It’s easy to find people who will critique your business and tell you how to run it. But no one actually explains the hard part: how to make money. I know many women entrepreneurs who, like me, tend to focus on the creative side of business, with a thousand new ideas racing in our brains, but we don’t want to always deal with routine tasks like accounting. But if you can focus on what aspect of your business makes you the most money right now, you’ll have CASH in the bank. With that comes the freedom to experiment, to grow your business in new directions and take it to the next level.
The pivotal moment of understanding the power of CASH in my career came when I ran
a creative photography business. It was doing well. After ten years of major setbacks, financial worries and the threat of bankruptcy, I got to the break-even point. But little did I know, until (I hired) a particularly brilliant controller who understood running financial spreadsheets like no other, and showed me exactly which revenue streams produced the most—and least—income. As it turned out I was doing fantastic with direct sales in my photography business in Europe, but next to nothing in the U.S. Once I saw what my business looked like on paper, broken down by months, regions and countries, I knew exactly where most of my income actually came from. So I doubled my sales efforts in Europe and the result was a 300% income increase in only a few short months! Two years later, I sold my company to Bill Gates and made a fortune. To read more: http://goo.gl/y7vHy
So what are your numbers telling you? Where should you put your efforts immediately to get the cash in the bank? Focus on what makes you the most money right now. You can always branch out later.
Beate Chelette is a respected career coach and successful entrepreneur. After selling one of her companies in 2006 to Bill Gates for millions of dollars, Chelette pursued her dream of building a community of women around the world who would help each other. In business, Chelette had seen how badly women treat other women, and she was determined to turn that around by creating a new code of conduct by which women could live happier, more successful lives. In 2011, drawing on the tools and strategies she learned on her road to success, Chelette founded The Women’s Code, and in February 2012, to reach women everywhere, Chelette launched The Women’s Code Online Course.