Statistics show that during the pandemic, more women started a business than men. This is an exciting statistic, although circumstances suggest it was out of necessity rather than true interest.
However, if you are a female founder, you are now in a position where you can control the amount of wealth that you want to earn in your life. It will take an amount of hard work, determination, and resilience, but you have a good chance at achieving your financial wealth goals as a female entrepreneur.
Your biggest asset in wealth building is your business, and you can decide how much or how little you want that business to contribute to your personal wealth.
As a business owner, I encourage you to dream big. Wealth is as easily attainable for you as it is your male counterpart. All too often women play small in business, capping out their annual revenues so as not to appear greedy, or feeling that they can’t be financially successful.
Women are as entitled to wealth as anyone, and by being a business owner you have put yourself in the unique position of generating that wealth through your business.
Steps you can take to create a prosperous financial future as a business owner:
1. Create a vision
You can only be as big as your dreams, and when you are working towards your goals, it gives direction for your business. Know what you want to achieve and get those dreams noted somewhere. Vision boards are a fantastic tool to remind you of why you are doing what you’re doing, keep you inspired and focused.
2. Check in with your mindset
Having a growth mindset in business is vital in allowing your business to grow. People with growth mindsets tend to achieve more than those with fixed mindsets.
MORE FOR YOU
3. Invest in financial literacy skills
Sadly, 82% of businesses fail due to financial mismanagement. To be the best CEO of your business, you need to understand your business numbers and how your decisions affect the profitability in your business.
4. Create a financial plan for your business
When you create a financial plan for your business you are putting goals down on paper. The plan helps turn your goals into action items and makes you accountable to the progress.
5. Make your business profitable
You can bring in millions in sales but that won’t mean a thing unless your business is making a profit. Profit is essential to the survival of your business.
6. Never give your financial power away
If you have hired advisors to guide and help you in your business and are relying on their guidance without understanding their advice, you are doing your business a disservice. If you are agreeing to decisions that you do not understand, it is like driving blindfolded. You cannot check out of your business on any level, especially not finances.
The bottom line is, you as the CEO and Founder of your business, you have the final say in all the business decisions. If you do not understand how your business decisions are affecting your bottom line, you will have trouble increasing the profits in your business. When you know and understand your business numbers it gives you an intimate and thorough understanding of your business and how profit is generated.
All good CEOs understand their business numbers and finances.