Reasons Why Women Are Better Business Owners
Women business owners are much better at leading their teams they take the time to see their employees as whole people, not just “worker bees”.
Most small businesses rely on the ongoing efforts of a small, core team that over time internalize a vast reserve of key knowhow to make the business work.
It’s been observation that our female business owner clients retain their workforce and do a better job at developing them with an intentional career path than our male business owner clients. Woman business owners are more willing to implement systems and controls in their companies, and to do it in a more effective manner.
Now let’s be clear most business owners resist building formal systems and internal controls, even though they will give lip service to their importance. But one thing I’ve observed watching the actual behavior of hundreds of business coaching clients is that woman business owners are much faster to embrace and institute the ongoing discipline of leveraging systems and controls inside their companies.
Many women business owners are much more capable of enlisting their team’s support for these systems, both by engaging their teams in their creation and keeping a close eye on making sure that these systems actually help their teams be more productive.
In a study by Babson College/MassMutual Financial Group, they found that women owned businesses were 1.7 times more productive than male owned firms. This isn’t a surprise.
Women are better at building deeper relationships with customers, suppliers, and vendors than men. This may sound like a generalization, we can see this trend in a concrete way.
Women owned businesses tend to be more customer-centric, finding ways to deeply connect with their customers that many male owned counterparts don’t come close to. This same trend plays out with suppliers and vendors.