This live, roundtable conversation about how women make bold financial decisions to advance their authority, influence and bank accounts DID NOT disappoint. If you missed it, you’ll want to watch it live, but if you don’t have an hour, here is a summary of key takeaways that will change the way you manage your money.
The expert panel of financial badasess included:
Eleanor Beaton, Founder and CEO of Safi Media, business coach and creator of the Jewel Business Model. She is the Host of the Anchored Intelligence Podcast and has been featured in Forbes, Fast Company, The Huffington Post, The Globe & Mail, The Atlantic, CBC, Chatelaine and more.
Melissa Houston, business coach, founder of She Means Profit™️ podcast and blog, speaker and writer. She has over 20 years of experience working in business accounting and her work includes industries such as tech startups, government, not for profits, public accounting firms and corporate accounting.
Jackie Porter, an award-winning CFP and financial advisor in Canada who has been in the financial industry for the past 24 years serving thousands of families, established businesses, and professionals.
Lisa Larter, a Business Strategist, Digital Marketing Expert, Author and Speaker. Her business, the Lisa Larter Group helps their clients to formulate marketing strategies that support their business goals and objectives for increasing their visibility, leads and sales customer acquisition.
The Key Blocks Holding Women Back from Financial Success
In this 60-minute conversation, panelists identified the KEY blocks that speakers identified as holding women back are:
- Shame
- Fear
- Insecurity
- Guilt
- lack of confidence
- Intimidation
- Procrastination
- Busyness
The Big Five $$ Takeaways
In the insight-packed hour, the panel talked about the many ways women can overcome those blocks to make lasting change to their financial mindset.
When it comes to Money, It’s Time to Think Bigger
Women don’t think about the opportunities that money creates, and in doing so they limit their ability to succeed. You can teach yourself to think bigger by finding the path to exponential thinking. Why not 10X or 20X your price point?
Solution: Change your mindset by think about the impact more money will bring you
Learn how to generate income without heavy lifting
Women are taught that money is something they have to EARN. This passive mindset holds women back from actively pursuing wealth. Every woman needs to find within herself the superpower of being able to generate wealth when they need it. One of the keys to doing this is to identify your selling style, and find ways to practice, which can be as simple as selling used household items on Facebook Marketplace or another platform, using that exercise to negotiate. (If you want to learn more about your selling style, try our Unique Selling DNA Quiz)
Solution: Look at money as a TOOL to generate more wealth.
Know how to Position your Product aka Show the Math
Context is important when it comes to pricing, so it’s important to explain why a product is priced the way it is. Our audience added this key comment in the chat: it’s important to know what your ideal client values. If you understand why people are pulling the trigger on purchasing you can increase sales, but first you need to DO THE MATH… and then show it. You need to be clear about the outcomes (value) of your offer and what the immediate results are for your purchaser.
Solution: Do the math, and show the results.
Price yourself into profit
A lot of women undercharge because they are afraid to price their products and lack confidence when it comes to choosing a price point. They start low and plan to increase prices when they have proven their worth. In doing this, they get stuck in a hamster wheel, unable to raise prices, and this is when shame creeps in to perpetuate the cycle.
Solution: A combination of self confidence and financial literacy
Cultivating Habits that Will Bring You Profit
The biggest problem our panlists encounter in their clients is not having a clear overview of their companies finances. You need to have a full understanding of your operational expenses and know your bottom lines. The panelists shared tips like how to calculate the baseline for your annual expenses (calculate how much you spend and divide it by 12), how many months of operational costs you should have in your account (3-6) and how to look at your money in the bank (hint: it’s a snapshot in time, not a benchmark of your success). Most importantly, monitor your sales regularly to make sure you aren’t spending more than you are making.
Solution: Learn how to manage your money
Be Financially Literate: Words You Need to Know
Revenue: The sales that you are generating
Profit: the money you have left after paying for business expenses (FYI – money management bring you profit)
Extraordinary expenses: Out of net profit, this is the money we have to invest
Financial runway: How many months your business can keep operating before it’s out of money
Cash Flow: All incoming payments and outgoing expenses in your business
Cash Flow Planning: a process that helps business owners forecast their future income and expenses. (If you want to know more about cash flow planning you can read Melissa’s advice in this article.)
OPM: Other People’s Money. Why is this important? Because you’ve got to be comfortable using it.
TOP TIP: Partner with an accountant that understands your business and is actually going to give you advice on your industry and leveraging assets for better returns.”
Words to $pend By
“Everyone needs to have the superpower of being able to generate income when you need it”
“As a business owner you have to have a positive mindset so you don’t have anything holding you back from making profit”
“We are not the same as a household, we make investments of capital that will bring us growth.”
“It’s something you have to constantly work on, even if you are good at it.”
If you like the gems delivered in this article, you’ll love the depth of advice delivered in this 60-minute conversation. You can watch the replay here.
If you want to read more about pursuing profit, check out this article: Two Key Realities of Big Revenue Goals.
We have opened registration for a BRAND NEW COACHING PROGRAM that will help you build the scalable infrastructure needed to have a business that is capable of tapping into MEGA GROWTH OPPORTUNITIES. Learn more about the Jewel Business Accelerator and how it can help you scale your business.