Doing Business with Women
Working women have a definite impact on the economy. First of all, they are the
primary decision-makers in their households. Seventy- five percent of the time
they choose what type of goods and services go into their homes, from clothing
to cable TV to insurance policies.
Not only that, but they're one of the fastest growing segments of small business
today. As of 1999, there were 9.1 million businesses owned by women in the
U.S., employing more than 27.5 million people and generating more than $3.6
trillion in sales, according to the research institute, the National Foundation of
Women Business Owners (NFWBO).
So chances are if you're out doing business, you're doing business with a woman
entrepreneur. And there are some things to know that can promote success in
those arrangements. For example, when they're purchasing products or making
other decisions, women business owners are more likely than men entrepreneurs
to seek advice from associates and advisers, sometimes lengthening the
process. They also place more emphasis on quality, service and the reputation of
the vendor.
If the numbers above aren't reason enough to make you change your business
approach to women, Sharon G. Hadary, executive director of the NFWBO, based
in Washington D.C., has one more:
"Women are incredibly loyal," she explains. "They're willing to put all their
resources in one place, so it's a wonderful opportunity for banks or businesses to
cross-sell their products."
As part of the NFWBO's initiative to provide knowledge about women business
owners and their enterprises worldwide, they've developed more than just
numbers on their economic impact. They've also offered some insight into the
unique characteristics of women business owners.
"Winning Strategies for Doing Business with Women Business Owners"
* Women want to know that a company respects them as businesswomen and
understands their point of view. Having women visible in leadership positions
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* If you want women business owners to buy from your company, your company
should buy from them. Whether at the corporate level or at the branch office
level, do business with women business owners.
(C) Copyright 2001 Janet Bigham Bernstel. Syndicated by ParadigmTSA

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