How Women in Business Are Helping Each Other To Succeed

The presence of women in business has increased exponentially in the past two decades. Studies show that in more recent years, the fastest growing group of business owners in the United States are African-American women, and this is an encouraging trend. This growth spurt shows no signs of slowing down, and women-owned businesses now represent virtually every industry in the nation. Aside from various small business associations and national business leagues, women have found unique and effective ways to help one another. Whether a woman is planning to enter the workforce for the first time or is preparing to open her third business or franchise, she can still use the trusted advice and support of her peers. 

Here are some of the most common ways women are helping each other succeed in business:

Joining Forces

One of the major ways that women in business are able to help one another is by joining forces to find the best ways to save money and lower overhead costs as a group. A group purchasing organization is an effective way to combine buying power and obtain discounts from multiple vendors and contractors. Essentially, owners and buyers of any business or industry can create work together to create an effective group purchasing organization. Several business leaders come together and make use of their collective resources to negotiate the best rates for bulk orders and vendor contracts.

Business Mentoring Partnerships

Mentoring is an important ingredient in any successful business plan. Women help other women succeed in business through mentoring programs and partnerships. Professional women share their expertise by inviting women from other businesses and industries to shadow them for a specified time period. These programs may last for a few weeks up to several years, with regularly scheduled meeting times. During their time together, both women are enriched and learn from each other. Mentoring partnerships are a way for women to learn about different industries, management styles, and simply to make new professional contacts.

Hosting Networking Events

Professional networking groups are another popular way that businesswomen are able to provide support and assistance to one another. Social and professional events are sponsored by a number of different professional groups. They provide a chance for women from different personal and professional backgrounds to meet and discuss a variety of subjects, including employment and advancing in business. Networking events may be free or require a subscription and each group generally hosts an event once a month.

Active Referral Programs

Women who own or operate a business are in a unique position to help their female peers. Many local and federal government contracts implement incentive programs for minority and female-owned businesses. As a result, women who own businesses may receive contract requests that they are unable to fulfill due to workload or expertise. Rather than simply turn down these projects, women can refer them to other women in the industry who may have the time and expertise to fulfill the contract request.

Empowerment Activities for Young Women

Young men and women are the future of business in America. Women in business are able to help them succeed by actively seeking ways to engage these young women in learning opportunities. Helping young women understand the professional world empowers them to make good decisions and find an industry or area of business that suits them. These programs may be geared toward high school, college students, or even younger girls that are from at-risk backgrounds. They may be organized as summer internship programs, one-day workshops, and even part-time employment opportunities. Empowerment activities are designed to increase confidence and understanding in young women.