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Sunday, March 12, 2017

Women Can Break the Financing Barrier By Taking These 3 Steps

women_break_financing_barrier_by_these_3_steps
There are an estimated 11 million women-owned companies that generate more than $1.6 trillion in revenue, according to Forbes. In past nine years, their businesses have increased by 45 percent. But financing continues to be a barrier for them.

There are 3 ways in which women entrepreneurs can build upon their success and increase financing.

#1 Look for more resources - today there are many more opportunities and resources available to women-owned businesses. One is going after government contracts. The U.S. Small Business Administration (SBA) encourages women-owned businesses to apply to be government contractors. Learn more by visiting www.sba.gov/contracting/government-contracting-programs/women-owned-small-businesses/wosb-program-news

#2 Understand your financials - if you want to expand your business, know where your business is at all times financially. Crunching numbers may not be your bag, but it is something you need to do if you want to succeed. This means understanding a net income statement, balance sheet, and statement of cash flows.

Entrepreneur and author Dawn Fotopulos offers some assistance with her book, Accounting for the Numberphobic: A Survival Guide for Small Business Owners. Also, pay all your bills on time to increase your credit score, and always know what your credit score is.

#3 Hire an accountant - unless you are a Certified Public Accountant with experience, hire one. Even if you have the number-crunching skills, you won't have time to run your business and keep accurate financials at the same time. Find one you trust and stick with them. They will get to know your business and are in a good position to offer you great financial advice.

Read more by visiting www.forbes.com/sites/rohitarora/2017/03/07/three-ways-women-can-overcome-the-gender-gap-in-small-business-financing/#3ebd573f3f37


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