Virginia Rometty, IBM’s CEO and the first woman to head the company, knows what it’s like to be a female in an entrepreneurial field alongside male peers:
“I learned to always take on things I’d never done before. Growth and comfort do not coexist.”
She would know. Virginia started with IBM as a systems engineer and moved all the way to the top.
Maybe you’re facing a financial growth dilemma in your business right now and need to make strategic investments in order to grow. You’re not alone, many women entrepreneurs find it hard to acquire financing.
However, there are financial institutions that support female business owners through small business loans for women. Here’s an example of a woman who struggled to keep her business growing, stepped outside of her comfort zone, and grew her business by investing in Enterprise Resource Planning (ERP) software.
Face any challenge head-on with the help of Small Business Loans
Audrey built her manufacturing business from the ground up. She’s grown the business, through a lot of hard work, into a thriving conglomerate operation housed in several locations.
There’s one problem that keeps staring Audrey in the face. Because the software used by employees isn’t integrated, managers must meet regularly to compare data, which makes all of the processes slower than they need to be.
Audrey’s business uses separate software programs to track inventory, human resources data, projects, financial management, and other operational costs.
As the sole business owner of her company, she knows that in order to improve business performance, she must make changes. By integrating software systems across her locations, Audrey can position her business for sustained growth. The company could then serve customers quickly and efficiently, reduce employee workload, and decrease working capital.
Unfortunately, she realises the ERP software she wants to implement involves a bigger investment than the one she’s able to pay right now. Audrey decides to push forward and acquire funding to stay ahead of the competition.
Because her business earns less than $1 million in sales annually, she decides to apply for a $50,000 online loan. No collateral is required and it’s possible she will have access to funds within 10 business days. She also favors working with online financial institutions as compared to a local conventional bank because the lending process takes less time.
Once Audrey receives funding from the online lender, she invests immediately in ERP software and employees a technology expert temporarily.
After completing training and assimilating the software to her business, Audrey sees immediate results. She can review migrated data instantly, print analysis reports, monitor sales, and track inventory.
Audrey found ways to reduce costs across the board and stay compliant with regulatory agencies. By spending less time managing her business, Audrey now concentrates on business expansion by accessing ongoing data provided by the new ERP system.
Are you ready to reach the full potential of your business?
Applying for a small business loan is a positive step you can take to propel your business forward.
Just like Audrey, you can ensure that your business grows steadily as you make adjustments along the way. With so many types of small business loans for women available, there’s one or more that will fit your financial needs and make a difference in your business’s future.
Another smart move you can make is to apply for grants structured to benefit women-owned businesses. With this type of funding, you could boost your business and won’t be required to pay back the money.
In some instances, grant awards may include personal mentoring and coaching from business experts. Likewise, grant winners can attend workshops to hone their entrepreneurial skills.
Remember what Virgina Rometty said, “Growth and comfort do not coexist.” You must always face your challenges head-on.
Are you ready to find out which small business loans make sense for your business?
