Thinking strategically requires that we understand the difference between strategies and tactics.

 

Strategies and strategic objectives imply long-term thinking. Sit back in a private place with a beverage and some music, or the sound of rain, or complete silence, and start your brain working to visualize where you want your business to be in five or ten years. That’s your ultimate and overarching goal. Some people call it a vision; it’s what you are aiming for across time – your business raison d’etre.

 

Now what are the five (three? seven?) most important things you need to accomplish before you are able to achieve that goal? Those are your strategic objectives.

 

Set those objectives in a priority or ranking system. Can they be achieved simultaneously or are they dependent on one leading to another. Now you have a bit of a longitudinal time component.

 

What is the environment like in which you wish to achieve your objectives?  Here’s the time to do your SWOT analysis.

 

What paths will lead to the achievement of each of your strategic objectives?  Ensure that they take advantage of opportunities, overcome threats, and take into account the internal strengths and weaknesses of your business enterprise. These are the tactical elements. What are the specific steps that you need to take to bring your tactics to bear on your objectives?  Those are your tasks.

 

Add time lines. When should each task be performed – today, next week, next year? Attach tasks to the specific tactics to which they pertain.

 

Consider your resources. How can each of your tasks be accomplished?   Ask yourself:  What will I need in human and financial resources?  What will I need in internal resources (strength, energy, attitude, education etc.)? 

 

Now you have the beginning of a plan.

 

By ensuring that your tactical thinking has real-time tasks that you can do or delegate, you’ve turned your strategic plan into an action plan.

 

If you are a woman-owned or –partnered business in Manitoba, we can help you with this process through our advisory services.

 

Simplistic? You bet. But it’s a great way to get started. You’ll pick up what you need on the way.

 

Posted by Sandra Altner at 10:43 AM 1 Comments

Tags strategic planning  strategic objectives  goals  tactics  women entrepreneurs  women-owned businesses  Women’s Enterprise Centre   

In academic entrepreneurship parlance, ‘gazelles’ refers to those businesses that LEAP from a standing position to exponential growth in a short period of time. Generally, these are businesses that have been around for awhile, have been stable with slow and steady growth and have built a foundation from which to spring into a new incarnation when the right opportunity arises.

There aren’t many women-owned businesses out there that exhibit this behavior. Those who work with women entrepreneurs and those who study female entrepreneurship ponder the question of the dearth of female gazelles in the North American business community.

It’s a question we’ve wrestled with here at the Women’s Enterprise Centre of Manitoba. We certainly see lots of solid businesses that are owned by women. Recent surveys and studies suggest there are several reasons that prevent women from becoming gazelles: women are more risk averse than men and there is some risk involved in the great leap; women have the practical and tactical responsibilities of family management and might not have time or energy to get to the next level; some women do not see business growth as a desirable goal and prefer to keep their enterprises small and self-contained; women may not be sufficiently networked to be cognizant of many of the growth opportunities that could benefit their companies; woman may not have the financial, human or knowledge resources to take advantage of opportunity.

What do you think? What are some of the things that prevent or hinder the development of your company and keep it from leaping into a bigger and more profitable initiative?

We’d be very interested in your comments and ideas in response to this post.

Posted by Sandra Altner at 1:48 PM 1 Comments

Tags gazelles  women entrepreneurs  women-owned businesses  business growth  Women’s Enterprise Centre 

What is the sound of 200 women networking?

It’s loud; it’s energetic; it’s full of excitement, discovery, exuberance and revelation. I have to say, it’s music to my ears.

I heard that music alot during the past two days as part of the WEConnect “Contact to Contract” conference in Toronto. The gathering was a great example of the WEConnect mandate in action. It brought together entrepreneurs, corporate diversity procurement executives and specialists, government representatives and “RPOs” (regional partner organizations); the latter group included all four WEI (Women’s Enterprise Initiative) groups in western Canada and, of course, includes us at the Women’s Enterprise Centre of Manitoba.

The program was designed to encourage contact among and between the various players. Many of the women business owners at the conference are examples of WEConnect certification success stories. Through certification, they were able to gain access to procurement specialists at large corporations or to second and third tier suppliers who they might never otherwise have been able to target.

The WEI umbrella program, “Access to Supply Chains Project” enables the WEIs to assess women-owned companies for certification under WEConnect. In addition, the program provides guidance and support to companies that are working to build and grow certifiable companies but who are not yet ready to target the major corporate and government markets to which WEConnect is a conduit. Supports for this growth can be found through the WEI in the other western provinces: Alberta, Saskatchewan, and BC.



Whatever your state or stage of business, if you are a 51% woman-owned business with the intention to grow, you will want to be at this conference next year. The energy was boundless, the content was very useful (everything from writing proposals and RFPs to how to develop your pitch), and the speakers were entertaining and insightful. Lots of business was done over meals and at breaks and some pretty powerful people were there to listen, advise and mentor.

Corporate supply diversity programs aren’t just based on good citizenship. More and more companies are coming to realize the savings that can come from introducing competitiveness into the supply chain through diversity buying. This is a great opportunity to aim high, think big and find that path that leads to the success you want and deserve.

Posted by Sandra Altner at 6:02 PM 0 Comments

Tags WEConnect  Women’s Enterprise Centre of Manitoba  Alberta Woman’ Enterprise Centre  Women Entrepreneurs of Saskatchewan  Women’s Enterprise Centre BC  WEI  supply chain diversity  women entrepreneurs  women-owned businesses  networking 

In my last blog, I talked about the various ways thieves can obtain your personal information and then shared with you signs that could indicate your identity has been stolen. Rather than having to deal with the unpleasant and time consuming issues that are sure to result from stolen identity, prevent it from happening in the first place! Here are some common sense tools to help you:

Phonebusters is a Canadian anti-fraud call centre and it is an excellent resource to find out about new scams; as well as how to recognize, report and stop fraud. They can be contacted at 1-888-495-8501 or www.phonebusters.com

Remember! Being informed and aware is your best defence. It can happen to anyone, and experts say that the best protection is prevention. I hope the information has provided you with some awareness, and that you can always keep your own identity!

Posted by Heather Stephens at 10:32 AM 0 Comments

Tags Women-owned business  women entrepreneurs  identity theft  bank cards  phishing  spoofing 

I believe in the giving part of networking. The attitude should be one of providing value for value received — whether it’s finding a work connection for someone, creating a referral, or simply providing a link to an area of interest. Women generally are very good at this. By virtue of the ‘nurture’ aspect of our socialization, providing help is the easy part of networking.

There’s another side, though. One that’s often much harder for women – actually working the network, asking for work, contacts or favours based on slight acquaintance and nebulous connections. Men do it all the time and do it well.

Did you see the ‘Mad Men’ episode where Don shows up for a job the morning after meeting Roger in a bar? Roger had too much to drink and doesn’t remember promising the job to Don but is embarrassed to admit that. Thus is born the made-in-heaven advertising partnership of Sterling Cooper Draper Pryce.

Now that’s networking plus major chutzpah and not many of us could go that far. However, ask yourself if, after meeting someone for five minutes and exchanging superficial work-related information, would you be able to call the person the following day to ask for a meeting, a lead or a job? More men would answer ‘yes’ than women. What is it that keeps us from taking that all important step?

“Oh, she won’t remember me.”

“We didn’t really have a chance to get to know each other.”

“Why would she do ME any favours?”

Before women ask for anything, they want to make sure that there is the basis of a sound relationship, some common values, or a relationship that has developed over time. Men, on the other hand, are generally more comfortable ‘asking’ when there is limited previous contact.

I think we could learn a lesson from our male counterparts. Don’t be shy! Assume that there will be a reciprocal relationship, whether now or in the future, and do the asking up front.

Posted by Sandra Altner at 9:11 AM 0 Comments

Tags Women-owned business  women entrepreneurs  networking  relationship development  networks 

Back in the day, networking was the physical process of meeting with and using your friends and associates to meet more friends and associates in order to find the means to further your business or personal goals.

Today, your networks may be full of people you have actually never met in person. LinkedIn and Facebook are just two of the sites that have grown in business usage and with them, the ability to connect with or create whole communities and tribes of like-minded folks.

That is not to say that face-to-face real-time communication is as dead as a dodo or that networks created through the more arduous one-at-a-time method are any less strong or effective than those garnered through cybernetic reach. In fact, there are times when the personal touch rules. When you want to create trust and credibility, the handshake and the ability to look someone right in the eye is irreplaceable.

There is no doubt that it is easier to send out a quick note on LinkedIn about your latest publication or product, than to take the time to personally meet with people who may or may not become customers or clients. This is particularly true if you feel you don’t have strong interpersonal skills, are shy, or just don’t have the time. However, in building a business, on- and off-line efforts are essential.

The key, on all levels, is reciprocity. Networks work when there is value on both sides of the table. Successful personal networkers will tell you that their most effective tool is remembering the wants and needs of people with whom they interact at networking functions. They follow up by sending out referrals, news articles, web links and contact information that leaves a pleasant impression and may bear future fruit. Similarly, in developing online communities, the most loyal ‘friends’ and ‘likes’ are those to whom you provide something that is of value, whether it is a link, a laugh or some new learning.

Networking, on- or off-line, is about giving before receiving. Stay tuned for more on networking in an upcoming blog.

Posted by Sandra Altner at 3:48 PM 0 Comments

Tags Women-owned business  women entrepreneurs  networking  on-line communities 

Do you remember your first day at a new job! What was good about it? Were there things that would have made it easier?

In order to reduce the stress for both you and your new staff person, consider developing a ‘welcoming process’. Some easy preparations on your part will make a good first impression on your new employee and can set the tone for your working relationship. While each work place is different, here are some tips to make the first few days a positive experience:

Send your new employee a welcome letter confirming the time, date and location of their first day. If you aren’t the supervisor, you may want to include the name of the person to whom they will report.

On the first day, arrange a tour of their work space, lunch room, restrooms, business equipment centre, bulletin board, supply room, etc. Be sure to introduce the new person to other staff you meet during the tour.

Ensure their desk/workstation/office is ready for them. Assemble appropriate office resources and supplies.

Arrange a meeting to talk about your vision for the company and their part in that vision.

Review the position description, discuss goals and objectives of the position, review your organization’s performance appraisal system, length of probationary period, and present initial job assignments.

Follow up with them at the end of the first day to see how it went.

Plan regular follow-ups to ensure that issues are addressed and questions are answered.

Don’t forget to advise existing staff of the addition of the new person and their role within your company.

When it’s time for you to welcome a new employee into your business, think about your own experiences and what made them memorable. It is a great opportunity to engage your employees, even before they start work and establish early on the culture you want to create for your business.

Posted by Pat Sargeant at 3:14 PM 0 Comments

Tags Women-owned business  women entrepreneurs  new employee procedures  first day on the job  welcome process 

In an earlier blog we talked about the benefit that a Board of Directors can bring to your business. But there has been increasing discussion lately about another option you may wish to consider: an Advisory Board.

In Harness the Power of An Advisory Board, writer Susan Ward states, “No business is too small to benefit from having an Advisory Board and an Advisory Board is such a powerful management tool that no small business should be without one.”

Like a Board of Directors, an Advisory Board is comprised of skilled and knowledgeable individuals whose purpose is to support you as you build a successful business. They will ask questions, draw on their own experiences, and push you to think creatively. They will also hold you accountable for decisions you make.

While having an Advisory Board is highly recommended, implementing one may be easier said than done. Now there are not only stories about the importance of an Advisory Board, there are some concrete tips on how to start and use one. Susan Ward followed up ‘Harness the Power of an Advisory Board’ with Creating an Advisory Board in which she provides several tools and tips including outlining the benefits of participation to potential members and appropriate compensation.

You might also find value in the recent Forbes.com article For A More Successful Business, Create a Board of Advisors that provides 10 guidelines on developing your own advisory board.

If no business is too small to benefit from having an Advisory Board, now might be the time to start implementing one…

Posted by Alison Kirkland at 5:59 PM 0 Comments

Tags Women-owned business  women entrepreneurs  board of directors  advisory board  advisors 

You are a sole proprietor sitting alone in your office looking for inspiration, insight and connections, who do you call?

A Board of Directors may be just what you need. Good boards are comprised of knowledgeable, experienced and well-connected individuals who can help you take your business to the next level. Just as many hands make light work, many brains can help solve problems and create innovative opportunities. Best of all, boards are not just for multi-million dollar corporations with offices around
the world.

The type of board that is appropriate for your business will depend on your corporate structure, the size of your organization and its goals, not to mention its profit or non-profit status.

While legal advice is always recommended when establishing a board, the Free Management Library ™ is an excellent online resource that will help you evaluate whether a board of directors is appropriate for your business, and if so, the form it could take.

Stay tuned for our upcoming blog on Advisory Boards.

Posted by Maurice McCarthy at 2:19 PM 0 Comments

Tags Women-owned business  women entrepreneurs  board of directors  board member 

Think about all of your connections – both personal and professional. How often do you correspond with the various communities? What is the tone? Do you talk about your work, family, volunteer activities or hobbies? Whether or not you are consciously aware of it, each community you belong to has its own set of rules. Those rules apply whether you are connecting using traditional methods such as the telephone, in writing and in-person, or via a blog, Facebook, Twitter and LinkedIn. Therefore, understanding the intricacies of each group is vital to appropriate interaction.

I was asked the other day if I thought a particular post on a Facebook site was appropriate. My answer “What matters is whether the community it was intended for thinks it is appropriate.”

The challenge with many social media tools is the blurring of the line between our personal and professional lives. Just as your friends may not be interested in your latest sales promotion, your clients may not be interested in pictures from a nephew’s birthday. The beauty of many social media tools is the ability to segment our communities so that they each receive messages that mean something to them.

Selecting the appropriate tool and crafting a relevant message are vital in any communication. The next time you update your LinkedIn profile, comment on a blog post, publish a blog, tweet or update your status on Facebook – think about the community you want to reach and craft your message in a tone and style that is appropriate for them.

Posted by Michele McClymont at 12:00 AM 0 Comments

Tags social media  Facebook  online community  women-owned business  women entrepreneurs 

Do you ever find yourself thinking that for the amount of time and effort you’re devoting to your business, there should be more cash in the bank on any given day? There could be multiple and varied reasons for this situation, such as pricing issues, underlying cost structures, or the existence of too many non-revenue generating activities, but one culprit is often cash flow management.

Cash flow management requires the same diligence and pro-active approach as managing other aspects of your business, such as monitoring, adjusting and predictive planning.

Monitoring can be as simple as visiting your business bank account online on a daily basis. Review for any automatic transfers that are set to occur, whether they are deposits or withdrawals. It may be helpful to prepare a printed list of the monthly transfers you have set up, and then simply check them off as they pass through your account.

Adjusting would involve contacting customers whose accounts are past due; or paying your suppliers on their due dates rather than your current method of paying them 10 days before the due date. You may as well have that little bit of bank interest…

Planning can involve one of my favorite tools – spreadsheets! The trick with cash flow planning spreadsheets is to make them as easy as possible to manage so that you don’t get drawn into a non-revenue generating activity. For example:



Keeners can assign days of the month to the columns to add more precision in to the process.

Do you have any cash flow techniques that you’ve found useful? If so, we’d love to hear them!

Posted by Angela Hilland at 10:15 AM 0 Comments

Tags cash management  cash planning  cash monitoring  women entrepreneurs  woman owned business 

The WECM recently launched our Facebook page so I’ve been doing a lot of reading on Facebook fan pages, creating value for fans and enhancing the client experience online. In one of the more controversial and intriguing articles by Augie Ray “What Is the Value of a Facebook Fan? Zero” Ray suggests that the number of fans you have is less important than what you do with them. The key to making Facebook fans valuable is in how you activate your brand, engage fans and drive revenue for your business. He says “It is what companies do with fans that creates value, not merely that the brand has fans.” It is the age old “quality over quantity.” Ray goes on to say, “…the operative question isn’t “What is the value of a Facebook Fan?” but “How do I make my Facebook fans valuable?”

As marketers and entrepreneurs, it isn’t enough to be a fan or to have fans; we have to think of creative ways to activate our fans to enhance their brand experience.

What are you doing to engage your Facebook fans? How are you enhancing their brand experience? What have you tried that worked well and what are some of the lessons learned? Do you have pictures and videos to help fans feel engaged with you and your brand? Is your Facebook page all about promotion or are there elements that create value for your fans. What keeps your fans coming back?

Posted by Michele McClymont at 9:38 AM 0 Comments

Tags online brand  marketing  Facebook fan  women entrepreneurs  woman owned business 

As part of a Grade 2 math assignment, my son Ethan and his classmates recently held a jumble sale at school. Each of the kids brought in items that they would like to sell. The ‘inventory’ was displayed on their desks and students from the rest of the school came by to browse and purchase. As a business advisor and entrepreneur at heart, I spent a lot of time with Ethan discussing items that the other kids would like, how much they might be prepared to spend, and how he would attract them to his desk (it was a fairly competitive landscape with each desk containing an assortment of items). We went over how he would display his merchandise and practiced making change for various size sales.

I couldn’t wait to pick him up from school that day to find out how it went. As soon as he saw me he had a huge smile on his face and said, “Mum, guess what happened today? I sold all of my things at the beginning of the sale!”

“That’s great Eth!” I replied enthusiastically. He then went on to tell me that since his things had sold early in the sale, he took the money he made and went around and bought items from his friends which he then took back to his desk and sold at a profit! I don’t know whether Ethan is a born entrepreneur or whether he absorbed the concept of profit from our dinnertime conversations, perhaps a little of both. I do know that I was a really proud mother and that when my daughter gets to Grade 2, we will talk more about margins and maximizing profits.

Posted by Michele McClymont at 8:22 PM 0 Comments

Tags entrepreneurship  profit  women entrepreneurs  woman owned business   

More and more we are seeing interest and action around the questions of the disparity between men’s and women’s participation in high growth enterprise.

On June 8, the inaugural ‘We Own It’ Summit was held in New York City. Presented by Astia, Kaufman Foundation for Entrepreneurship, Ernst & Young, Microsoft and a coalition of 24 investors, academic institutions and entrepreneurs, more than 230 delegates attended this very important inaugural session.

The goals of the summit were to create networks across a number of sectors in order to identify the impediments to growth of women-owned enterprises and to take action in effecting real change.

Recommendations included:

• gathering relevant information from sources which have been studying this phenomenon
• emphasizing success stories
• creating a network of stakeholders
• promoting the message of the economic importance of diversity in growth enterprises
• creating action that will lead to more successful women entrepreneurs and investors in high growth business enterprises

I’m really excited by this movement to develop and support women’s business growth. We’ve grappled with this challenge at the Centre for a long time. There is now a growing body of literature to study the issue, but, more important, we are seeing some action on the part of governments, academic institutions, service organizations and investors, at least in the US.

Here in Canada, a taskforce is developing a ‘Blueprint for Economic Growth’ which outlines action strategies to support women’s enterprises. We’ll be discussing this wonderful initiative on our web site in days to come, meanwhile, to find out more, and to support the action strategy, check out the website at www.telfer.uOttawa.ca/womensenterprise

Posted by Sandra Altner at 4:06 PM 0 Comments

Tags Blueprint for Economic Growth  ‘We Own It’ Summit  woman owned business  women entrepreneurs