Three MORE Business Lessons From Three Business Women (Part 2 of 2)

by | Apr 5, 2022 | blog, Business Planning, mindset

Not long ago, I sat down with Kerry Anne MacDougall and Dawn Binns of Insight Studio.

We talked about lessons they learned about entrepreneurship and expanding an agency – in a pandemic, no less!  

And, if there’s one thing I want you to take away from their example, it’s that forward momentum is something you can make happen. 

I’m observing International Women’s Day by posting a blog each week that celebrates women-owned businesses. I want to inspire you to take action and make the changes you want to see in the world.  

(Check out part one of this blog series here.)  

Approach Partnerships Thoughtfully

Whisper the phrase “business partnership” in certain circles, and you may receive eye-rolls or outright criticism. 

Just Google business partnerships gone bad to see what I mean. 

People have strong reactions to the idea.  

Dawn and Kerry Anne have been in business together for more than a decade and love it. Here’s what they want you to know before you scratch out the idea of partnership.  

#1 There Will be Objections to Partnership

  • Be ready to elicit concerns from family members. Even a decision to split shares at 49/51 instead of 50/50 will be fair game. They’re only speaking up because they care about you! 
  • People may question your judgment or assume you jumped into a decision without thinking it through. Remind them (and yourself) that you’re a smart businesswoman. 
  • Listen to your intuition. Don’t let skepticism hurt your confidence. If partnership feels right to you, take the next step and begin figuring out if the potential partner is a good fit. 

#2 Choosing the Right Person is a Project

  • If you want to bring somebody else into a business you created, they need to balance and complement YOU. You don’t need to partner with somebody who excels at the same tasks as you. 
  • Choose a person with the same values as yourself. You both should want the same things (in business and outside it). You want a partner who sees your big picture. 
  • When you meet people who are meant to be in your life, you feel the connection. It’s similar when you meet a potential business partner.  

#3 Business Partnerships Are a Marriage 

  • Partnerships can work if you set the right foundation. Start by having conversations about which aspects of the business each partner would manage. Play out business scenarios together (like if one partner gets too ill to work).  
  • Foundations are critical because they help you have honest conversations in the future — without questioning the other person’s intentions. But like any other relationship, rocky moments happen!  

Keep Your Head Out of the Sand

As an entrepreneur, your passion can cloud your vision. 

You can become so focused on what you enjoy doing that you overlook improvements that would help grow your business.

Here are a few ideas to help you keep your head out of the sand. 

#1 Don’t Hide From the Hard Stuff

  • Good business people always face hard decisions. They’re not afraid to admit when a process doesn’t work like it used to and it’s time to change. They don’t wait and hope for the best.  
  • Some problems can be easy to ignore. But you should address them quickly. If you avoid a problem, it could snowball into larger trouble.  

#2 Learn Humility

  • Your team might surpass your own knowledge about your industry. You may need to defer to them about a business process instead of relying on outdated methods.   
  • Your business might outgrow you. There comes a point when you need to lean on your team so that you can get to the next level of your overall business vision.  
  • Surround yourself with people who know more than you do! Don’t be afraid to ask for help from peers or staff members. 

#3 Recognize One-Off Mistakes and Patterns

  • Forgotten details. Upset clients. Mistakes happen. But you can’t hide if the mistake becomes a repeating issue. It’s up to you to fix your business systems if they break.
  • Don’t be scared to ask yourself if YOU caused a mistake to happen. In the end, it’s cheaper to find a solution. So, if multiple people complain about food poisoning, try changing your recipe!

You. Can. Do. This. 

Don’t pressure yourself; you don’t know everything about business.

Trust your skills and do what you know… Then, make changes as you learn better ways.

As you grow into your role as a business owner, you also grow as an individual. It’s scary to doubt yourself so often at first, but it’s so rewarding to bring your vision board to life! 

Here’s some motivation.

You are Growing, Every Day 

  • In the early stages of business – when we struggle to balance work, kids, family, illness, and LIFE – it can feel like nothing is working. Remember, you are in the process of developing all the skills you will need to reach the next phase of your business.
  • You are the company you keep. If you ever doubt yourself, lift your head and look at who’s around you. That will give you perspective on where you are. 
  • There will be times when you feel like you’re failing. Or when you feel like you didn’t do anything right that day and people are counting on you. But you can keep going! One step at a time. You are exactly where you are supposed to be at this moment. 
  • Don’t compare your success to others. Don’t become discouraged when you achieve a small win, and it doesn’t signify the endless hours of work you put in. It’s okay to enjoy each level of success.  

Summary 

You can’t assume that the way you’ve always worked will satisfy the next growth phase.

These lessons about partnerships, humility, and motivation are good reminders that sometimes the way to grow your business is to make slow improvements. Prepare yourself for future opportunities.  

You’re not stopping, you’re stretching before an Olympic sprint! 

She Rules: What You Didn’t Know Is Holding You Back In Business is a good resource to help you make those small, slow improvements that will take you toward the seven-figure status.  

 

 

 

SRL

P.S. Whenever you’re ready… here are 3 ways I can help you grow your business:

1. Grab my Guide & Workbook to keeping your cool and making money- even during a global pandemic!
Can you make money, grow your business, and survive a pandemic all at the same time? The quick answer is yes.  — Click Here

2. Book a free strategy chat
You can grow your business bigger than you imagine possible, even during a pandemic.  Here’s what will happen – we will chat about your vision for your biz, where you are right now and any challenges you are facing.— Click Here

3. I’m looking for a few specific people to join me for my live training, where we will spend 90 minutes a week for 90 days to exponentially grow your business.

Just send me a message with DOUBLE in the subject line to get more details.