Essential Leadership Strategies to Adopt as a Women-Owned Small Business

Get Familiar with the Federal Landscape and Set Your Goals

In order to navigate the high-stakes arena of bidding and winning contracts, you need an understanding of market expectations. What are the different agencies involved in government contracting? What are their needs and priorities? What is entailed in the contracting process from analyzing Requests for Proposals (RFPs) to contract awards? What kind of regulations and certifications do you need as a women-owned small business? 

After amassing your resources and getting a nuanced understanding, aligning your organization’s mission with contracting goals is the next step. Many women entrepreneurs establish a clear vision while leading their company into this new market. They set their long-term goals based on the capabilities of their small business. By shortlisting compatible agencies, analyzing past performances, and understanding pricing standards, women-owned small businesses can have a clear-cut advantage. 

Women Entrepreneurs inspire their team with innovation and the spirit of collective growth. A successful leadership nurtures the personal development of employees in alignment with business goals. In women-owned small businesses, each and every employee has a designated role to fill. Women Entrepreneurs emphasize the importance of team support and strengthen bonds by learning from each other.

Explore the Limitations and Adaptability of Your Women-owned Small Business

Do you have a finite pool of financial resources? Is winning a contract award taking too much? Are your proposals getting rejected? Is your team morale going down because of constant failures despite trying very hard? 

Fortunately, the federal marketplace has several provisions that can be leveraged by women-owned small businesses. You can certify for the WOSB Federal Contract Program which has multiple benefits and immediately gives you an edge. Apart from tax benefits and state funds, certified women-owned small businesses also get set aside contract awards. 

For women entrepreneurs, resilience and adaptability are testaments of their creativity and endurance. Having already overcome many challenges in male-dominated industries, women-owned small businesses are always unafraid of change. In fact, women entrepreneurs embrace the evolving nature of their businesses through fostering a culture of innovation. 

This resilience has an added benefit in rapidly adapting to complex regulations and competitive demands of the federal marketplace. Women-owned small businesses have observed a workplace style of continuous improvement. Women entrepreneurs can build the flexibility of their team by implementing cross-trainings, online learning, performance tracking, and evaluating feedback.

Build A Web of Women Entrepreneurs through Networking

For women-owned small businesses, building a strong network within federal contracting is of utmost importance. Women entrepreneurs entering the federal marketplace need to foster connections with major decision-makers, OSDBU representatives, and prime contractors.

This can be achieved by attending federal contracting events and conferences to boost visibility. Advise your team to keep an eye on upcoming industry events like workshops and trade shows relevant to your business. Women-owned small businesses can have access to resources and guidance by joining professional organizations. These include the following organizations:

• National Association of Women Business Owners (NAWBO)
• Women Impacting Public Policy (WIPP)
• Women’s President’s Organization (WPO)
• Women’s Business Enterprise National Council (WBENC).

This can also grant opportunities for teaming with other contractors and small businesses to meet contract requirements. Your target should be to identify and engage with contractors that encourage diversity. Networking in industry events can offer subcontracting partnerships with other small and disadvantaged businesses. 

Demonstrate Your Financial and Operational Excellence

All empowered women entrepreneurs share expertise in financial literacy and fiscal responsibility. In order to craft a compelling proposal, you must conduct a thorough market research. It is imperative to track the relevant market trends and pricing standards for women-owned small businesses. Analyze the past proposals made by your competitors and identify your areas of competitive advantage. As a responsible leader of your small business, your financial acumen must be based on accurate budgeting and forecasting. 

This is an area in which women-owned small businesses can stand to improve. Many doors open up for women-owned small businesses who are tech-savvy. Technical assets like automation and digital transformation can largely streamline your operations and make way for a sustainable business strategy. While this will increase the credibility of your small business, it will also ensure personnel efficiency. 

Apart from these measures, women owned small businesses can get resources from different grants and programs. Grants like Tory Burch Fellows Program, the Amber Grant, and Cartier Women’s Initiative Award.