DALLAS – While all kinds of businesses are having a tough time in this economy, some question if it’s even harder for women owned enterprises? Some women business owners answer that their intuition is proving to be an advantage during a recession.
Wine distributor Schnell Blanton points to a popular wine at her wine warehouse in Dallas. “This is one of our top sellers, " she explains.
She admits it’s been tough to keep her business dreams afloat during the current economy. “I think with the recent news of the recession, people really aren't buying those 20 - 30 dollars bottles of wine. What they're buying is 10 and 15 dollars of wine, so it's affecting our sales and volume in terms of what we're doing this season.”
The holidays would normally be her busiest season, but not this year. She’s had to adapt, but adds her gender might be giving her an edge. "Women are very intuitive, they're very ‘feelings’ oriented,” explains Blanton. “I just think we have an advantage when it comes to kind of thinking outside the box sometimes."
For Blanton’s business, it means more wine tastings and wine dinners. Across town at another female owned business, it’s meant more private dinners, boxed lunch menus and other ways to reach out to her restaurant clientele.
Agnew Margaux says, “Women are probably more flexible, and probably a little more creative how they approach things."
Margaux has weathered a few recessions in her career and has figured it out. She said there’s a lot of help there for women. "So you can go sort of do a roundtable and hash through things and collaborate with people experiencing similar problems, and also people that perhaps have more expertise."
Small businesses, no matter the gender of the owner, can be among the most vulnerable during are recession.
Expert advisers say 70 percent to 80 percent of the troubles are the same for all owners: lack of sales, marketing, financial and strategic planning. Among the tips offered to stay above water, make sure your job descriptions are clear.
Employees who fully understand the part they play are the most successful. Hold internal discussions to brainstorm “out of the box” thinking to increase sales. Hold a free focus group study. Instead of hiring someone to do research, do your own. Invite in your consumers and other savvy business women to gain feedback on your product and services. And of course, reduce unnecessary spending.
