the 3 essential numbers every woman in business must now

the 3 essential numbers every woman in business must now

When it comes to your business plan, if you don’t have clear targets in place or know your numbers then you don’t know how you’re tracking. Can you hire that new team member or outsource that piece of work? Or what about paying yourself?

This means you end up going blindly and your business becomes hit and miss. Or you’re not quite sure about the recipe for success… highly successful businesses are built on replicable results. Meaning you know the formula for success and you can do it again, and again.

Understanding the formula for success – for your unique business is key. And a big part of this is knowing your numbers.

What are the numbers to know? At a minimum, have

  1. A revenue target,
  2. A profit % target,
  3. An income goal that you want to pay yourself.

It’s not about putting pressure on yourself, it’s about making smart decisions in business. And the right process around this helps make it easy. These systems take into account your particular skills and natural abilities.

Need more support with this? We are going deep into this topic at our next Strategy Day in the True North in Business Mastermind. You can find out more here.

WE'RE READY WHEN YOU ARE!

A NEW WAY OF WORKING IS AROUND THE CORNER

5 signs to look for when its time to leave a networking group

5 signs to look for when its time to leave a networking group

Chances are you’ve been connected to a group for a little while but you’ve started to wonder whether perhaps you’re a little bit too loyal because the spark is gone and you feel bad about leaving.

I want to assure you that we both know if you keep on attending you’re going to end up building some resentment towards going to that group and it’s going to be a no-win situation. Because if you stay beyond the time you know is right and it keeps going you’re going to turn up being not quite the person that you necessarily want to portray to this group.

Watch as I take you through the 5 signs to look for when it’s time to leave a networking group.

To join the next B2 Bar sign up for our regular updates so we can keep you posted. Looking forward to seeing you there!

Why it’s so powerful when women come together

Why it’s so powerful when women come together

If you’ve been in business for more than 5 minutes you will know the importance of networking. Without growing your reach and inviting people into your world, you will have a hard time finding an audience to work with.

For some, the opportunity to meet new people and develop relationships is fun, easy and a highlight of their week. For others, it’s a matter of summoning up the courage to put yourself out there and can fill them with a sense of dread.

When I started my business back in 2015 a few friends and I decided to create our own local networking group in the absence of anything else in our region. We created a safe space for women to come together once a month on a Tuesday night at our local community centre. 

The first focus was on creating that old familiar elevator pitch. Just the thought of standing up in front of the room and speaking for 1 minute about themselves and their business was enough to bring on an anxiety attack for many of them. But over the next six months, their confidence grew in spades.

What is it about being supported in a room full of women that makes you feel like you don’t have to go it alone? 

Women have an uncanny knack of being able to:

  • Silently cheer you on
  • Nod their heads as you speak
  • Smile at you in encouragement and 
  • Emphasise with your discomfort

But for me, it’s more than that. It’s the support that continues long after the networking group wound up. Almost all the women who came to those Tuesday nights have gone on to develop amazing and successful businesses and we still cheer from the sidelines for each other. There’s a level of care that extends beyond the formality of networking and lives on through all the ups and downs of business and life.

How does it differ from predominantly male networking groups?

Never one to let my environment hold me back, once our women’s networking group finished up and my business moved more into the corporate space, it was time to get another group up and running.

Along with two other male business owners, we developed a local chapter of a very well known franchise of networking groups. This experience was different, as I was only one of three females in a group of 25 men.

The similarities were in the beautiful relationships I developed with some in this group. I still catch up with them for lunch and we continue to support each other in a similar way to my experience with women. 

However, there were some distinctive differences:

  • The meetings were held every week and early morning, making it difficult for women with caring responsibilities to attend
  • The rules of the meeting were stricter, there was a structure to follow and an expectation that you would follow it 
  • Much of the focus was on providing business opportunities to others (nothing wrong with that) which resulted in money in the bank

For me, the differences represented the dichotomy of masculine and feminine energy. According to Forbes:

For years in business, masculine energy has typically been revered as being more powerful and effective, but our feminine or yin energy includes a more collaborative, empathetic, creative and receptive nature.

When it comes to committing to a network of like-minded business people to support you and encourage you on your business journey, make sure you are choosing the best fit for you.

Nicky and I have a strong belief that as women in business, together we are stronger and smarter

Want to broaden your network of amazing women in business? Add your details below and we will keep you in the loop with the going-ons and exciting things we’re planning for you!

Discover why La Riva is the perfect venue for a retreat

Discover why La Riva is the perfect venue for a retreat

Imagine being immersed in a beautiful environment with everything taken care of for you, whilst you take much needed time out. Uninterrupted time away from the pressures of work and home to focus on what matters to you.
Stepping out of your business, to work on your business.

Next month (21st to 23rd November) Nicky and I are thrilled to be hosting the B2 Business Retreat which is designed to provide pampering and luxury for both you and your business.

Recently I caught up with Andrea Brown from La Riva, the beautiful 5-star Luxurious Mediterranean style Homestead on 7 acres of gardens nestled in Eagle Point, to talk about why it’s the perfect location for our retreat.

Check out the short video (2 mins 20 seconds) and pay particular attention to 20 seconds in where you will see exactly what all the fuss is about and why we can’t wait for you to join us!

You can find out more about the B2 Business Retreat at https://www.b2businesstogether.com.au/retreat

What to do if Profit First doesn’t work for you

What to do if Profit First doesn’t work for you

One of the game changers in my business when it comes to managing money was reading Profit First. I was so impressed I hired a Profit First trained consultant to set everything up for me within days of finishing the book.

Armed with the *very expense* formulated excel spreadsheet, I was on my way and ready to see my profits soar! The promise of two times the results with half the effort sounded too good to be true – I was in hook, line and sinker.

But it didn’t take long before it stopped working for me. And the first three times I couldn’t make distributions my spreadsheet was telling me to, I was ready to throw in the towel.

Luckily, instead of stopping altogether, I decided to adapt it to fit for me. If it worked for me, it might just work for you too.

Here are two aspects of Profit First that WILL work for anyone:

1. Separate Bank Accounts

A huge game-changer for me was setting up a separate account for annualised and regular payments. I added up the annual expenses (e.g. insurance, accountant, all monthly ongoing subscriptions, etc) and divided that by each fortnight to make sure there is enough to cover all those big bills when they come in. It’s been such a relief to know they are all covered no matter what my cash flow looks like at the time.

2. Twice A Month

Still doing this two years later. Every 1st and 15th of the month, I have blocked out an hour in my calendar to update and transfer my money, pay bills and update my cashflow spreadsheet. This discipline means that I am not missing anything, and it’s super time-efficient. 

Here’s are two aspects of Profit First that will NOT work for everyone:

1. Irregular Income

Most businesses have weeks or months with high income, followed by the same of low income. Even if you can rely on a similar amount of income each month, at times life throws us a curveball and one of two things happen:

  1. A sure thing becomes not a sure thing – a client cancels, life happens for them, a pandemic hits
  2. An unexpected expense turns up – maybe your laptop dies, you smash your phone, or heaven forbid, you become sick and can’t deliver your services

When the cash flow dip comes, the Profit First system doesn’t work because there is barely enough to cover expenses, let alone pay yourself first.

2. Income targets aren’t hit

Some businesses have a long lag-time between all the outbound marketing and sales and when that money shows up on invoices. When I worked in corporate, it could take months before the appropriate person signed off a proposal. I remember nurturing a lead for two years before he became a client!

When you focus only on the sales, and not on the things that lead to sales (like marketing, networking, etc), then your energy can get all out of whack and you send off needy vibes. That’s not a good place to be, especially if you’re freaking out about your Profit First distributions!

What to do if Profit First doesn’t work for you

If this is you, don’t despair! The solution is about finding what does work for your specific business and adapting the Profit First system to ensure you are still making progress. Here are a few suggestions on how to do that:

  1. When you are in a period of high income in your business, put aside a larger portion to cover the lower months (your cash flow forecast should be able to guide you here)
  2. Keep a tally of any amounts you weren’t able to transfer (e.g. to your GST savings account) so that, the next time you’re in surplus, you can pay that money back
  3. Build up a buffer of three months of expenses to cover those longer droughts. This account is separate from everything else. I call mine ‘Emergency Fund’.

Have you resonated with any of this? If so, it might be a great time for a deep dive into your business with our True North in Business Diagnostic. You will complete a business health check, understand your natural behavioural style and leave with a bespoke roadmap for your business. This roadmap outlines clear next steps for you to create your profitable, wildly successful business without having to sacrifice your time or your life. Find out more by adding your details below and I will be in touch.

3 + 14 =