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The majority of women think small when it comes to money, be it their salary, personal or family investments and or setting up or running their own business.
What stops us thinking big? We are highly educated (surpassing men) so clearly it is not lack of intelligence. We are great communicators, negotiators (in some contexts) we are creative, organized, tenacious and much more – yet why do we still think small when it comes to money.
I have covered the topic of women, pay in equality and the need to speak up and negotiate our salaries in ‘Why Women Avoid Salary Negotiation’ In another post ‘Scary Financial Stats for Women’ I looked at the low numbers of women who are confident and who have investments that will offer them a great lifestyle once they retire. The majority manage the household budget, over 58% in fact yet the minority manage the big financial investments! Why is that?
Last week at the Online Divas event in Melbourne, as I sat in a room of intelligent and inspiring women, what became apparent was that we also think small in business. Not so much in terms of our ideas, more how we finance them. Women had started businesses on a shoe string, which is not a bad thing, rather admirable in one sense, yet also restrictive in another. Others proudly boast not having borrowed any money, having loans through other means or investors. I don’t dispute that you have to go with what works for you, though the reality is you will struggle to create a big amazing and financially viable business with small financial thinking.
Women perhaps lack the confidence to borrow from the bank, to seek out investors and to really back themselves. It is also maybe a case of not knowing who or where to go and maybe a case of not wanting to ask for help. We are great at helping others though not so great at asking for help.
I would be interested in other people’s thoughts around the subject and ways that we can support other women in achieving financial confidence, success and freedom in their personal and work lives.
About Kelly Magowan
Kelly has been specializing in the arena of Human Resource Management, Recruitment and Career Coaching, for 12 years. In 2008 Kelly launched Six Figures www.sixfiguresinternational.com the Premium Job Site for $100K+ jobs and contracts, across all industries and professions. Kelly is a recruitment and careers leader, whose expertise and passion is to empower people in their careers.
Kelly Magowan
CEO of Six Figures International Pty Ltd
Web: www.sixfiguresinternational.com.
Email: kelly.magowan@sixfigures.com.au
Phone: 1300 780 177
This is a brilliant article and very accurate. I put my hand up as guilty as charged! For the last two years of building my business I have been scared to spend too much and wanted to get by on a shoestring budget. But in the end that only works for a selection of businesses and that is a small number. You need to invest to see sustainable growth. The key is to invest wisely.
From my point of view I guess I am the one of those women that would not be sure where to go for investment.
Any ideas would be very welcome!
Thanks again for a great article. Your last comments about supporting each other to resolve this matter is a great idea. The more women in business band together and share knowledge the easier it will become. I say we need more sites like AWO 🙂
Hi Naomi,
Thanks for your feedback.
Indeed sites like AWO are terrific and are a great way for women to support one another and help grow amazing, sustainable and profitable businesses. We need to be talking more about business in terms of money, cash flow and investment. Without them you don’t have a business. We need to be talking about the ideas and the businesses and how we can grow them, fund them, merge them, and form strategic alliances and so on. Otherwise you have to question if your business is a hobby or a business!
Investment can come from many channels, be it bank loans, investment or loans from friends and family, private angle investors, Venture Capital firms, and even we are seeing new vehicles such as ASSOB http://www.assob.com.au and Pitch Club http://www.pitchclub.com.com
I recommend that you explore all of these avenues and go with what is right for you and your business.
Be bold and think big.
Regards,
Kelly Magowan
CEO
http://www.sixfiguresinternational.com