5 Pro Tips for Women Entrepreneurs to Ascend to Success
Hilary Clinton once said: “Women are the largest untapped reservoir of talent in the world.”
Gone are the days when the business sector was characterized by businessmen and male innovators. Today, with women rising to new echelons as CEOs, CFOs, Managing Directors, etc., rigid gender binaries are increasingly being shattered in the modern world.
While the challenge for women entrepreneurs does persist in certain aspects, several of these businesswomen have strategized their trajectories and climbed uphill with determination and a definite plan in place. Here are some finance management tips we’ve gathered by observing their incredible journeys.
Know the numbers & economics
The first step to financial independence is financial literacy. If you venture into business without knowing your numbers, you’re deep-diving with a blindfold. The best way to build a strong foundation for women entrepreneurs is to start from scratch, understanding various business terminologies and knowing how to calculate metrics such as EBITDA, Net Asset Value, margins, and cash flow statement problems and solutions.
Study the industry thoroughly
Women entrepreneurs have established their strong presence in almost all business sectors in the modern world. Achieving success as a businessperson is all about understanding what subject drives you and carving your niche here. So, it’s a good idea to start by studying your business sector or industry thoroughly—understanding not only the products or services but also the nitty gritty of business operations, finance supply chain, the target market, and the competition.
Know when to seek guidance
Help, support and networking form the cornerstones of building a successful business. But knowing what you can handle independently and where exactly you need assistance can go a long way in defining your entrepreneurial journey. Today, networking is easier than ever before, so as entrepreneurs, women should utilize all the resources at their disposal to connect with the right people at the right time.
Learn about various government schemes and plans
The Government of India has come up with several schemes to encourage women entrepreneurs—as well as entrepreneurs in general—to establish MSMEs and develop business models. Prominent among these schemes is the Mudra Yojana, which offers women entrepreneurs loans of up to Rs. 50,000 to fulfill their capital requirements. Moreover, one should also check out industry-specific government schemes, such as the Annapurna Scheme, which specifically extends support to women in the catering sector.
Utilize technology effectively
In the current era of technological advancement, there’s no business without tech. So, technological knowhow is an indispensable aspect of succeeding as an entrepreneur. Tech literacy comes handy at every stage of entrepreneurship, from inventory management to vendor financing, purchase order financing and recruitment. FinTech applications like Zuron help manage your finances better, enabling you to track your payables and receivables, connect with other stakeholders seamlessly, and utilize treasury funds flexibly at an invoice level.
With several cutting-edge features such as ERP integration, exceptional security, and well-structured digital document systems, Zuron enables women entrepreneurs to ascend in their journeys with a strong tech backing. Being highly scalable, the application is designed to consider specific entrepreneurial requirements and provide suitable solutions.
Connect with us to begin your finance management digitization journey!
