simultaneously hilarious, sassy, inspirational, and SMART in sharing the BabyCakes story. I thought people might start rolling on the floor they were laughing so hard. And did I mention the desserts? Who knew that good-for-you could be SO GOOD!!! Honestly, with the list of things that isn’t in the desserts it is hard to imagine what is, but it should suffice to say that there wasn’t even a crumb left over by the end of the night.

In all seriousness, we really learned a lot and are so grateful to Erin for generously sharing her time and wisdom. Erin story reflected many of themes that we so often hear from those entrepreneurs that we admire.

Though I will never be able to accurately recapture the evening, I do want to share some of the key points!

In addition to her funning and enlightening stories, Erin talked with us about:

Staying True to What You Know.

More specifically, Erin discussed the importance of believing in yourself and the integrity of your concept. We all know that everyone we talk to has opinions (for better or for worse) and it is sometimes hard to know what advice to take and what to leave. This is easier when you are very clear about what your goals and mission are! Erin knew what she wanted to accomplish and what elements would be critical to her success and so she refused to compromise on those. She aspired to create more than just a bakery but also a missing and needed experience for those with food allergies. By keeping that in sight, she was able to deflect unhelpful advice, suggestions, and nay-sayers.

Acknowledging What You Don’t Know.

Erin also talked with us about the importance of identifying the areas where, as an entrepreneur, you need help and assistance. She leveraged many resources to help fill functional gaps in her knowledge – such as the SBA, SCORE, friends, family, professional services, etc. She also talked about how she was able to adopt some key ideas from others and integrate them into her business: such as the idea to partner with like-minded/branded designers to create different uniforms for each season at BabyCakes. It is important to be flexible and open to ideas from the outside in order to make your business as successful as it can be! We are all just one person!

What’s Next?

Erin’s genius has sparked a MOVEMENT and there is lots of opportunity and interest for expansion. She discussed how to be smart about growth and all the things that need to change in order to make room for growth – namely her own role! Like many entrepreneurs, Erin was involved in many of the operating details when BabyCakes first opened (read: frosting), however this type and level of involvement turned out to not only be unsustainable for her as a person but also for BabyCakes as a business. In order to focus on the entity, Erin had to change her role and put systems in place to make BabyCakes more autonomous. She did this successfully and thereby freed up time and energy to focus on the exciting next steps of the business. (Preview: The West Hollywood bakery is opening soon and her CookBook is due out in April and is available for pre-order on Amazon).

Model Businesses.

Erin shared with us some of the businesses that have had the biggest impact on her and how their influence has shown up in Erin’s business.



In particular she mentioned:



1. how Julia Childs validates for her the importance of originality and ingenuity. Julia Childs was always comfortable being herself, even if it was not exactly what you might expect.



2. Also Erin pointed to a restaurant, Chez Panisse, that she worked for in Berkeley, created by Alice Waters. The experience there influenced Erin’s thinking on the cultivation of work atmosphere/culture. Erin discussed how proud each employee was to work at this particular restaurant and what Alice Waters did to encourage and foster that feeling. Erin has worked hard to cultivate a similarly strong and warm culture at BabyCakes. Erin also noted that Alice Water’s personality was so infused with the brand and feeling of the restaurant that even after Alice didn’t spend as much time there, you could tell it was hers.



3. This trait, using the brand as a strong extension of self, is also what inspires Erin about Built by Wendy, Brooklyn based designer extraordinaire, who was the first external designer to collaborate with BabyCakes on their uniforms. Built by Wendy is another business that reflects many of the same qualities that we love about Erin and BabyCakes: innovation, integrity, vision, and authenticity…it should be no wonder that they are so compatible and collaborative!

Another big THANK YOU to Erin! And, all, seriously, you have got to try her goods! They are great.


posted by Adelaide

ARE WE ALL IDIOTS? MAYBE...

A couple interesting articles on the HBR Blog got me thinking this morning…

The first highlighted (still more) insightful comments by Warren Buffet on the financial crises. The second questioned the stability of the social media world in what is certainly a “down economy”.

The first article, “Wisdom of Warren Buffett: On Innovators, Imitators, and Idiots” recaps an interview given by Mr. Buffet, in which the following exchange occurred: “At one point, his interviewer asked the question that is on all our minds: "Should wise people have known better?" Of course, they should have, Buffett replied, but there's a "natural progression" to how good new ideas go wrong. He called this progression the "three Is." First come the innovators, who see opportunities that others don't. Then come the imitators, who copy what the innovators have done. And then come the idiots, whose avarice undoes the very innovations they are trying to use to get rich.”

This seems to be a reasonable statement about the financial mess the world is in. Someone creates or adapts a new product to meet a previously unmet need. Others observe the innovation jump on the bandwagon looking to produce more and more of the same. This new product gains popularity and buzz becomes the new “it” thing. All the while still more people are joining up, investing more time and resources into the new product, pushing the boundaries, and expanding the applications. It is very easy in this situation to understand how the original intention for the product may be lost and the how the product could be misused and ultimately be yielding very little value.

The second article, “Is Web 2.0 Living on Thin Air?” questions the value that social networking and social provides and if that might be sacrificed if all of us are concerned about our livelihood and bottom lines.

The author, Tom Davenport, writes: “Have you ever sat at Starbucks with your Mac laptop open, sipping your mochaccino or your chai latte, and looked around at the others just like you? Did you wonder whether our economy had grown a little overly precious? How can we really be producing value if we're all sitting around blogging and Facebook-friending each other? …Now all this fervent typing feels like we drank too much grain alcohol punch at a party last night. In the cold light of a morning-after economic crisis, one questions whether social media can really be the basis of a solid economy. Will people really have time to do all this friending if they fear for their livelihoods? Will we have time for Second Life when we have to take a second job?”

While Davenport’s focus is clearly more about the sustainability of the INDUSTRY in THIS ECONOMY…it got me thinking about how the Innovator, Imitator, and Idiot paradigm can be applied to small business owners and their use of social networking and web 2.0 tools.

Most of the social networking tools out there are smart innovations designed with a purpose in mind. They can be quite useful and interesting. For example, Facebook allows us to maintain strong(er) relationships with acquaintances that we might otherwise have lost touch with. Among other things, blogs allow for additional and affordable publishing venue and give power back to consumers in who openly and honestly express their opinions and critiques. These revolutions in technology are important and often revolutionary, impacting and influencing both social and business landscapes.

While one could easily argue that the creators of ALL these tools, and more tools, and widgets, and gadgets may clearly fall into the innovator, imitator, and idiot paradigm, I would also argue that the users do too. Specifically us, the small businesses owners. Us. Those that try to leverage 2.0 for business development and enhancement.

Given the change in the economic climate, I think it may be important to ask yourself where your usage of Web2.0 has fallen vis-a-vis Mr. Buffet’s 3 categories.

Bluntly, in terms of using social technology as a business development tool, are you an Innovator, an Imitator, or an Idiot?

Think about it…

* Were you the some of the first to use these tools to better reach new customers or maintain relationships with existing ones?

* Are the hours you spend online updating your profile and blasting your daily activities really helping your business?

* Is the time have you spent focusing on how to adapt or introduce new bells and whistles into your business worth it?

* More so than spending the same energy focusing on the overall direction or value that you provide?

* Even if you are a Facebook follower (like me) rather than a leader or initiator, have you really learned much of value while trolling the site?

* Are you using the tools that you spent time creating well? Do they serve a business purpose?

For some of you, the answers to these questions might be YES, and if so, kudos. But I imagine for many more of us, the answer is NO.

Many of us are trying to integrate these technologies into our business regardless of their use and beyond their utility. And my guess, is that is a waste of precious time, especially now.

Certainly this is not a call to throw the baby out with the bath water…I will not be dismantling our blog or our facebook group. Instead it is a call to audit your use of social media. Make sure it makes sense. Make sure it meet a business goal or a client need. Make sure you are NOT being an imitator or an idiot.

posted by Adelaide

WANT TO WIN WOMEN? REPACKAGE.

Books and reports and news sources have been talking for years about the strategic value of targeting and marketing to women consumers. And businesses have listened. Many have even been created with this insight in mind (a la In Good Company Workplaces). Even more existing businesses have launched new products and services that are designed to specific appeal to women.

Interestingly, however, two perhaps unexpected and traditional businesses have recently take steps to repackage their existing services and offerings in order to heighten their stock in women's minds: Best Buy & The Wall Street Journal.

Springwise reports that Best Buy (one of the worst places on earth, I think) opened a new store in Aurora, CO, that was not only designed with women in mind but was also based on specific feedback solicited from local women consumers. Among the findings "were that female customers wanted more help seeing how products could work together and fit into their lives".

The re-design project took 9 months, and now..."Gone are the chain's typical warehouse-style blue interiors and metal shelving, replaced instead by wood paneling, carpets featuring earth tones and skylights for natural lighting." The company is hoping that the costs invested will be off-set by consumer loyalty...Let's hope so. I haven't gotten to experience the new approach, obviously, but I would be interested to see what it is like. And I would be thrilled, if this new format were to be applied to our local 23rd street store.

The Wall Street Journal has just rolled out "Journal Women", which serves as a web-gateway to consolidated relevant news articles for 'Career Women'. So far, I love it, and have temporarily made it one of my home pages...

So, in addition to the more typical, "how do you appeal to women" question, I am thinking more about the notion of repackaging your existing goods for various market segments...

How do you account for regional variations?
Different demographic groups and buyers?

It reminds me of one of my favorite Inc articles from several years ago...Life Lessons about the company Life Is Good and its approach to franchising. The Life Is Good founders allow franchisers much more autonomy than is typically given so that they can specifically customize their store for various audiences and regions.

All food for thought...

posted by Adelaide

GETTING MORE FROM WHAT (TIME AND RESOURCES) YOU ALREADY HAVE

Let’s say I am your average entrepreneur and I spend much of my time doing things that don’t add unique value to my business. These things are administrative and operational, and they take time away from the more strategic efforts I could be (should be) working on. So let’s say that I recognize this problem, and decide to off-load some of the task that I am unnecessarily doing. Good step, good progress.

However, the challenge is that I do things in my way, and my way is NOT efficient - it is just what I am used to. And now, I have the headache of trying to train someone else in the methods of my madness and that someone is remote no less. So, the incredibly productive breakthrough in thinking (hiring an assistant) has now been spoiled by the stress training someone in your own insanity AND trying to find new ways to share information – date sharing, filing, storing, etc…

Productivity and efficiency aren’t things that occur naturally. But like many bootstrapping entrepreneurs, getting the most of what you already have is a key success strategy. I am someone who often looks for ways to trim time and increase output (especially now in this economic climate). However, I also am guilty of going with what I know rather than investing the time that it takes to change a process or system…especially when that process seems to be more trouble than it is worth.

But this will be NO MORE, thanks to Secretary in Israel !!

Ever since I got a call from Sarah Leah Gootnick in spring of 2008, I have been a big fan of her business. I love the social mission (creating well paying jobs for educated American women who are living in Israel and faced with a poor job market) and the innovative business model (connecting this talent with needy, time- and money-starved American entrepreneurs; the matchmaking element – which makes it easier to find the right person and get started; the low and flexible minimum usage – 5 hours a week; AND the productivity training that accompanies the service).

I don’t have a need for a remote assistant at this point (due primarily to our wonderful office manager Donna who keeps everything together and moving smoothly!!), so it is this last element – productivity training – which has been particularly interesting to me.

So, when Sarah Leah let me know that she also offers productivity training (which she will do for just you or for you and your in-person assistant), I jumped at the opportunity. She told me that there were probably tons of easy things that I could do that would save me lots of time each week, and that I might prevent grey hair if I learned these tings now! And, she was right, well, at least about the saving time part (grey hair delay is still TBD). In my hour with her, we focused on several things that I think take up a lot of time. Many of these new tricks are internal things, but one that you all will see right away is the new event RSVP system.

Here are some of the things that I liked best about Sarah Leah’s approach:

* One size doesn’t fit all! Sarah Leah wasn’t trying to peddle one right system, or the system that happens to work for her. She made several suggestions about each topic we discussed and listen carefully to my preferences.
* Focused on delivering immediate value. Sarah Leah asked me where I feel that I waste the most time and focused her energies there. I wasn’t learning about things that I would barely use.
* Budget conscious. Sarah Leah suggested services and products that were all free or very low cost
* Simple and straight forward. Sarah Leah’s suggestions and recommendations were all things that were easy to implement and maintain!! Who wants a system that makes things more complicated?

I began implementing my new system immediately and I am so grateful for the time saved. Now, time to focus on those things that are really important…

CONSULTANTS CONNECTION RE-CAP

This week’s Consultants Connection meeting was fantastic. It was another very full room. Everyone’s enthusiasm about the group is wonderful. And, we were sad that we had had to turn folks away. Early RSVPs next time!

We spent much of the time talking about concerns for the economy and the impact the changing economy has on us as small business owners and entrepreneurs. And while the exact kind of impact seems to vary across industries and businesses, one thing is for sure: things are changing and we need to adapt. Some entrepreneurs talked about experiencing tightened budgets, reluctant clients, and slower sales processes. The group suggested creative ways to scale offerings, add value to existing clients, and engage new clients. We also spent some time discussing the importance of highlighting to your clients the business case for and importance of your service, especially when budgets are tight. Why is it important for your clients to invest now and what will they gain?

Others entrepreneurs, whose businesses are obviously differently positioned, talked about experiencing a boon of interest and recognizing huge client and project potential during the economic downturn. In response, we all suggested ways for them to position and package their services, structure their offerings, and streamline their efforts.

To all that attended, thank you for such lively dialog and for your rich contributions!

In addition, a member shared a helpful article, The Great Shakeout, by James Cramer from the latest issue of NY Magazine that discussed economic prediction for those of us in NYC over the next two years.

After we left, I found another helpful and relevant reading that relates to utilizing an economic downturn for strategic advantage. Specifically it states a strong business case for initiating marketing efforts during a time when your competitors are probably tightening their budgets and laying low. The article, The Best Global Brands in Business Week Magazine, not only highlights the “Top 100”, but also cites specific iconic brands that, during previous times of economic challenge, have bucked the conventional wisdom to cut marketing budgets and instead used the slow down as an opportunity to stand out from the crowd and really make an impact.

We are really looking forward to the next meeting (November 11; 2-4pm) but in the meantime...
Remember, agility is a benefit of entrepreneurship. So is agency. You are nimble enough to make the changes necessary to succeed amidst a changing environment. What is your strategic advantage? What can you do to adapt?

posted by Adelaide

15 SECOND FORTUNE

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"So, What Do YOU Do?" Workshop Recap at IGC

guest blogger: Laura Allen, of 15SecondPitch.com

You couldn’t fit another person in the conference room for the “sold out” In Good Company 15SecondPitch workshop on 9/16/08. I had such a great time and was so inspired by all of the amazing women in the room that I didn’t sleep at all that night!!

Whenever I present my workshop, I’m struck by how many women hold themselves back in business and fail to ask for the sale. I don’t want that to ever happen to any of my clients and I don’t want that to happen to you. Here are a few of the juicy secrets I revealed in the workshop, incase you couldn’t join us.

1. If I don’t know exactly what you do, I can never do business with you.

How many times have you been at a networking event and you’re talking to a woman who says she “helps people turn their dreams into reality” and you’re thinking to yourself, “I have no idea what this person is talking about.” It happens all the time and it’s one of the reasons why women don’t close as many sales as they could. I’ve heard financial planners, life coaches and interior designers tell people that they “help people turn their dreams into reality.” If you’re a financial planner, I’d love to know that right up front and then I’d be very excited if you told me something like, “on average my clients only lost 2% in the most recent Wall Street flame out as compared to many people who lost up to 50%.” That’s a completely made up example, however, with a little brainstorming, you can come up with the perfect one for what you do.

2. You need a pitch for Every Niche
If you are a Renaissance Woman—meaning you do several different things for fun and/or money—you must have what I describe as “a pitch for every niche.” For example, my client Karineh came to the IGC workshop and took some great photos of me and the group. Karineh is an incredible photographer who works with clients like Versace and Kenneth Cole. However, Karineh is also very passionate about baking her own home-made Biscotti. So I worked with Karineh to create a 15SecondPitch that is all about photography and another pitch that is all about biscotti. As a result, she’s getting more sales and has no fear cold calling. You can see more of her work at: http://www.karinehnyc.com/

3.The Power of the Third Party Pitch
Most people have a much easier time recommending their hair stylist, doctor or lawyer. Team up with someone that you know and trust. Agree to send business to them and they will send business to you. Make sure that they are crystal clear about what services you provide and why you are better than the competition. Be sure that you know how to promote their services effectively too. I call this system, The Third Party Pitch System. This is one of the fastest and easiest ways I know of to increase business. Just make sure you are working with people that you truly respect and admire.

I bumped into a woman recently who attended the very first workshop I taught when I started 15SecondPitch.com in 2002. She reminded me that I wrote “FUN WINS!!” on the dry erase board in BIG, BOLD, LETTERS. I was amazed that she remembered this because I had long since forgotten. “Fun Wins” was an little idea I came up with on the way to the workshop and I just put it up on the board to get people thinking about it. After seeing the crash on Wall Street last week, I think I may have been onto something with that ‘fun wins’ idea. When people are worried and they want to be sure that they are spending their money wisely, show them that you are the best person for the job, that you’ll give them 110% of your effort and also remember to show them that it will be FUN to work with you.

I’d love to hear what you are doing to have more fun and make more money in an uncertain economy, so please take a moment and leave your comments here!! I can tell you that teaching my workshop for such an amazing group of women at IGC was the most fun I’ve had in a long time!

Having a "Growth" Mindset

A friend recently recommended a book called Mindset: The New Psychology of Success by Carol Dweck. Although I have not read the book in its entirety yet I like what I have read so far!

Read the Publishers Weekly Review:

[Mindset is "an established set of attitudes held by someone," says the Oxford American Dictionary. It turns out, however, that a set of attitudes needn't be so set, according to Dweck, professor of psychology at Stanford. Dweck proposes that everyone has either a fixed mindset or a growth mindset.

A fixed mindset is one in which you view your talents and abilities as... well, fixed. In other words, you are who you are, your intelligence and talents are fixed, and your fate is to go through life avoiding challenge and failure.

A growth mindset, on the other hand, is one in which you see yourself as fluid, a work in progress. Your fate is one of growth and opportunity.

Which mindset do you possess? Dweck provides a checklist to assess yourself and shows how a particular mindset can affect all areas of your life, from business to sports and love. The good news, says Dweck, is that mindsets are not set: at any time, you can learn to use a growth mindset to achieve success and happiness. This is a serious, practical book. Dweck's overall assertion that rigid thinking benefits no one, least of all yourself, and that a change of mind is always possible, is welcome.]

I am particularly intrigued by the applications of this “mindset” to entrepreneurs. Come to think of it, in many ways, having a growth mindset may be a key ingredient to entrepreneurial success. If you are an entrepreneur, whose ultimate goal is to yield business success, using a fixed mindset approach in response to business challenges will likely result in greater challenge and failure.

For example, if you have a conflict with a client, you could just say that the client is difficult and therefore the conflict is the client’s fault. That would be a fixed mindset approach, which may prove to be detrimental if you loose the client’s business. A growth mindset would be to take responsibility for your part of the conflict, see how you can fix the situation, and learn from it so that you may avoid similar conflicts in the future.

To learn more about your current mindset and tips about how to change a fixed mindset to a growth mindset – check out Dweck’s website http://www.mindsetonline.com/.

Posted by Amy

Catching Clients

Starting this fall, we have decided to focus on a particular theme each month and reach out to our fabulous community for their thoughts, ideas, experiences and stories about those topics. Since many of us are experiencing the 'back to work' mentality that the end of summer often brings, and many of us are thinking about Q4 numbers as we stare down the end of the year, we decided that September's focus should be innovative ways to land or "catch" clients.

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Here are a few of the stories that our members have shared with us: Lynn Berry, Field Manager of Atlantis Health Plan (646-421-8717) stood outside the Union Square movie theater while "Sicko" was playing, handing out flyers and wearing a backpack sign. A man and his two boys stopped to talk, and she ultimately signed up the family.

Sarah Leah Gootnick, Founder Secretary in Israel LLC considered ALL of her connections and resources when looking for new business. "When I launched my business I sent an email to my Rabbi asking him if he would email his synagogue about our virtual assistants. I got an unexpected email back from him letting me know that he needed a virtual assistant for his congregation! Not only has that worked out great, but he introduced me to some of his other Rabbi colleagues, too. So you just never know who might be a potential new client!"

Galia Gichon, Founder of Down-to-Earth Finance was trying to reach a few strategic large organizations to present seminars to their employees. She didn't have any contacts so she cold called them. When she reached one Executive Director, she was not able to bring Galia in on to present seminars at her organization BUT she signed up for my individual services right away! A few years later, the Executive Director brought Galia in to present seminars to the organization!

Christine Janssen, denken Research & Consulting just developed and launched "The Recession Special" to enable entrepreneurs to keep moving forward with their businesses despite the crazy economy. She is offering 25% off all of her services during September and October, plus if you refer a new client to Chris during that same time period and they also subscribe to her services - you will BOTH get 30% off any services that commence between Sep 1 and Oct 31!

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And, how about us?

Well, Amy met delightful IGC member Dages of Delicious Dialogues at a sample sale last August. And we also recently began working with a fantastic video producer who was tasked with shooting IGC for a clip on Current TV (yet to be aired). Another of our members, Christine Courtney of C3 Agency, represented the drink sponsor for the launch of Galia Gichon's My Money Kit.

Moral of the story? Shop and go to sample sales. Well, more to the point...be open to meeting people and talking about your business whereever you go. You never know where new clients may maternialize but resourcefulness, creativity and persistance can pay off! So, think about what creative outlets YOU can use to find your next client.

Hijacked: When your business goes off course

One of the most appealing aspects of going into business for yourself is that you are finally your own boss. You can make your own schedule, work when you want, on your own terms. As an extension, your job can take into account what is important to you. Whether it be income, hours, flexibility, autonomy, the creative process, etc. How exciting! How refreshing!

Fast forward to weeks, months or years after you launched your business to find yourself working 24/7, with no flexibility in sight, making less than you'd planned, managing operations instead of creating, knee deep in the weeds. And did we forget to mention, not feeling very happy, productive or successful?

What happened?

You have officially been hijacked, yes hijacked - by YOUR own business.

How did this happen?!

Mostly likely, you haven’t paid proper attention to the way in which you have grown your business.

Let's back up a few steps and explain.

We all know that most businesses grow and change over time...production used to be in-house and is now outsourced... It used to be 100% service, and now there is product... You used be in one location, and now you are in several... You have added all sorts of fancy communication tools, or programs, or classes, or staff, or additional lines...

But it is hard to think about what changes will come when, instead, you are focused on what is immediate - going to market, getting the first client or account, paying the bills.And, during this heavily focused phase we are inclined to think that any growth is good. That means it is working, right? It is what many of us want, right?

Often, yes - Growth is Good!

BUT, what we neglect to recognize is that we have choice over HOW this growth occurs, WHAT direction our business takes and WHY.

We forget that we actually have control over these things. And, that instead of growing in the direction of least resistance (the next easy client, reemploying tactics that have worked in the past), we can actually chart the course of our business and make sounds decisions that continue to account for our individual goals and needs.

You can continue to run and grow a business that gives you the flexibility, income, autonomy that you desire by being very clear about your business goals and needs right up front and all along.

Your specific needs should be at the top of the agenda right up there with making money!Doing this is the only way that you can make your business WORK FOR YOU!

And, considering all the work and sacrifice you have given to your business doesn’t this seem only right?

Don't let yourself be hijacked by your business.

shared by Adelaide & Amy

STRENGTH IN NUMBERS

Check out our post on the New York Women Social Entrepreneurs' Blog (NYSWE)!

This Strength in Numbers article is an adaptation of a concept piece that Amy and I wrote when In Good Company was just a teeny tiny idea that we had. It is so exciting to think about how far we have come and how much we have grown! IGC is now a real place with 175 dynamic members. Thanks to you all for your support, feedback, and most of all company (since this article is about peers and relationships)! We are honored that you choose our community as a source for collaboration, support, inspiration, and expertise.

And, if you haven't heard of NYSWE before, take the time to get connected. They are a wonderful group of women who are doing very good things in the world.

(NYWSE is the New York Chapter of Young Women Social Entrepreneurs (YWSE). In addition to events, such as member-led workshops, a group of ten to twenty women meets monthly to share stories and support each other. NYWSE members include seasoned social entrepreneurs, women transitioning from one career to another, and/or adding a social venture idea to their already full plates. NYWSE supports and promotes women social entrepreneurs through workshops, networking opportunities, and a book club forum.)

We have reprinted the article below:

Small and woman-owned. Few, if any, employees. Creating meaningful, flexible, and successful work. We know these women well. We are these women. Our clients are these women.

The good news is that we are in good company. Media and news sources continue to site the staggering rise in women business owners. A whopping 42% increase in the last 8 years, according to Center for Women’s Business Research!

Despite the sheer size of our community, however, we are always surprised to find out how isolating being a business owner can be. We have consistently found that while our clients interact heavily and frequently with their clients and industry colleagues, they have relatively small networks of other women business owners. One the whole, we are very disconnected from one another.

Why is this the case?

Perhaps it is because many of us work from home; perhaps it is because we are stretched for time and don’t prioritize connecting with others outside our business; perhaps it is because we all fear competition; or perhaps we find it hard to believe that as a professional services consultant we can learn from or help another type of business be it a store owner, designer, or freelancer.

Perhaps it is a combination of all these reasons that prevents us from investing the time to cultivate strong women business owner communities.

So we ask, ‘What is the cost of not cultivating strong peer relationships?’

Our experience has shown that our women business owner colleagues have an abundance of valuable and helpful expertise, experience, feedback, information, and resources. These relationships have enabled us to trouble-shoot and creatively solve problems, make stronger and wiser decisions, create new business opportunities, and forge strategic partnerships and alliances.

At first it might not seem as obvious the value that other businesses have to offer you. However, once you dig a little deeper you may find for example that an independent lawyer has lots of advice on how to increase your margins, that a designer can offer feedback on the best ways to delegate and outsource tasks, that a consultant can share advice about how to create solid customer relationships, that a store owner can teach you about product line expansion, or that a freelancers can help you feel more comfortable selling yourself. There are countless things to learn and ways to leverage our collective experience and wisdom…if this information is shared.

You can start to build and cultivate a strong peer community with a few simple changes.

1. Get involved with other women business owners!
Instead of exclusively focusing your time and energy on those with whom you transact business, ask your peers for help and feedback on current business challenges, growth goals, business vision, and long-term plans. See what you can learn from their experiences and perspective. What is validated? What is challenged? What is solved?

2. Create cross-industry partnerships!
Instead of relying on your existing industry networks and contacts, reach out to women business owners in other industries to see what you can learn and leverage. Perhaps, together, you can craft a joint offering, referral system, or learn from each other’s typical business challenges and strategies.

3. Forge strong within-industry relationships!
Instead of fearing and shying away from your competition, you should know these businesses and make it a point to have a positive relationship with them. Carving out your own niche and being clear about your areas of specialty will enable you to comfortably work and collaborate with those you might otherwise see as competition. Consider the ways that you and successful others in your field could leverage your joint value and different areas of expertise. These relationships can also serve as great sources of referrals and trouble-shooting solutions.

We have made it part of our core business values to connect with our peers by creating a collegial community and fostering collaborative business relationships. This not only contributes to our bottom line but also enables us to better manage, grow, and enjoy our business. As peers, we encourage all women business owners to make it part of their business to connect with others, and to recognize the strength and wisdom that comes in numbers.