Seven tips from Lida Loem, co-founder and project manager of SHE Investments, to female entrepreneurs who want to grow their business.
- Team building: a solid team with common goals and vision, patience and resilience is crucial for business, as they need to work collectively to deliver satisfying services and good quality products to customers. The team must motivate one another to achieve the common goal of keeping up to the customers’ standard.
- Experiment: teams should try to have their ideas respond to market demands. They should diversify their experience with a variety of areas related to the enterprise in order to find their own passion; however, they should eventually focus on one specific area in which they are interested.
- Financial management: without effective financial management, your business will not progress. Women entrepreneurs need to create an effective management system to organize and track budgets, incomes and expenses. Without it, the goal of business expansion might not be achievable.
- Network building: I encourage all female entrepreneurs to attend local events as much as possible, which will provide them a better opportunity to seek out business potential ideas and partners.
- Taxation: women in entrepreneurship are not required to be an expert in taxation, but should understand what and how to file. This information is also available on the website “Ngeay Ngeay” in Khmer language.
- Quality check: entrepreneurial women need to upgrade their products or services in order to fulfill customer’s demands under any circumstances.
- Adaptability: throughout the Covid-19 crisis, if entrepreneurial women are unable to adapt and look for solutions, they will be stuck and severely affected by the situation. While running a business myself during these times, I have created new plans and strategies, and have been flexible with business models.
Here is a link to full interview article with Lida Loem about the importance and challenges of female entrepreneurship expansion.