Having a tailored business framework can help businesses set up a strong foundation for success and resilience. Women-led businesses are showing promising growth across the nation, and by putting strategy on paper it could help these businesses unlock barriers and achieve goals to scale.
This growth, particularly in small-to-medium sized business, is prominent, with 85% of women business leaders in Australia saying they plan to hire in the next year and 80% already investing in scaling, according to data from Women’s Agenda’s latest insights report, published in partnership with CommBank.
While these insights are promising, the data also shows that only 7% of these women indicate that their business is thriving.
It’s a noticeable gap that highlights not only the ambition these women-led businesses hold, but also the many pressures they face, including burnout, a lack of support structures and access to funding.
Intentional strategy
To overcome these ever-changing challenges, entrepreneur and CEO of the Ginsburg Firm Fleur Madden has laid out a blueprint for success, saying the key lies in women being “strategic and intentional” with their business development.
“Many business owners reach a point where the organic traffic slows and their existing network has gotten them so far,” Madden says. “If they want to scale their business, business development needs to be strategic and intentional.”
Madden says this involves doing many things, including building and maintaining meaningful connections.
“Successful business development is about meaningful connections, knocking on new doors, reminding people you exist, telling stories that engage, building your community around your business, adding value and doing it consistently,” she says.
“It isn’t one thing, it is everything over the course of every year.”
And while “everything” might feel overwhelming at first, Madden says that’s where intentionality comes into play, as it’s important to remain focused on clear targets.
“Take the time to do an annual business strategy, so you know what success looks like for you this year and let the team know your targets so you are all working together for the win,” Madden says. “Push yourself to think bigger and play a bigger game. It’s time to step into who you came here to be in this business.”