Good Times or Bad Times? Who to Trust in YOUR Woman-Owned Small Business

No matter who you listen to about the economy one thing is certain, the woman small business owner stands the biggest chance of not only surviving, but thriving.

The reason is simple. Women entrepreneurs are by nature nimble and flexible, while behemoth big businesses are not.

But ... to be nimble means successful entrepreneurs have to know who to listen to and who to trust. Should it be the media? I hardly think so!

In fact, to succeed at your woman-owned small business, no matter what the economic conditions are you have to listen to your clients and trust your instincts.

The economy as a whole is made up of many thousands of 'micro-economies'. It's common that when one micro-economy is up, the other is down.

Right now, I'm experiencing this first-hand in the building of our new custom home. The sub-contractors who rely on new home construction for their bread-and-butter are hungry for work, while the sub-contractors whose business includes remodels are booked solid with a waiting list. (Don't believe me? Try getting the attention of any door-and-window guy right now. Mine has a waiting list that is weeks long!)

There is a wealth of money flooding our economy in a variety of different micro- industries. And, there is no shortage of clients with problems who will happily pay someone to have those difficulties resolved.

Fortunately, this is where YOU step in!

To recession-proof your woman-owned small business you must know your clients' complaints, problems, difficulties and inconveniences. Not sure what they are? Then it's time to dig in and ask. Your clients will spend money to solve a problem that's important enough to them. (That's the exciting part of being a successful entrepreneur — knowing you are helping people solve something that they care deeply about!)

Now, about the trust part...did you know that a favorite technique used by Native Americans to hunt buffalo was to incite the herd to stampede toward a cliff? Once the lead buffalo went over the others willingly followed. It's sad to think of so many animals' lives being wasted because of following the wrong leader.

Being successful in business has always meant understanding your clients inside and out, knowing their hearts and minds, and trusting your instincts. Successful women entrepreneurs can't follow the herd and expect to thrive because the herd isn't thinking, it's just reacting.

What do your instincts tell you to do? Where is an untapped opportunity for your woman small business? That is the direction you want your business to take, no matter where the rest of the herd is headed.

Listening to your clients and trusting your instincts are the hallmarks of a great, thriving woman small business owner. Pay attention to what your clients want, and then give it to them in new and exciting ways. Then, the news of the economy will be music to your ears.