I recently caught up with a business coach friend of mine. We were chatting about some of the common themes that we are seeing in our clients and as it happens, we are seeing the same things.
Too many women in business undervalue themselves.
Not just their ability and their value in the market place but their business as well. As a result, far too many are earning less than their male counterparts in similar sized businesses and they don’t seem to know how to correct this.
A quote from one client, “we know what is wrong, we just don’t know how to fix it!”
The good news is that many of those women are putting their hand up. They want to know why their business growth is stagnant and how they can change it and themselves to be more effective financially, in both their business and life.
Let me tell you a story and see if you can relate to it.
You have a great skill, maybe you are an amazing florist (insert any number of abilities here). You have done a few jobs over the years but only for friends and family as your focus has been on the family and the household, besides, your partner is the main breadwinner.
Then the requests become more frequent. You are being asked to do flowers for all sorts of occasions, the feedback is extremely flattering and this makes you think, “Hey, this could be more than a hobby, maybe I could go into business…”
Your partner is totally supportive so you pull some funds out of savings to get you up and running. You love it! You are busy, your ‘little business’ is going gang busters. You have paid for a couple of weekends away and a few things you wouldn’t have normally bought for the house from your business bank account and there is still some money in the bank, so you are doing well.
Or so you think until you meet with your accountant to go over the year-end figures. You discover that your income is less than what you were earning working for someone else all those years ago. Never mind, this is just the first year, so you keep going. You don’t really need the additional income for the family, but it is nice to have the little extras that it provides.
You get busier and as you get busier there is more pressure on your time. It isn’t just about flower arrangements anymore, there is also the increasing mountain of admin and paper work to do as well (actually, it’s all online nowadays, but you get my drift).
You are working longer hours to keep up with demand. Rumblings are starting to happen at home because you are spending more time at work and the kids have began to say, “Mummm, we hardly ever see you!” By now, you know that tone all too well.
So, you bring in a part time florist to help you out. At the end of year two, you meet with your accountant; you are looking forward to this meeting! But to your surprise and despair, your income has only marginally increased. Now you start to question why you went into business in the first place. Am I going to be successful?
What do you do? Keep going as you have been or quit? Or, do you make a decision that your ‘little business’ and you are capable of much more and seek out advice. I am going to be successful!
The owners who are serious about their business, who want to lift the performance of their business and their life, come and talk to us.
As Money Mentors we can take you through the process of understanding what your ‘Money Stories’ are and why they are holding you back. We teach you how to get a grip on your numbers and how your business and your personal life can fit.
To learn more, CLICK THIS LINK to watch our Case Study video and book a complementary strategy session with us.
Or, if you would like to have a chat to us, drop us an email or pick up the phone, we would love to hear from you.