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

The top 5 ways to make more sales (and money) in 2022

The top 5 ways to make more sales (and money) in 2022

Well, here we are in 2022. Who else remembers New Year’s Eve 2000 and the excitement of tipping over into a new millennium? There was so much uncertainty of what to expect and what comes next (sound familiar?!). 

Now, 22 years later (sheesh!) business, and life has changed a lot and so have the key components of how we sell. The changing landscape of sales has (thankfully) moved on from a pushy, aggressive approach to being more consultative and caring. 

And this is a space that women in business, typically thrive.

What hasn’t changed is how we, as humans, make buying decisions. Along with the subconscious behaviours that help achieve sustainable and long term results in sales and in business. 

SO Here are the top 5 things FOR YOU to have in place

to make the most of 2022

1. Be across your numbers. How do you know you’ve ‘arrived’ if you don’t know where you’re going? 

To get the foundations in place, we recommend starting with these 3 main areas:

  1. A clear revenue target
  2. Profit % target  
  3. Breakdown of KPIs which will be the roadmap getting you to points 1 and 2

TOP TIP: Have some fun with this! And make them meaningful for YOU!

When you have your revenue target in place, think about how many amazing clients you get to help and work with. Then, instead of focusing on the money target, you can focus on the number of customers that will benefit from your product and service. The smiling faces and the great feedback you’ll receive from working with them.  

This links back to PROFIT FOR IMPACT. The more profit you make, the more people you reach, serve and help. So find and focus on a metric that feels meaningful and incredible to you. 

2. Get clear on your lead generation strategy. Consider how you’re getting yourself in front of your ideal client. Who are they, where do they hang out and how are you (consistently) getting in front of them?

3. Polish your questioning skills. Questioning is the backbone of any great sales conversation so make sure you have a good understanding of the best questions to ask to truly uncover your client’s needs. 

Make sure you’re covering off:

      • Asking questions to uncover their current reality, in other words, where they are now
      • Getting clear on their future ideal scenario, where they want to be
      • Identify what’s the gap between where they are now (current) and where they want to be (future). 

TOP TIP: The bigger the gap between current and future, the more value they’ll place on the solution. Meaning the bigger the gap, the more you can help. 

4. Clear your mindset of sales blocks. It doesn’t matter how much external work you do, if you don’t do the inner work and have a really resourceful belief around sales and selling, you’ll always be limiting your external success. Grab our Mindset of Sales Playbook here to unblock any lingering limiting beliefs that might still be hanging around. 

5. Be crystal clear on your service (or product) offering so it’s super-duper easy to articulate and for your clients to understand. 

Remember a confused mind says no and if you’re not absolutely clear on your product or service and the problem it helps to solve, how will your clients and customers be on these points?

Nicky is a Sales & Business Growth Coach helping  women in business embrace the art (and heart) of selling.

Sales is at the heart of every successful business, without sales, your business is a hobby. And without scalable sales processes, your business will be stuck.    

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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!

3 Ways To Improve Profitability of Your Business.

3 Ways To Improve Profitability of Your Business.

I’m going to give it to you straight.

Revenue is important! But it means nothing without profitability. 

Sales matters! But not if you have so much debt you can’t even pay yourself a wage. 

Businesses need to grow! But not if it’s giving you more pain and stress than money in the bank. 

So what’s the secret sauce? 

Making sure you focus on profitability

Profit is where the magic happens. It’s what gives meaning and power to revenue, sales and business growth. 

Here are 3 simple things you can do right away to increase your profit immediately.

 

1. Get really clear on where you’re spending your time aka what’s the ROI on where you spend your time?

I remember my very first Sales Director role. I was so excited about the red Chanel lipsticks we’d bought our clients for Christmas gifts that I got caught up in the detail of packaging them up and sending them off. 

As a novice (and possibly overexcited new senior leader who wanted to do everything), there was something I failed to realise. 

If I was spending my time on tasks that our EA could do, this meant I wasn’t spending my time on tasks a Sales Director needed to do. 

I could’ve been using that time to coach and support my team, create sales strategies, liaise with top tier clients, build relationships with key stakeholders. 

I’ll never forget the look on my boss’ face when she walked into my office to see me up to my eyeballs amongst Australia Post packaging and red lipstick trying to match envelopes with addresses. 

She asked me straight out – what my hourly rate was. And then she asked me if I felt it was worth the investment of that hourly rate to be organising postage for our Christmas gifts. 

That was a lesson I’ll never forget and a hugely valuable one that has served me as a business owner since. 

So I ask you..

  • What tasks are you spending time on that you know deep down you could outsource?
  • What’s your hourly rate (assuming of course you’re charging what you’re worth 😉 and if you’re not, keep reading to point 2)?
  • Is where you’re spending your time giving you a good return on investment (ROI)?
  • What could you be doing with that time instead that would make a bigger impact on your biz?
 2. Charge what you’re worth

Here’s the thing. There’s a lot of undercharging going on out there. 

The double whammy of combining a sales conversation and increasing prices can be too much, resulting in an avoidance of both sales conversations and increasing prices. 

Service-based businesses can particularly struggle with this as it feels exceptionally personal to ‘sell’ yourself. 

You’re not alone. We’ve been there. 

What can you do?

There’re some practical things like 

  • Do some market research to get a feel for the market value of what you’re providing.
  • Consider how long you’ve been providing this service and when you last increased prices along with your expertise and experience.
  • Map out a communication plan and consider the rollout to both your existing and new clients so everyone still feels taken care of (depending on your business, you can increase existing clients incrementally or set a date from which they’ll be charged the higher rate)

And then there’s the inner work…

  • Dig deep into your mindset and uncover what limiting beliefs are holding you back
  • Be aware of, and change, your inner dialogue – what’s your inner critic telling you?
  • Work with a business coach who can help you discover what’s really holding you back and provide strategies to create the change you desire
  • Always remember your external success is limited by your internal progress
3. Use a clear and simple sales process. 

Many business owners (especially women) will avoid sales or don’t believe they have to be (or are) good at sales. 

Having a good sales process in place has several benefits:

  • Saves you time
  • Helps increase conversion rates of a prospect to client
  • Provides a better client experience 
  • Qualifies (in and out) the best type of clients for you to work with

All of these benefits have a direct impact on your bottom line. On your profitability.  

Top Tip: a good sales process takes the ‘thinking’ out of it for you. You can organically follow a process without having to think of the next step each time. Aaaagh the gift here is giving you back some brain space to focus on other cool things in your business. 

Myth Busting: You don’t need a big (or any size) team to have a sales process in place. Even if it’s just you in business, it’s worthwhile. 

Despite having decades of experience in sales, I still had a sales process that I used for 5 years when I was a solo business owner.

Remember: Simple is good. Tailored to your business is even better. 

The most important message to take away today is to make sure you get started on finding ways to increase the profitability of your business. And don’t forget to put a metric in place to measure each month, quarter and year to show how you’re tracking with profit numbers. 

Stay in the loop with more great business, sales and money tips here. 

WE'RE READY WHEN YOU ARE!

A NEW WAY OF WORKING IS AROUND THE CORNER

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!

5 Reasons Women in Business Fail and How Not To Become Another Statistic

5 Reasons Women in Business Fail and How Not To Become Another Statistic

Okay, so I’m a pretty optimistic person. I believe, especially as women, we can do anything we put our mind to. And I was taught from a very young age that girls can do anything boys can do… 

BUT

To achieve our dreams and goals some realities need to be faced. 

So I want to help out my fellow businesswomen by sharing the 5 most significant things that could hold you back from success.

1. Breaking down systemic cycles and belief systems about women making their own money, creating independence and wealth, building a business on their own terms (to name a few). 

It was when I read Jane Caro’s book – Accidental Feminists that I realised our grandmothers and mothers were the first generations of women to earn their own money. #WTF

This actually blew my mind.

I mean, of course, I knew this on some level yet it’s always been the norm for the women in my family to work and earn money. 

I guess I’d never actually considered the generations that came before. 

So really, women earning their own money is a reasonably new construct (in the scheme of things). Hence there are a lot of underlying beliefs about women and money, women in sales, women in business, women creating wealth, women running businesses that are unresourceful, and unhelpful.

It’s critical to uncover the cycles you need to break to make sure they’re not unconsciously holding you back. 

2. Doing it alone, not having a solid support network 

Business can be lonely. 

Some would say the odds are stacked against us yet, the stats are moving in the right direction (yay!). 

35% of businesses in Australia are women-owned with a 46% increase in the number of women business operators over the past two decades (compared to 27% for men).*

With this growth comes more networking groups and communities of like-minded women in business popping up. 

When I first started looking (after almost 5 years running a solo business) there weren’t many around. This is one of the reasons Ness and I started Business Together (B2). In fact, it was the main reason. Because we know that as women in business, together we’re smarter and stronger. 

Have you ever heard the saying ‘A burden shared is a burden halved?’ Imagine sharing your problems with other women who ‘get’ it – trust me, it’s helpful!

You can find ongoing connections with other awesome business owners through things like Business Retreats, Masterminds, Business Communities. 

In fact we have one coming up shortly – just in time for the world to be opening up again. Check it out here 

Remember this is not a new concept! Women have been coming together, strength in numbers, for centuries. Let me explain a little more about what I mean here. 

3. No up-skilling in other areas outside of your genius zone 

This is something that has been reported (by the ABS) as being one of the main reasons SMB’s fail. You might’ve gone into business because you’re passionate, or really good at your craft. But no one told you you’d have to get good at sales and managing cash flow. And even if they did – it always seems easier in theory. 

What I’m about to say is absolutely critical when it comes to biz success. 

You must learn how to manage your money! 

And you must learn how to sell and grow your business sustainably! 

We have so many resources on these two key areas for you to devour. To get you started check out this blog on the money management red flags your ignoring and how to fix them and how to abondon push sales techniques and embrace a new way of selling

4. Trying to fit into a male-dominated structure. 

A large portion of my experience before starting my own business was in Corporate. I learned first-hand what it’s like to be on the outer of a ‘boys club’.  

Then starting my business, I realised there’s a lot of hustle style approaches out there, a lot of ‘shoulds’ around how to run and grow a business. 

Honestly, it left me feeling a little less than inspired when it didn’t fit my natural style not to mention I didn’t feel like I could wholly be myself in my business. 

There’s a delicate mix of masculine and feminine energy that’s required to make the ultimate recipe for business success. 

Though we’re not often taught that feminine energy is a highly valuable business trait. Instead, we’re taught how to do it in a very masculine way, to make sure we fit into the mould. 

I encourage you to bring critical thinking to what you see and hear (or are told) about the way you ‘should’ be doing business. 

5. Subscribing to the belief that sales has to be pushy and fake

Here’s the truth of it. Women are often better at selling and sales once they overcome the barriers of not wanting to be too pushy or fake. 

In fact, when they do the opposite of this and tap into their curious, collaborative nature, they’re more likely to build trust easily. This removes barriers to the sale and instead the focus is on genuinely uncovering the need and solving the potential client’s problem. 

According to Harvard Business Review, high-performing women in sales are more likely to emphasise connecting, shaping solutions and collaborating. The need for this style of selling is becoming more and more desired by clients, particularly as we navigate the pandemic. 

Let’s summarise…

Now there’s a whole bunch of other barriers specific to women in business we could talk about like the increased expectation and demands on women outside of work or the fact that women-led businesses receive less support in funding despite research showing they generate more revenue – sometimes up to twice as much per dollar invested. 

But for now, why not use this checklist to make sure you don’t become another broken statistic in a system of failed businesses…

1. Work on breaking the cycles (and beliefs) that could be holding you back without you realising it 

2. Find a community that you connect with who support and understand you. You might like to join us at our next Business Retreat in November 2021

3. Upskill in areas outside of your genius zone ie. sales and managing your finances 

4. Break the male-dominated mould and define what success looks like on your own terms

5. Embrace a new way of selling and get great at sales

*Source ABS

 

If you want to uncover what else could be holding you back from creating a wildly profitable business you love, without having to sacrifice life, let’s chat! 

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