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Challenging Business Lessons – Part One

March 11, 2010

This is our third blog about the business lessons we have learned the past five years in business. Our last couple lessons were great lessons I have learned gowing my company Women TIES the past five years. But as we all know, business lessons aren’t always positive. The challenging ones are the ones that can rock our core, make us doubt our products or services and test us beyond comprehension.   Like most entrepreneurs we survived some tough times and came out stronger! We hope some of our challenging business lessons inspire women entrepreneurs in their own endeavors.

Standing Up For Your Reputation No Matter What

There are times when success puts you in the limelight. You and your company start receiving recognition for your business achievements. Many times people in the business community applaud your successes – understanding the grit, determination and investment you spent to get where you are. Then there are others with big egos, insecurities and small-minds who somehow rejoice in attacking the reputation and hard work of people gaining appropriate recognition.

If this happens to you, stand firm in who you are and what you believe in. You know better than anyone where your intentions lie, the integrity of your mission and the focus of your hard work. Just like a racing horse needs blinders on her eyes to keep her vision focused on the finish line – look forward and not to the side where unpleasant spectators are unleashing their criticism. Keep your eyes on the prize and you’ll finish ahead of the rest – in style, in stride and earning every piece of reward you should receive because you’ve been dedicated to your entrepreneurial dream.  

Re-pricing to Stay Alive

Every businesswoman should start her company doing market research, creating a business plan, establishing a sales strategy and pricing her product or service based on financial goals.  We enter the market at a time when the price we offer is reasonable and affordable for our clients.  But as economic times change, new competitors enter the marketplace, and our expenses increase, we have to re-price our goods to stay alive.

Re-pricing and then reselling our new price to repeat or new clients isn’t an easy task. A well thought out sales strategy and public relations statement needs to be created. We need to be firm in why our pricing changed and explain it honestly and succinctly to our customers.  

Sometimes re-pricing isn’t the only thing we have to do – sometimes we have to delete products and services we offer that aren’t making us money. Remember to keep in mind that our business is not our “child” will can let go of goods and services we established to make us money.  You must sell what works and brings in money. If not, re-price or remove it from your product line.  Remember it isn’t business failure in making these kinds of decisions, it is good business sense.

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