Women entrepreneurs have been pivotal in America’s economic recovery from the Covid-19 pandemic. For three consecutive years, women have started about half of all new businesses, according to a 2023 report by the U.S. Senate Committee on Small Business and Entrepreneurship.

This momentum among women business owners is powerful and shows no signs of slowing down. As we approach the end of Women’s History Month, it’s essential for women entrepreneurs to harness this drive and focus on both business expansion and developing a robust entrepreneurial mindset.

Here are three strategies for women business owners looking to elevate their businesses and strengthen their entrepreneurial spirit:

1. Develop and Refine Your Growth Plan

According to a recent Bank of America survey, 45% of women business owners plan to expand their businesses in 2024. To begin this process, create a detailed growth plan outlining goals and identifying key needs such as funding, staffing, or inventory. Regularly revisiting and updating this plan—ideally on a quarterly basis—will help you navigate any internal changes or external market shifts.

Each review should include an assessment of business performance, comparison with previous periods, and adjustments to projections based on cash flow and fixed costs. Gathering feedback from customers, employees, and stakeholders can also provide valuable insights to drive growth.

2. Embrace Your Role and Build Confidence

Despite the increasing number of women in business, there remains a significant gender gap in entrepreneurship. The World Economic Forum reports that men outnumber women three-to-one in business ownership globally, contributing to “The Confidence Gap” where women may feel less assured in their roles.

To overcome this, practice affirmations, advocate for yourself, and learn from both successes and setbacks. Networking and mentorship are crucial, with studies showing that women entrepreneurs benefit most from female mentors. These relationships can open doors, provide guidance, and enhance business success.

3. Invest in Continuous Education

Continuous education is vital for evolving as a business leader. Leverage available resources to enhance your leadership skills and adapt to the ever-changing business environment. For instance, Bank of America has partnered with Seneca Women to create the Bank of America Access to Capital Directory, a resource designed to help women and minority-owned businesses find funding sources.

Other valuable resources include the National Association of Women Business Owners (NAWBO), the Association of Women’s Business Centers, and Ladies Who Launch. These organizations offer educational tools, networking opportunities, and support to help women entrepreneurs thrive.

Navigating the complexities of business ownership can be overwhelming, but by taking proactive steps to grow both your business and your mindset, you can overcome challenges and achieve success. Women entrepreneurs have demonstrated remarkable intelligence and resilience, proving they can tackle any obstacles in their path.