Design the Future: Planning Steps for Three Types of Female Entrepreneurs

Because diverse entrepreneurs have different definitions of success, they also have unique needs when it comes to planning for their business’ future. This article outlines the steps that three types of female entrepreneurs might consider taking to develop plans for their business’ future. bizop.org

Every business owner creates her own definition of success. Whether she strives for growth over time, or just wants to maintain what she has well into the future, one key aspect of achieving success is planning. Just as every business owner creates her own definition of success, every business owner must also create her own plan to take her business from where it is now, to where she wants it to be.

 

A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that each type of business owner has a unique approach to running a business, and therefore, each one has a unique combination of needs. This article outlines three of the five types and provides advice about planning steps that meet the needs of the business owner and the business, now and in the future.

Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.

Of all five types of entrepreneurs, Jane Dough is the most likely to have a plan for her business. She is driven to create a large business that has a life beyond herself and her own needs and interests. She enjoys strategizing and planning for long-term growth, and is great at delegating smaller tasks so she has the time she needs to do that. One of Jane Dough’s challenges, though, is that her visions are often on a large scale, and she doesn’t communicate them effectively to members of her team. They may be scrambling behind her, talking to each other in an effort to figure it all out. Each person may receive only parts of the story, and they speculate about her expectations and what she is doing, in an effort to anticipate her needs. This speculation and confusion can create havoc for Jane Dough and her business, and can slow down the progress of the plans she is making.

Here are some tips for Jane Dough on better communicating her vision and more effectively carrying out her plans:

 

·         Schedule semi-annual business planning retreats. Not only will semi-annual planning retreats keep Jane Dough focused on the gap between her current situation and her goals (which naturally shift as time passes), it also will provide her with regular, specific opportunities to communicate her vision to her team members – all at once. Communicating that vision provides team members with a cohesive overall landscape of the anticipated future. Also, giving team members the chance to brainstorm about challenges, new product or service ideas or strategies for improving operations provides Jane Dough with insight from the people on the front lines.

·         Create a hiring plan for the longer-term vision. Breadth and depth on a team will help a Jane Dough business owner realize the kind of growth for which she strives. A hiring plan, then, will allow Jane Dough to be effective in building strength into her organization. A well-constructed hiring plan takes into account the types of personalities a business owner enjoys working with, as well as the specific set of skills she needs in order to move her business to the next level. Draw an organizational chart detailing how each position fits with the others, and list below each position, the personality traits and skill sets it requires. With this plan at her fingertips, Jane Dough will find it easier to locate opportunities for the right people.

Author: alex

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