Every female entrepreneur’s goal is to be a great leader. However, it is also widely known that one of the biggest differentiators between someone who leads and manages is the ability to strategize. Furthermore, according to Herminia Ibarra and Otilia Obodaru, extraordinary leadership has little to do with charisma and everything to do with strategy.
“The distinction between management and leadership has long been recognized,” Ibarra and Obodaru. “If leadership is essentially about realizing change, then crafting and articulating a vision of a better future is a leadership prerequisite. No vision, no leadership.”
“But just as leadership is a question of what one does rather than what one is, so too is vision. It encompasses the ability to frame the current practices as inadequate, to generate ideas for new strategies, and to communicate possibilities in inspiring ways to others. Being visionary, therefore, is not the same as being charismatic. Instead, it entails ‘naming’ broad-stroke patterns and setting strategy based on them.”
Three Areas To Set Strategies
While according to a study by Calpers, successful women leaders possess common traits found in all good leaders; these are three important areas of your business:
1. Digital Marketing Strategy: The importance of digital marketing strategy in any business cannot be overstated. Small companies earn an average of $3 in revenue for every $1.60 they spend on Google Ads alone. Zohaib Hassan, the Founder & Partner at Lead Origin, says, “If you want to truly engage with your customers and know what messaging they respond to, nothing is more effective than digital marketing.”
Shelby Fowler-Moss is the founder of the advertising agency Fempire Media. Using her online marketing skills, including Facebook advertising, Moss helps women seeking to increase their ROI despite the recent recession. She can do this by teaching women how to set themselves apart online and create lucrative ad experiences.
“Human-to-human connection is super underrated,” says Moss. “With all the online competition, you have to stand out with your leads and can’t be like everyone else. So you must have a locked-in digital marketing strategy.”
“I use a lead scoring system to segment our potential clients and promote different offers to each group. This provides clients an individualized experience catered to where they are now in their business.”
2. Sales Strategy: A sales strategy is also crucial for any business. According to DecisionLink Chairman of the Board & Co-Founder Jim Berryhill, “Effective value-selling solutions can help your sales organization win more deals, increase deal size, and make sales conversations more meaningful. But only after you do your homework—assess your current strategy, messaging, and market.”
Another aspect of Moss’ work at Fempire Media includes helping women “do their homework” and build their sales strategy. As part of her 6-month academy, Moss teaches students how to run profitable advertising campaigns, market their services, get clients, confidently close on a sales call, and create an exceptional client experience.
“Being able to make sales is crucial for women seeking to make a difference. However, to make the best sales possible, they must understand their value and not settle for less,” said Moss. “This can be intimidating, but sometimes all they need is another woman to coach them through the process of creating their unique strategy.
“I have watched women go from scared to powerful in just days of advocating for themselves and their businesses. It’s inspiring to watch.”
Often, sales are viewed through a male lens because the industry is predominantly made up of men. However, women are completely equipped to build the sales strategy for their business needs, if not more qualified.
According to Harvard Business Review, “Although women make up just over half of the college-educated workforce, they hold less than one-third of B2B sales jobs…Yet research shows that women salespeople often outperform men. For example, a 2019 study by incentive solution provider Xactly reported that 86% of women achieved quota, compared to 78% of men. As a result, the B2B sales landscape has been shifting to favor women in sales roles.”
3. Financial Strategy: Business financials are intimidating for everyone, inside and outside of business. However, it can be particularly challenging for women.
According to the leading non-profit owner, Luz Urrutia, “One study by Boston Consulting Group found that in a pool of about 1,500 businesses, women-owned startups generated 10% more revenue than those founded by men over five years. Yet, despite this success, our financial system is not set up to support women entrepreneurs. Women account for only $1 out of every $23 in conventional small business loans, and in 2021, and women raised just 2% of the venture capital funds distributed that year.”
While business finances may be a hurdle for women, it is crucial to business growth. A business does not stay afloat without a sound financial strategy. Fortunately, there are many resources for women seeking to focus on their approach to finances.
Codie Sanchez is determined to bring all business owners financial freedom. As the founder of Contrarian Thinking and co-founder of Unconventional Acquisitions, Sanchez has helped many women learn how to manage and invest their money and assets. Beyond this, Sanchez is passionate about building passive income and generational wealth streams.
“Women are powerful,” says Sanchez. “They are multi-taskers, which allows them to believe they can understand every part of their business. And, the truth is, they are right. They can, but they have to learn. Gaining financial knowledge is not a spontaneous experience—it requires work. However, once women have learned the simple tools I teach, I have seen them build flourishing companies. They need to be able to set up their company and assets in a way that generates passive income.”