Tips For Women’s Business Growth – Successful Authentic Women Entrepreneurs
I recently read a Forbes article regarding about how women can ride the wave of business energy in 2014 to grow their businesses. It’s not much different than what men can be doing as well. But in my experience as a 6-Figure Female Entrepreneur and as a Coach, there a few areas they touch on in the article that are more unique to women and few of my own I’d like to add.
Number 2 in the Forbes article states:
2. Know your financials and have solid financial goals
This is something many women tend to avoid. If you’re going to grow your business sustainably, you need to understand how your business is spending money. Know where every dollar goes, right down to the last dollar. You need to fully know where you’re going and what you need to achieve in each quarter. It’s important to understand profit.
I see so often, women entrepreneurs who are terribly passionate about their services and products, but simultaneously are unsure as to how “well” they will be received. Thus instead of making a financial blueprint with solid goals, they tend to want to wait to see how thing turn out. I believe often it’s because they are afraid of setting a goal and then failing to reach it. The flip side of this is that without a financial plan in place for your business, it is hard to know if you are making money, spending money and growing.
This topic fits hand in hand with a common theme in almost every female entrepreneur who I coach. Self-worth, Value and Money Baggage. Men don’t seem to have this issue in the same way. In fact in men it is sometimes the reverse (but that’s a topic for another day!). Money is not just money. Money has an energy around it, stories that impact our relationship with it, meaning related to it. It is all of this that very often causes women to undercharge and undervalue their services and products.
Tied to this is Women’s own sense of self-worth. The head trip phrases are something like, “Am I good enough at what I do?” or “Do I have enough training to be valid in my field?” . I’m sure if you are a woman (and even a man) you could share below your own self talk about self worth and the value you bring to your business clients and customers. These feelings are common. They greatly impact business success, and yet they are ones that can be defined, delineated and shifted with a simple outline and good coaching program.
Another area discussed in the Forbes article had to do with delegating vs. doing it all. Women have a tendency to be the “do it all” types. Even in a small solopreneur practice there are things to delegate. If web design is not your strength you would be better off hiring a web person than spending 4 days trying to do it yourself and not loving the finished product. I have an assistant who I delegate certain jobs that I don’t like, yet must be done. She is a college student. I pay her $10 per hour. I am free to focus on coaching and relationships. She does the “busy work” that is not my forte.
Read the Forbes article from February 25, 2014 titled Tips for Women’s Business Growth in 2014. I’m sure you will find some things you can put into action this week. We love conversation. Leave your biggest takeaway from this article and that one in the comments below!