Oct. 26 '24

by Elyse Mutamba

The wage gap is an unfortunate reality that countless women, especially those from marginalized communities, still face. But if you’re a woman business owner, I’m here to tell you that there are strategic moves you can make to start closing that gap—for yourself and for the community of women in business. From setting competitive rates to smartly using tech and building supportive partnerships, it’s all about leveraging your strengths in new, intentional ways. In this post, I’ll be diving into seven practical strategies that can help you and your business pull ahead and set the standard. So, if you’re ready to boost your earning power and take control of your business's future, read on—we’re tackling everything from using AI for productivity, creating a brand that connects, optimizing your prices, and investing in the right tech to propel you forward.

Know Your Worth and Set Competitive Pricing

Setting your prices can be one of the hardest moves in business, especially when you’re in a competitive market. But here’s the truth: pricing directly impacts how the world sees your value. To close the wage gap, it’s essential to charge what your work is genuinely worth, not just what you think the market can bear. Start by researching standard rates in your industry and geographical area, but don’t just stop there—consider the value of your experience, the quality of your work, and the unique touch you bring to your clients. Pricing isn’t just about covering costs; it’s about projecting value and ensuring that you’re building a sustainable business that rewards you fairly.

Once you’ve done your research, be bold about it—set your rates confidently, and don’t feel pressured to offer discounts just to secure business. Pricing for the value you bring is one of the quickest ways to begin closing the wage gap in your own life. You’re not just asking for money; you’re asking to be compensated fairly for the skills and insights you bring to the table. Regularly evaluate your pricing structure to make sure it reflects your evolving expertise. The more you lean into pricing for value, the more you’ll inspire other women business owners to do the same, raising the standard for all of us.

Embrace Technology to Boost Efficiency and Value

The right tech tools can make a serious difference in how efficiently you run your business and how much you can charge for your time. From project management software to AI tools that handle repetitive tasks, technology isn’t just there to save time; it’s a way to optimize how you deliver value. Automating workflows or scheduling, for example, frees you up to take on additional projects or focus on high-impact work that moves your business forward. By using tech that streamlines processes, you can either increase your revenue directly or create space to build new skills that clients will pay for.

The more you maximize technology, the more you’re able to increase productivity without sacrificing quality. This added efficiency gives you the room to grow your income without necessarily putting in more hours, helping you keep pace in an economy where time is money. And let’s face it—adopting digital tools also sets you apart as a forward-thinking professional, which can boost your appeal to clients. When clients see you’re savvy with tech, they’re often willing to pay for that higher level of expertise. Tech is a tool, and using it wisely is a powerful way to make sure the wage gap doesn’t limit your business’s earning potential.

Build a Brand That Connects and Adds Value

Branding isn’t just a logo or a color scheme—it’s the voice, values, and promise you communicate to your audience. By creating a strong, authentic brand that resonates with your target clients, you’re not only building credibility; you’re setting yourself apart in a way that justifies higher fees. Spend time understanding what makes you unique as a business owner and ensure your branding reflects this. From your website to your social media presence, consistent and authentic messaging can build a connection with clients that goes beyond simple transactions. A strong brand that aligns with client values becomes a reason for them to choose you over others, which is invaluable in a competitive market.

A brand that truly resonates can make clients more likely to stick around and even refer others to you, reducing the time and resources you need to spend on acquisition. When people connect with your brand’s mission and vision, they’ll see the value in supporting your business, making them more likely to respect your pricing. So, take a deep dive into your brand identity—every piece of content, every interaction, every post contributes to a bigger story. When that story’s aligned with clients’ needs and values, it sets the stage for a partnership based on trust and mutual benefit. This connection is the foundation for sustainable growth and a fairer wage.

Invest in Professional Development for You and Your Team

Professional development isn’t just for big corporations—it’s a powerhouse move for small businesses, too. By continually developing your skills or offering training for your team, you’re staying ahead of industry trends and boosting the quality of service you can provide. When you or your team master new tools or gain new insights, you can add that extra value to your offerings, allowing you to command higher rates. This isn’t just about learning for learning’s sake; it’s about evolving with your industry and making sure clients see you as the go-to expert in your field.

Investing in development also sets the tone for your business as one that’s serious about growth and improvement. When you’re knowledgeable and up-to-date, clients will recognize that they’re working with someone who’s committed to delivering the best, and they’re often willing to pay for that commitment. Professional development keeps your services sharp, relevant, and worthy of premium pricing, helping close that wage gap by ensuring your skills are always top-notch. Take advantage of workshops, certifications, and seminars, and watch how these investments pay off in both expertise and income.

Create Partnerships that Elevate Your Reach and Reputation

In business, the right partnerships can expand your reach and help you connect with audiences you might not otherwise reach. Collaborating with complementary businesses allows you to offer more comprehensive services and provides clients with added value. Partnerships can also open doors to new networks, further increasing your visibility and credibility in the market. A successful partnership can be a win-win, bringing value to both you and your collaborator while strengthening your brand’s position.

Working with businesses or individuals who share similar values can also elevate your reputation, which is key to attracting higher-paying clients. When clients see that you’re connected with reputable names, it signals that your business is trusted and respected in your field. Take the time to build and nurture these connections, especially those that can amplify your services or reach. The right partnerships don’t just enhance your reputation; they solidify your brand as a serious player in the industry, making it easier to set competitive rates that reflect the value you bring.

Use Financial Data to Make Informed Decisions

Knowing your numbers isn’t just about keeping track of expenses—it’s about using data to make smarter business choices. Analyzing your financial data helps you spot patterns, assess what’s working, and identify areas for improvement. It’s a powerful way to see if your pricing, client mix, or expenses are aligned with your goals. When you’re on top of your finances, you’re less likely to undervalue your services and more likely to make decisions that increase your bottom line. Financial literacy is one of the best ways to close the wage gap because it ensures that every dollar is working for you.

Consistently reviewing and acting on your financial insights means you’re making adjustments that keep your business profitable. This empowers you to allocate resources toward growth, whether that’s hiring help, investing in tech, or scaling your services. Being data-driven also reassures clients that they’re working with a business that’s structured and reliable. When you demonstrate that you’re in command of your finances, you project professionalism that clients respect and are willing to pay for. Financial knowledge isn’t just a tool—it’s your roadmap to creating a profitable, wage-gap-busting business.

Take Control With Goal-Setting and Regular Evaluations

Setting clear, measurable goals is one of the most powerful moves you can make as a business owner. Goals give direction to your decisions and ensure that every action aligns with your vision for growth. Take the time to define both short-term and long-term objectives for your business, from financial targets to client engagement metrics. With each goal, you’re carving out a roadmap for your business, helping you stay focused and proactive. By regularly evaluating your progress, you gain insights into what’s working and what isn’t, allowing you to pivot and adjust as needed to stay on track.

Goal-setting isn’t a one-time task; it’s an ongoing process that keeps you motivated and aligned with your business’s mission. Every evaluation is an opportunity to recalibrate and ensure that your strategies are contributing to closing the wage gap. Goals keep your business moving forward, encouraging you to challenge yourself and aim higher. As you hit milestones, take the time to celebrate your successes—acknowledging growth is key to maintaining momentum. Goal-setting with regular evaluations is a tool that helps you grow with purpose, closing the wage gap and ensuring that your hard work leads to tangible results.

Closing the wage gap for women entrepreneurs isn’t a quick fix, but it’s more achievable with the right strategies in place. By setting competitive pricing, leveraging technology, building strong brands, forming valuable partnerships, and setting clear goals, women business owners can push past the limitations of traditional structures. This journey requires intention, strategy, and a willingness to evolve—and you don’t have to do it alone. If you’re ready to make these smart business moves with a guide by your side, reach out to Business 4 Good. We can build better business together!

Elyse Mutamba

Business Woman & Contributing Writer for Business 4 Good