As Q4 launches, it’s critical to employ tactics that can enable you to fully realize your business’s goals for the fiscal year. This issue of Business in Action is here to help with essential tips for success for female entrepreneurs, a guide to e-learning platforms you can use to develop your business skills, a look at well-rated credit cards for small businesses, and ways to become a better leader by making your own needs a priority.
While business has traditionally been a male-dominated sphere, the tides have been changing, with 40 percent of all companies in the United States now being female owned. The enclosed article takes an in-depth look at four strengths women can cultivate to help them scale to the highest peaks of success.
As a leader, pursuing business-education courses can equip you with the skills and expertise you need to competently guide your team through various projects and challenges. Inside, discover four unique online learning platforms featuring classes in a wide range of business areas, including social media, productivity, and team organization.
Credit cards offer a financial flexibility that may allow you to build and expand your business. The included article reviews three of the best options for small businesses and provides tips on how to best use a line of credit, potentially opening the door to even more financial benefits over time.
To run a company effectively, you must be on top of your game both mentally and physically—and if you fail to attend to your own well-being, your business could falter. The guide in this issue highlights four steps you can take to effectively fortify your health and, in turn, that of your enterprise.
What actions will you employ this month to move closer to your goals? As always, it’s a pleasure to send you this magazine.
Traditionally a male-dominated sphere, the business world has long made it an uphill battle for women to carve a space for themselves in it. But much like with many other aspects of life, times are changing. Today, they are leading the way for entrepreneurial spirit—as of 2024, there are approximately fourteen million women-owned businesses in America, accounting for almost 40 percent of all businesses. Further, Wells Fargo notes that between 2019 and 2023, the number of these organizations grew at a rate that far outpaced that of ones run by men.
In honor of National Women’s Small Business Month, here are four primary areas of focus that, when honed for your unique business journey, can become a tremendous foundation for entrepreneurial success.
A curious nature is virtually a necessity for entrepreneurs; in fact, Women on Business calls it the most important trait an aspiring business owner can have. After all, the most successful enterprises are ones created to fill a gap or improve on what other companies in the industry are currently doing. Having an unending desire to learn—about your team, customers, and industry—can enable you to identify new employee talents you can advantage of, overlooked yet potentially lucrative audiences, and upcoming needs your company may be uniquely prepared to fill. In this way, a “What if?” mindset can help you both establish your business and sustain or even grow it during changing times, such as when companies had to pivot during the COVID-19 pandemic.
The biggest obstacles that can kill your curiosity? Self-doubt and discouragement, which are unfortunately common traits for business owners—especially women. As a result, enthusiasm can transform to fear, ultimately leading to playing it safe and sticking to what works to avoid failure rather than chase success. To overcome these mental blocks and reinspire your curious nature, focus on believing in yourself and your business more than the naysayers (including, potentially, your inner voice), seeking inspiration to encourage new ideas, and staying fiercely focused on the big picture—helping your business flourish.
You can’t succeed in business without funding, but there’s a troublesome trend for businesswomen seeking to acquire it. A shockingly minuscule 1.9 percent of venture capital goes to female-founded businesses, and only around one in five Small Business Administration (SBA) loans are given to majority-owned women businesses, Bank of America reports.
This doesn’t mean getting assistance is impossible, however—there are many resources out there, including female-led ones, specifically dedicated to helping women succeed. The Association of Women’s Business Centers, for example, has a nationwide network that assists over 150,000 women business owners a year through guidance and financing opportunities. Similarly, the National Association of Women Business Owners can help you build your business and make vital connections; it is also heavily involved with advocating for equitable legislation for women business owners.
The Women Business Collaborative, meanwhile, has a stated mission of achieving specific capital goals for women entrepreneurs by the end of 2025. Finally, if your business is on the smaller side, the SBA offers training and counseling as well as access to funds to get you started; you can contact its dedicated Office of Women’s Business Ownership for more information.
Julie Thompson, senior writer and business operations expert for business.com, identifies empathy as one of several traditionally “feminine” attributes that are a powerful boon for business. “Empathy makes an excellent leadership quality because it allows employees and customers to feel heard,” she says. Senior business executive and executive coach Debra Bednar-Clark concurs, listing empathy in her top ten feminine traits that nurture business success.
The importance of EQ (sometimes called emotional intelligence or EI) has been emphasized more in business in recent years, and for good reason. Leaders who are both emotionally self-aware and cognizant of others’ emotions can often expertly read the room, tend to be good listeners, and know when to be assertive or give space. Who wouldn’t want to work for or partner with such a conscientious business owner?
And don’t overlook the fact that Thompson mentioned customers in her statement—a leader with a strong EQ is more likely to establish strong, long-lasting relationships with clients. After all, if your primary goal is to get them to know, like, and trust you and your business, you have to be able to connect with them on a personal level. Martha Stewart, business mogul extraordinaire, summarizes it succinctly: “Take off your shoes and step into your customers’ shoes for a while.”
Women have long felt their voices stifled, often in favor of men’s—or by men’s. As tech entrepreneur Alina Mikay bluntly puts it in Forbes, “Women are encouraged, both actively and implicitly, to act in ways that can undermine their entrepreneurial goals. It’s as if we’ve absorbed the passive messages of the old-fashioned fairy tales we heard as children: be likable and humble instead of confident and assertive. In other words, act like a princess.”
While there’s certainly nothing wrong with being likable and humble, there can be a fine line between being respectful and being submissive, especially for new business owners. On a micro level, the latter can be revealed even through one’s reflexive choice of phrases such as “I think that” or “I’m sorry.” The solution: find, nurture, and use your voice, learn from your setbacks, and celebrate every win, no matter how big or small. As cosmetics entrepreneur Latasha McRae told Constant Contact, “No one is going to believe in you like you do.”
If you’re a woman thinking about starting your own business, you’re certainly not alone. Use these four pillars as stepping stones to learn and grow, eschew any societal expectations you may experience, and always remember your why—it’s your driving force, and it will help you blaze your own glorious path to success.
TAKE ACTION:
If you’re a woman business owner, consider how to use these pillars to help fuel your business success.
Perhaps one of the greatest ways to advance your professional skills and reap greater rewards from your work is to pursue business education. Fortunately, there are more online resources available than ever to instruct you in data analysis, interpersonal communication, website development, and various other leadership areas. If you’re eager to expand the scope of your knowledge, visit one of the following e-learning platforms, each of which can connect you with aspirational thought leaders and better equip you to champion your organization.
This digital resource center may be best known for its creative lessons on subjects like painting, cooking, and photography, but Skillshare’s catalog of over 25,000 courses also includes noteworthy business training. For instance, you can find novel ideas to boost your organization’s productivity from renowned professional influencer Ali Abdaal or discover simple steps for utilizing Canva to create effective social media content from marketer and top Skillshare teacher Maggie Stara.
Beginners in certain topics can enroll in classes with hours of lessons that start with the bare basics, taking it at their own pace. Meanwhile, seasoned professionals looking to polish their current proficiencies and gain some fresh insights can pick a single course that could only be a few minutes long. Whatever kind of student you are, Skillshare is unquestionably a powerful resource for acquiring business knowledge—and learning how exactly to apply these lessons within your organization. You can start with a free trial to test the waters, then pay an annual fee to subscribe for unlimited access to all courses.
One of the most celebrated thought leaders in history, Dale Carnegie offered a wealth of industry knowledge through many business publications, including his acclaimed book How to Win Friends and Influence People. Today, digital coursework on the Dale Carnegie & Associates website is helping to keep his legacy alive by leading professionals through the Performance Change Pathway, a time-tested business methodology that “supports the development of skills and habits needed to sustain performance change,” per the website.
Any of the offerings can take you on such a journey, but the best may perhaps be the Effective Communications and Human Relations course, the online version of the world-famous Dale Carnegie Course. Presented live, it aids leaders in cultivating their confidence, communication skills, and stress management and teaches team-organizing tactics to help productivity soar.
Though many of Dale Carnegie’s online classes are scheduled at set times, meaning you cannot work them as freely into your personal schedule, it’s well worth the investment to get the secrets to success from Carnegie’s own playbook. Plus, the site’s pay-per-course arrangement means you can commit to only as many learning sessions as you have the time and budget for. As a free bonus, you can also download the Lead with Influence: Self-Assessment e-book, a resource that can guide you in uncovering your leadership personality and identifying opportunities for growth.
You don’t need to take a sabbatical from your work to gain a Harvard education—you can visit the halls of this revered institution’s business school via your smart screen by enrolling in any of its numerous online professional development courses. Though guest lecturers may lead some of these classes, many are helmed by Harvard’s own professors. From them, you can master the foundational principles of leadership, develop your coaching strategies to coax the best talent from your team, or discover how to craft innovative tactics for your organization.
While you can audit much of this coursework for free, doing so won’t earn you a certificate of completion, so it may be worth the fee to enroll in the full package. In addition, be prepared for a potentially significant time investment; for example, the Disruptive Strategy class requires up to six hours of attendance per week for six weeks. The price, duration, and schedule of each course may vary, as will the skills you develop, but earning a certification from Harvard Professional Development will reward you in a myriad of ways—and it won’t look too bad on your resume either.
While LinkedIn is primarily a social media networking site, it also offers a veritable treasure trove of professional development resources. You may be shocked by its bevy of courses numbering over 17,000, each of which dives deep into a crucial business topic. Learn how to craft the perfect elevator pitch from Indiana University Kelley School of Business professor Tatiana Kolovou, or develop your emotional intelligence with the guidance of Dr. Gemma Leigh Roberts, psychologist and owner of the popular Mindset Matters coaching program.
If you’re unsure where to begin, use the site’s Pathfinder tool to receive personalized course recommendations based on your industry and goals. Then as you complete lessons, you can add their certificates of completion to your LinkedIn profile. Such inclusions can attract employers if you’re on a job hunt, but they can also earn you some bragging rights as you network with like-minded thought leaders in your industry.
For access to these courses, you’ll need to initiate a free trial through your LinkedIn profile and eventually join the paid membership program. However, if you’re looking for no-cost professional training, LinkedIn Learning also provides free resources on its blog. They aren’t quite as comprehensive or detailed as the site’s training lessons, but there is still much useful information to be gleaned from them.
Determining the most appropriate avenue for your professional development will ultimately depend on your personal goals and how much you’re willing to budget for them. Whatever you invest, though, you can gain superior leadership skills, the latest business insights, and a greater range of talents that will equip you to overcome any present barriers between you and success.
TAKE ACTION:
Assess areas where your business acumen may need polishing, then determine which platform and coursework would best target those skill sets.
There’s no understating the value of a good credit card for any small business. It provides a line of credit for investing in supplies and fulfilling invoices, healthy cash flow for daily operations, and even potential rewards. But the wrong card—or a poorly managed one—can imperil an organization with excessive fees and a declining credit score.
Whether you’re looking to maximize your current program or are interested in swapping to a more optimal service, review this guide to discover three top small-business credit cards along with smart strategies for using them effectively.
Well-rated and appealing to various needs, each of these products is designed for everyday transactions. (Note that any introductory offers or other details mentioned are subject to change.)
American Express Business Gold Card
Pros: With its generous rewards structure, this option is considered the gold standard of credit cards. For example, new enrollees can earn 100,000 points after spending $15,000 in the first three months—a total that is likely easy to hit if you use the card for a large percentage of your purchases. Plus, points can roll in quickly thanks to the 4X points system that quadruples rewards in your two highest spending categories; you can also earn 3X points on travel and 1X points on all other purchases.
Rewards points can be used in various ways, though NerdWallet notes that they may be best utilized for redeeming gift cards or to pay for travel. Add in its additional travel perks such as rental car insurance and its Global Assist Hotline, and this may be the ideal credit card for businesspeople on the go.
Cons: The Gold Card has a substantial annual fee of $375, and to qualify, you will likely need a personal credit score of at least 690 (considered “good”). Also, the variable APR caps at 28.49 percent, which is relatively high, so if you land such a rate, you will want to be sure you are able to pay off your bills in full each month; otherwise, interest may quickly drain your revenue. Small businesses that are fee averse may prefer an American Express Blue Business Card or another option on this list.
Capital One Spark Cash Plus Card
Pros: If you’re seeking a low-maintenance credit line, this Capital One business card may just be the one for you. It has a small annual fee of $150, requires no foreign transaction fees, and offers unlimited 2 percent cash back on any purchase, no matter the category. You earn an introductory $2,000 cash bonus for spending at least $30,000 within the first three months, and the annual fee is refundable should you spend more than $150,000 in one year. Perhaps the most unique feature of this card, though, is its 0 percent APR—that means no interest for charging.
Cons: The chief benefit of this card may also be its main drawback: it has no APR because your total balance is due in full every month, no exceptions. If you fail to pay off all your charges, you’ll be hit with a 2.99 percent late fee and your account will be considered past due, which can potentially impact your credit score. If you’d prefer the flexibility of being able to let purchases roll over to the next billing cycle, you can opt instead for a Spark Cash Select card, featuring similar rewards, no annual fee, and other possible perks.
Chase Ink Business Cash Card
Pros: This credit card earns zeros where it counts, offering free membership, no liability on fraudulent charges, and a 0 percent introductory APR for the first twelve months. Afterward, a variable 18.49–24.49 percent APR applies, which still scales on the lower end when compared to many other business cards.
Like the previous two options, the Ink Business Cash program tenders cash back rewards, starting with a bonus of $350 simply by spending $3,000 in the first three months, plus an extra $400 after spending $6,000 in the first six. You also earn varying levels of cash back for every purchase you make on your card, with the highest being 5 percent for office supplies and telecommunications bills—possibly your largest spending category depending on your industry.
Cons: You’ll need a personal credit score of at least 690 to qualify, so this program may only be suitable for an established business already in good financial standing. Some other minor limitations include a $25,000 annual spending cap on the 5 and 2 percent cash back categories, after which you default to the 1 percent cash back you get for all other purchases. Also, additional benefits like a 10 percent bonus cash back on your first anniversary only apply to members holding Chase Business Checking accounts. For a potentially more rewarding program, consider the Chase Ink Business Unlimited card, through which you can earn 1.5 percent cash back for all purchases with no spending cap or limits.
While shopping dutifully for a credit card can pay off, it’s essential to manage your card prudently as well. Chiefly, always pay your bills on time and, when possible, in full to avoid facing late charges and earning excessive interest. To do this, you may need to budget for your business expenses, then charge only as much as you can reasonably expect to pay off when your credit card bill arrives. If you need more funds to secure substantial capital, remember that other lower-interest options are available.
Finally, monitor your statements regularly so you can stay on top of transactions, track your rewards points balance, and identify fraudulent charges. Such vigilance can also sustain your familiarity with the terms and charges associated with your chosen card program.
Beyond its benefits to your cash flow, using a small-business credit card wisely can help build your organization’s credit score over time. This is particularly true if you maintain a low credit utilization ratio (the amount of credit you’re using compared to your total credit limit) and demonstrate a consistent payment history. And once you strengthen your credit profile, you may achieve access to financing at lower interest rates, qualify for credit cards with greater rewards, reduce your insurance rates, and attain myriad other cost-saving benefits that can assist you in leading your business to greater success.
TAKE ACTION:
Weigh the various benefits of obtaining a business credit card, find the right one for you, and then establish a plan to utilize it successfully.
As an entrepreneur, you know that running a business can be a whirlwind. From working long hours to making demanding decisions each day, you face a lot of pressure to succeed, which unfortunately can often leave little room for anything else in your life. But neglecting your work-life balance can be detrimental not only to your physical, mental, and financial well-being but also to your business. The good news? It is possible to fortify both by making self-care a priority.
At some point, you’ve likely found yourself working twelve-hour days, seven days a week, either to ensure that your business continues to function smoothly, push it into a new phase, or put out fires that may have sprung up. And though determination and passion can propel you through such efforts initially, burnout may be right around the corner. After all, it’s unsustainable for anyone to dedicate so much energy to one area of focus; without time to rest and rejuvenate through socializing, hobbies, and other fulfilling activities, you may become completely drained and unable to do any task effectively.
That’s why striking a healthy balance is paramount to your success. You are the foundation of your organization, and just like you wouldn’t build a home on shaky ground, you don’t want to destabilize your business by not investing in making yourself as strong of a leader as you can be. When you prioritize your personal health and happiness, you may find that you not only have more energy and positivity but can also make better decisions for your business and its day-to-day operations.
It’s important to give your mind and body the time they need to relax, recover, and recharge so you can function as the best version of yourself. So just as you schedule meetings and tasks, carve out time in your calendar for activities that bring you joy, whether it’s exercise, meditation, hobbies, or spending time with loved ones. Make this “me” time a nonnegotiable part of your weekly routine, and you may soon feel your stress easing, overall improving your mental well-being so you can return to work with a clearer mind.
To help protect your “me” time, establish boundaries between work and your personal life. Designate specific hours for work, and commit to setting it aside completely once those hours are up. This means leaving projects in the office and not checking work-related texts and emails while off the clock. Of course, it can feel difficult to step away from your business as its leader, which is where the importance of delegating responsibilities comes into play. By relying more on your team leaders to take ownership of specific tasks, you can lighten your workload and, as a bonus, foster a sense of trust and empowerment within your team.
Just as you do for your business, make sure to set goals for yourself. Whether you’re hoping to learn a new skill or develop relationships with other entrepreneurs in your area, these aspirations will give purpose to all your actions, both in business and life. Even more, they will help you establish a more concrete plan for how you’re going to succeed. For instance, in order to connect with more business owners this year, you could see if there are any local organizations or meetings you can join. This is a great way to get to know others who experience hurdles and situations similar to yours, which can inspire new solutions or ideas for your business.
A healthy leader is one who is continually learning and growing in their personal and professional abilities. This could be as small as scrolling social media each morning for updates on the latest industry trends or as involved as attending workshops or enrolling in online courses to enhance your skills. (Check out the guide in this issue for top platforms to consider.) And don’t hesitate to seek support from mentors, peers, or other professionals. When you surround yourself with individuals who inspire and uplift you, you’ll have access to valuable guidance and perspectives that can help you get through any challenging time.
Remember, investing in yourself is essential for your long-term success and the prosperity of your business. By making your health and happiness a priority, you can not only enhance your own well-being but also set the stage for greater success and fulfillment in all areas of your life.
TAKE ACTION:
Examine your current work-life balance, and determine how you can make more time for yourself and prioritize your well-being.
