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Two Entrepreneurs Track Performance for Future Success

Two Entrepreneurs Track Performance for Future Success

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Published by Jane Out of the Box
To know where a business is going, an entrepreneur must know where it’s been. In setting and achieving effective goals for her company, then, a business owner s hould study its past performance and the performance of its many systems. A recent study from Jane Out of the Box, an authority on female entrepreneurs, r eveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that eac h type of business owne
To know where a business is going, an entrepreneur must know where it’s been. In setting and achieving effective goals for her company, then, a business owner s hould study its past performance and the performance of its many systems. A recent study from Jane Out of the Box, an authority on female entrepreneurs, r eveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that eac h type of business owne

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Categories:Business/Law, Finance
Published by: Jane Out of the Box on Mar 19, 2010
Copyright:Attribution Non-commercial

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10/11/2012

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To know where a business is going, an entrepreneur must know where it’s been. In setting and achieving effective goals for her company, then, a business owner should study its past performance and the performance of its many systems.A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professionalmarket research of more than 2,500 women in business, this study shows that each type of business owner has a unique approach to running a business – and therefore each one has a unique combination of needs. This article outlines two of thefive types and provides tips for tracking a business’ systems and using information gleaned during that research to provide a strong future.Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she
 
s working longer hours, and making less money than she
 
d like to be. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest group of female entrepreneurs.For this business owner, measuring performance is absolutely imperative becausedoing so will allow her the opportunity to see which systems are working and which aren’t, and therefore, to better leverage her limited resources.By talking candidly with customers, Tenacity Jane can learn a lot about which aspects of her company bring in money, and which do not. Many Tenacity Jane business owners lack a singular focus, and therefore, they are working on a variety ofthings at once. It’s likely that a Tenacity Jane may try advertising in several venues at the same time, believing that if she advertises in many places, she hasa better chance of catching a customer’s attention. However, she may be better served by her marketing efforts if she performs some research to determine where customers are really finding out about her. For example, let’s say she’s spending several hundred dollars per month advertising in the newspaper and on the radio. Intalking to customers, she learns that most of them don’t read the newspaper, butthey heard her ad on the radio. She could save money by skipping the newspaper advertising, or make her spending more effective by pumping it only into radio advertising.Accidental Jane is a successful, confident business owner who never actually setout to start a business. Instead, she may have decided to start a business dueto frustration with her job or a layoff and then she decided to use her businessand personal contacts to strike out on her own. Or, she may have started makingsomething that served her own unmet needs and found other customers with the same need, thus giving birth to a business. Although Accidental Jane may sometimesstruggle with prioritizing what she needs to do next in her business, she enjoys what she does and is making good money. About 18% of all women business ownersfit the Accidental Jane profile.Many of the Accidental Jane entrepreneurs we interviewed expressed a high levelof contentment. They are happy with the amount of money they make, and they areoften working the way they want, with whom they want, at the times they want, without feeling overloaded. Some, though, reported feeling stressed as their business ebbs and flows, depending on their marketing efforts. For Accidental Jane, measuring performance metrics can provide two basic improvements to her lifestyle: it can maintain consistency in Accidental Jane’s workload, and it can help her to increase her profit without much additional effort.Because she is a consummate professional, Accidental Jane’s customers usually provide her with positive feedback. This is a great way to gather testimonials (justask!), and it’s also a gauge of what’s working. Accidental Jane also can create aneffortless, automated marketing system that helps her maintain her workflow, and

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