For every woman owned company that is successful, there are three or more who are not. What's the difference? It just might be the difference in the mindset of the woman business owner.
Most business women who start their own company do so because they are looking for more interesting ways to use their mind and their talent while allowing them the freedom to make their own choices. Indeed, that's one of the advantages of business ownership. But, if the business isn't profitable it won't last very long.
Interestingly, intelligence and talent seem to have nothing to do with success, as many a woman business owner ,who ended up shutting down their business, can attest.
Edith Piaf, one of France's greatest singers who at one time lived on the streets, once said, "Money? How did I lose it? I never did lose it. I just never knew where it went."
If you find yourself with this financial dilemma you're certainly not alone.
The problem for many of us business women is that we were taught early on that making money was not "nice". It came from our puritan roots and has been passed down through the generations. Surely you've heard "money is the root of all evil". The question is ... do you believe it?
Many women also feel they don't have a right to make a lot of money. A woman owned company 40 years ago was considered nothing more than a hobby. Television during that era convinced us that "father knows best" and it is the man of the house who should be the breadwinner of the family.
You may hold any of these hidden beliefs without even being aware of it. That is because the roots of our beliefs go very deep, and while we may not be consciously aware of these thoughts, it is possibly the reason you are not experiencing business profitability.
So what can you do to improve your business profitability and success as a woman business owner?
Take action. Here's how:
1. Identify how you feel about money and if it's your beliefs that are keeping you from making the kind of income you want and need. To find out if it's your mindset about money that is holding you back, ask yourself how you feel about people who have money. If your reaction is a slightly negative or uncomfortable feeling, dig deeper. Observe what thoughts pop into your head without judging them. You may begin to see a pattern of negative thoughts that you have associated with money.
2. Now, give yourself permission to let go of those thoughts. Realize that how you feel is what keeps you from reaching your potential in business. Begin to recognize that money is nothing more than paper. It can do us no harm and it certainly is not evil. It is what people do with money that makes all the difference. Ask any woman owned company what they do with their profits and the majority of the time they will have a favorite charity or charities they support financially. Realize that having money is actually good. It provides us security, enjoyment and the ability to make a difference for others
3. Use self-talk to improve your confidence and change your beliefs. It takes serious effort to change beliefs but, if you're serious about success, you will find a way to do it. As you begin to question your beliefs, understand that what is past is OK. It's all you knew. Don't beat yourself up over it for your past financial mistakes. Instead, look at this as a great learning experience. Self-talk is used by NLP experts and many positive thinkers as a way to improve people's lives. We all experience self-talk even if we don't realize we're doing it. Why not self-talk on purpose? Once we become aware of our internal dialog about money we can begin the journey to improve our business profitability. Tell yourself every single morning when you get out of bed "It is OK to make money and today I'm going to work on it". When you go to bed at night, remind yourself of all you've done that day to help you improve your financial picture and congratulate yourself. You'll sleep better too.
4. Get more informed about business finances. Have a working knowledge of how assets and liabilities affect your bottom line. Many financial companies have free literature that teaches how to read a balance sheet and a financial statement so that you understand more about your financial picture. You may also find this information online. In addition, you need a financial plan for your business just like you need a financial plan for yourself. This is the step by step action plan based on where you are today and where you want to be in the future. It's a roadmap for your personal financial success and your business profitability. If you've never done a financial plan you can get started with eFinPLAN, a financial planning software that is easy and inexpensive to do it at home. It will not only teach you how to think about money, but get you started on the path to financial freedom.
5. Analyze your product or service, your sales, and your expenses, then decide where you could improve. Take a look at your product. Is it one you believe in? Do you really feel good about what it can do for others? If not, you'll find it hard to sell so it might be time to look around for something else. If you do believe in your product or service, then it's time to look at your sales. How many prospects are you reaching per day? Is it enough? If you're uncertain about how to increase the number of prospects you reach or how to close them, you might consider getting some training. Find more information on how to start and grow a profitable women owned company at WomenCorp. Next, look at your expenses. How much does your product cost when you include the cost of your labor, office rent, utilities and travel? Is there a way you can change that picture to reduce expenses or increase your price to cover them?
6. Enjoy the results! When you focus on improving your profits you can't help but improve the long term potential for your business. And remember to congratulate yourself and acknowledge your accomplishment.
In Jack Canfield's "The Power of Focus" he shows how just by focusing on what you want and reviewing it regularly, you will begin to see it appear in your life.
Remember, the past doesn't matter. You can recover and be on your way to improved business profitability in a matter of months. But without action, nothing will happen.
So get started today. With the right mindset, you are half way there to having a successful woman owned company that everyone admires and will provide you a source of great income and immense satisfaction.