Women in Business 3 or More Years - Assess What's Working - What's Not?

If you're a woman in business and you've been in business 3 years or more January is a great time to assess how it's going. You're hitting the crucial 3 to 5 year mark where, I'm sorry to say this, most businesses fail. Or, your business may bump along, more in the way of a hobby than a real business.

First assessment question: Are you making money?  If not, then your business is a hobby. If that's true, don't despair.  This is when you get serious about how to make your business profitable, or decide you're ok with a part time business that's fun, but not necessarily making money.

Here's the big question: What's Working and What's Not Working about your business?  Now, sit down and make a list first of what's working. Really, right now. Give yourself credit for what's going well and the Not Working list tells you where you need help. Keep the not working list short and those become your goals to fix in 2014.

One area to assess is your  Power Team. Do you have a CPA, bookkeeper, Attorney, Assistant, Coach on your team? Here's a hint - in the beginning you can do your books yourself - but it takes time away from being in front of clients or prospecting. As soon as possible - DELEGATE that task to a bookkeeper. Not a CPA - use the CPA for your tax preparation and any questions you have. That's a good use of your dollars and will make you money. When I did that my income went up.

Other areas to assess include:  Sales, sales follow-up, systems including time management (watch out for email, Facebook time wasters), bookkeeping, bill paying, procedures and polities, forms or templates particular to your business. For example, I have templates set up for new clients where I insert information and send. My assistant can do this work also.

We've all heard the phrase that most of us work too hard IN our business with the daily activities and don't spend enough time working ON our business, which is the planning and strategizing for success.  In our business is the small picture  -  ON our business is the big picture.  

At the heart of my business I want to make money, of course, but my goal is to have FUN. I totally agree with Colleen C. Barrett, American Businesswoman that “Work is either fun or drudgery. It depends on your attitude. I like FUN."  

Check out Lynn's FREE monthly Webinar: Step on the Gas Pedal 

Want to use this article in your newsletter or website? 

You can, as long as you include this complete blurb with it:

Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the weekly PowerUP Your Money blog for women in sales and small business. If you’re ready to PowerUP your Money, your Business & your JOY get your FREE Strategy Session with Lynn at www.joywithmoney.com

3 Tips to Turn Failure into Success

Failure isn't failure if we learn from it.  Just between you and me, I've had many failures in my life. If you're a woman in business you've had your share also!

Here are 3 Tips to Turn Failure into Success:

1) An optimistic attitude is essential:  Scott Adams, of Dilbert comic strip fame and author of How to Fail at Almost Everything and Still Win Big lists his failures in the book and there were over 20. But he had unfailing optimism and he finally succeeded BIG.  

2) Keep your foot on the gas pedal:  Sheryl Sandberg, COO of Facebook and author of Lean IN says women need to keep their foot on the gas pedal.  I agree. Sometimes we take the foot off the gas pedal because we've been working really hard, had some successes and think it's time to rest. Sometimes women in business take their foot off the gas pedal to have a family. I think she has a point that if you're wanting to compete with the big boys you have to stay in the game. Women are still bumping up against the glass ceiling although we're making progress. 

3) Learn from your Failures & Mistakes:  Robert Kiyosaki, author of the Rich Dad Poor Dad series, makes a valid point about the education system. He says it doesn't allow for falures and to make mistakes. As a young business man his first business failed, he lost millions, yet what he learned from that failure helped him succeed with his next business.  

As I look back at 2013 I see my failures - not staying focused on one thing at a time - and my successes - closer to my financial goal, more systems in place anda  much improved bottom line.  

Turn failures into successes by first listing your TA-DA's:  Make a list of your successess for 2013 and of any failures. Write down what you learned from each mistake and what you can do differently in 2014.  

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR ON YOUR WEB SITE? 
You can, as long as you include this complete blurb with it: 

Author, Money & Business Coach, Lynn Telford-Sahl publishes the monthly PowerUP Your Money for women in business. If you’re ready to get past financial stress, value yourself and your money more, get your FREE tips now. www.powerupyourmoney.com.  

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR ON YOUR WEB SITE? 

You can, as long as you include this complete blurb with it: 

Certified Money & Business Coach, Author and Professional Speaker, Lynn Telford-Sahl, writes the weekly JOYwithMoney blog for women in sales and small business. If you’re ready to PowerUP your Money, Business & JOY Success get your FREE Strategy Session with Lynn at www.joywithmoney.com

4 Hurdles of Women Business Divas & 4 Reasons Why Women Shine!

Lynn’s definition of Diva: Women determined to BE their best, DO their best, serve others in the process, make more $$ and have more FUN!

Four Mistakes Women in Business Make:

1) Women in Business undercharge for their products, time and services. It’s a worthiness issue. 

2) Women owned business are under capitalized. A National Association of Women Business Owners survey found that 75% of respondents did not get loans or credit at all. (I wonder if these women are using credit cards to finance their businesses?)

3) Women don’t have the built in financial networks or support systems that men do. NOTE: It’s only been since 1988 (26 years) that the Women’s Business Ownership Act eliminated state laws that required women to have a male relative co-sign a business loan. Can you believe it?

4) Women in business don’t take enough risks. Probably iin part because they’re underfunded and the worthiness challenge.

In spite of these challenges women SHINE! It’s exciting to see women starting new businesses and up-leveling current ones.  Here are 4 reasons why women owned businesses are going to explode in the next few years.

1) Women are more customer focused. "The only thing ranked higher for women (according to Mark D. Wolf of The Guardian Life Small Business Research Institute, is family and religion."

2) Women multi-task more easily than men – Men might have come up with the fancy multi-tasking word to describe doing lots of things at once, but women have BEEN multi-tasking for eons. We were just too busy to name it!

3) Women value a positive work environment, paying employees better and making employees feel as if they’re part of a team. (I’ve heard the complaints about women’s backbiting and emotionalism, but I have never experienced it.)

4) Women are more collaborative and are using social networks and supports systems for help in their businesses – and to support others. Decide to BE a Woman Business Diva in 2014 and SHINE.

If you're ready to BE a Business Diva in 2014 join Lynn for her Free Monthly Webinar: Step on the Gas Pedal Business Goals & Strategies for 2014  

Want to use this article in your newsletter or on your web site?

You can, as long as you include this complete blurb with it: 

Certified Money & Business Coach, Author and Professional Speaker, Lynn Telford-Sahl, writes the weekly PowerUP Your Money blog for women in sales and small business. If you’re ready to PowerUP your Money and your Business Success get your FREE Strategy Session with Lynn at www.joywithmoney.com  

*popular article originally published March 2010 and updated for 2014!!

Business Success Isn’t Magic – It Takes Planning!!

Business success isn't magic - it takes planning! We, women in business, work hard IN our businesses, but often don’t spend enough time working ON our business doing the planning, goal setting and strategiziing necessary to achieve our dreams.  

The smart, successful coach Katrina Sawa once shared with me that 1 hour of planning saves 6 hours of WORK.

Let's get smarter!! Be honest - Are you spending enough time planning for your success? It's good to first define what success means because yours and mine are going to be different.  I’m a simple gal with pretty simple needs. Your life dreams & needs may be a Starbucks Trenta or a Grande – mine is more of a Short or Tall. It’s all good – we just need to define it for ouself.

1) What is your definition of success?  For me success is freedom, abundance, happiness and time to enjoy life and yes, to make plenty of money to do all that! 

What’s your definition?  _____________

2) Get Clear About Financial Success by Setting a Reasonably Uncomfortable Financial Goal for 2014.

To come up with this number consider the lifestyle you’re currently living and the one you would like to be living.  And, don’t forget to factor in how hard you are willing to work. There's no right or wrong about this - it's your life and you get to decide.

One business woman, Jodi, hit her goal of $150,000 a year, but she was exhausted. The next year she scaled the number back to fit a more relaxed lifestyle.

Research shows that after $75,000 a year, most Americans have enough to meet their needs with enough extras and that more money only increases happiness by about 9%.  What is your enough number?

Your Reasonably Uncomfortable Financial Goal:  _____________ 

Now, don't just write it down. Tell someone. Last year in my 4th Annual Business Strategy Workshop in January, I asked the women to first write their financial goal and then say it out loud to the person next to them. Uncomfortable. Then I asked those that were brave enough to say it out loud to the group. Vicky Johnson, Financial Planner, of Principal Finance shared with me that was difficult, but by Sept. of 2013 she'd surpassed her goal.

Next blog I'll show you how to work backwards from your financial goal to make sure you meet it!! 

Sign me up for FREE Money Strategy Session

2 Steps to Shift from Money Fear & Stress to Gratitude

How do you shift from stressing about money to gratitude, JOY and freedom? That may sound impossible, but it's not. It just takes time, energy and of course: FOCUS.

If you're feeling unhappy about your money situation and there may be very good reason - a job loss, divorce, downsizing, overwhelming debt, finally let your house go into foreclosure, it may sound impossible to feel you'll ever be ok again.

But, you can be and the answer is part perspiration and part inspiration.

Step 1:  Let's tackle the fear first:  

1) Write down all the money fears you have on a piece of paper that you'll throw away. Go on - do it and do it now.

2) Feel the fear - I know this ain't fun, but "feel it to heal it" is a truism and it only lasts a minute. Notice where you most feel the energy of the fear in your body. Rate the fear on a scale of 0-10 with 10 the worst. Breathe into your body for a few minutes feeling it with the in breath and releasing the fear with the exhale. Rerate the charge of the anxiety on a scale of 0-10 again.  Better? Little shift? Repeat until the number down enough to feel relief.

3) Now, if you're ready, ask - what's the blessing of this situation or money fear that I'm having? As soon as we gain perspective because we're not so caught up in the emotion, we can THINK better and be aware of any blessings. When we're deeply IN the emotion we can't think.

 4) If you can't go there yet, it's ok.  Think about and FIND at least 3 things in your life you can be grateful for right now - List them, feel the gratitude and imagine you have a REMOTE control in your hand that you can dial the number up to increase the FEELING of gratitude in your body and mind.  Raise the number as much as you'd like. Repeat this process until you feel complete - may take a few days to weeks. We're all different in terms of how willing we are to let go of the past. When you're ready go back to Step 3 and find the blessing of the money challenge.

Step 2:  You know how you read in Oprah Magazine and many other places, about how important it is to be GRATEFUL? Do you know why? Fear and stress lower our energy, depress us and disempower our ability to focus on what we want to create in our lives. Gratitude, love, happiness increase our energy state and therefore increase our ability to see possibilities, focus on what we'd like to have more of in our lives and very important - REFOCUS when we lose our momentum and or stuff happens - and we all know stuff happens to all of us.  

A very simple formula is to write down 3 different things you're grateful for every day. I like to do so at the end of the day. Writing it down cements it into your subconscious and then you take those positive feelings into sleep where your subconscious works with it to help you create more of what you want.

If you get stuck on the fear and this is like any CHANGE process - it takes time to RETRAIN the brain (our most powerful instrument) say the words out loud:  CANCEL  CANCEL and then think about the opposite of the problem you were thinking about.  For example:  I don't know how I'll make payroll.  CANCEL CANCEL and think or say:  I know I'll find a way to make the rent.  Repeat. Repeat. Repeat. Your subconscious will start looking for solutions.  

Resources about this subject:  FREE Monthly Webinar: December's 3 Keys to Turn Holiday Stress into Peacehttp://lynntelfordsahl.com/3-keys-to-holiday-peace  Lynn's Money Coaching Programs, Wayne Dyer:  Wishes Fulfilled, (CD with James Twyman excellent meditation), Esther Hicks material, Jack Canfield or Mark Victor Hanson.  

Shopping & Loneliness: A Perfect Match

Shopping and loneliness go together like a perfectly matched pair of shoes. I was having lunch with two business women friends yesterday and I asked them what they saw as money challenges women face.  "When I'm stressed I shop. It makes me happy, sort of." My other friend said, "I eat and it's comforting, but then I feel guilty." Shopping, food - Bingo.  Quick Relief - then guilt!

Our busy, on the go lives are stressful. We look for relief at the end of the day. Sometimes that relief is a glass of wine (or two or three), but often for women it's shopping. With the shopping channels and the internet, we don't even have to leave home.  We can have that glass of wine and point and click those purchases.

I've heard LOTS of women talk about the rush or thrill of buying and then the let down and guilt afterwards. The question I believe is important to ask is this:  What are you really going for when you have that glass of wine or hit the click button to buy?  Is it fun, peace of mind, connection? And, what else can you do to feel better?

When I used to drink excessively (over 30 years ago) I hung out in bars. Loved it. Fun. But what I realized as I was growing myself up was what I had been going for was connection with people because I was lonely.

Well, guess what? Research shows that while we hope that shopping will make us happier (after all, isn't that what advertisements show?) and less lonely, it actually increases loneliness. "..a fixation on "stuff" - especially around the holiday season - is usually blamed on an overly consumerist culture...." But the study suggests it's more a symptom of individual alienation - loneliness!  (* The Insatiable Shopper - Agata Blaszcak-Boxer - Atlantic)  

What to do?  If we're lonely, stressed or anxious and we shop or drink a glass or wine we bump up our feel good chemicals - the endorphins, temporarily.  Though you feel better in the short term, it's not a lasting fix. Break out of your comfort zone and reach out to friends if you're lonely, give to others - volunteer time or money, (according to Happy Money authors both of these activities increases happiness). But, never, ever give money to someone you meet through a chat room. (Another time I'll write about this money NO NO for vulnerable, lonely women.)

Check out FREE Money Webinars to shift stress and anxiety into Freedom!!  http://lynntelfordsahl.com/womens-inner-money-game-free/

More Money Will Make You Happier?

More Money Will Make You How Much Happier?  There is so much pressure in our society to always go after MORE, more, more money. Addictive, anyone?  

But, research shows that after someone’s earning $75,000 a year, more money, even a lot more, doesn’t make them any happier. Well, a little bit happier – about 9% happier.

So, if it’s not true that MORE money will make you happier, what is the truth? According to Happy Money authors Elizabeth Dunn & Michael Norton, (two Harvard professors), there are 3 keys to being happier with your money: 

1) Buy experiences vs. stuff. When students were asked to think about 4 material purchases and 4 experiential purchases and to draw circles and place those circles around a larger circle called SELF - depending on how closely linked each purchase was to their sense of self, the experiential purchases won hands down as being more important.

2)  Make it a treat & SAVE money. If you go to Starbucks every day and spend $5.00 it’s expensive and it’s less of a treat than 1x a week. Try this:  Try limiting your visits to 3x a week or 1x a week for that special latte. and drink regular coffee the other days.  I tell my 5 year old granddaughter Shelby that she can have 2 Hershey kisses after her nap – she looks forward to those and enjoys them thoroughly and rarely asks for more.  Treats have Value. Bonus: How much $$ can you SAVE a week with just that simple adjustment?

3) Buy Time:  One stressed, over-working mother of two children, hamsters and hubby bought a Roomba to help with housework. The $300.00 purchase saved this household time in cleaning and stress. 

Time Affluence: Everyone feels overly busy and you may be shocked, as I was, to hear this bit of research, but the time crunch is due in good part to financial prosperity. In general America is wealthier now than 50 years ago. “Wealthier individuals spend more of their time on higher stress activities shopping, working and commuting." 

”TIME SCARCITY”: increases the value of what’s perceived as scarce: As incomes rise, time seems more valuable!!

The authors recommend not using money to get more time, but to value happier time as an end in itself. Switch the focus from making more money to having more time. Ah...feel better?

Financial Struggle Can Become Desperation: How to Help

Financial struggle can become desperation and did with a friend of mine. About a month ago, on a Tuesday morning I got the kind of call you never want to get. A woman friend had ended her life over the weekend. I was shocked and the news hit me hard. While Deb and I hadn’t been living in the same area for years she always lived in my heart. Because of the economy the last few years, we knew Deb had, like so many others been struggling financially.  

Laid off from one job she had a great deal of trouble finding another. She was skilled, but over 50 and if you think ageism isn't happening, you're wrong.  Rumor was she may not have always had enough to eat or been able to pay her bills. Then she found another job and things seemed better – until she was fired the Friday before taking her life. I can only imagine the fear, perhaps embarrassment,  and hopelessness Deb was feeling at that moment. And, then she made a decision many make in the moment of desperation. 

But, Deb is not the only woman (or man – perhaps even harder for men to reach out to get help) suffering financially and suffering with the guilt, shame or blame of believing it’s their fault.

Over 24 million women were living below the poverty line in 2009

27.5 % of black women live under poverty line

13.5% of white women in 2009

In Nov 2013 in the State of California food stamp and welfare money was cut. One of my clients lost $100.00 a month from her disability and about $30 a month from food stamps.  That's a BIG net loss for someone barely scraping by.

35% of households headed by single moms were “food insecure”

13% of women over 75 were poor compared to 5% of men over 75

Only 40% of women retire with enough money to live on. More women by far retire in poverty than men.

A working wage based on the minimum wage of 8.50 an hour = 17,000 a year – that’s considered below the poverty line.

2010 31.6 % of single women households were poor compared to 15.8 of households headed by single men

How we do help someone who may be in Deb's position? We reach out and past their embarassment or shame with kindness and gentleness by not asking, but just bringing food over for a get together, leaving an envelope with cash for bills, and letting them know we're there for them until they get on their feet again. One person can't solve every problem but a group of friends can make a big difference.  I don't think many knew Deb's suffering - she was very private. We ask our connections and friends about job possibilities and try to support the person through the aloneness of struggle. 

The larger question is how do we change financial struggle and poverty? Think about it and come up with your answers, but here are a few of mine:  

1) We must educate ourselves about money, (there are TONS of resources FREE on the web)

2) Vote our conscience with compassion for those less fortunate

3) Reach out to friends and family if we get the sense they’re struggling more than they are able to say.

4) Collectively: A simple thing we can do is vote for a higher minimum wage to help more people out of poverty. When people are living in poverty they can't spend money on consumer goods as they're able to when more secure.  

Business Success as a Woman: 4 Power Tips

Women & Power = Money (& so much more.) When I use the word power with my women coaching clients, they can act uncomfortable. Why? Because they've seen power used as a method of control or as a power over manuever. The Boss is in control - I have to do what he or she says.  

However, the definition of Power is simple:  To Act.  A recent article in the New York Times: "You Have Power: Don't Be Afraid to Use It," interviewed successful women. 

Here are 4 nuggets they shared about power, how to support yourself and each other and to achieve success:

1) Women can and should help one another and stop under valuing "...the role that we can play in the success of other people and the organization." Amy Schulman, Exective vice president and general counsel, Pfizr

2) Be vocal in group settings and don't make statements that sound like questions. (Women are still trying to prove they belong - men know they do). Amy Schulman

3) Trust your inner soul, use your voice. Cooperation is a great female strength and in groups of men, "...you must speak up and believe in yourself."  Doreen Lorenzo, President, Quirky, a product development company

4) Don't be afraid of being "nice."  Marjorie Kaplan, of Animal Planet, says she manages based on expectations rather than fear. And, if men aren't being respectful at a meeting, for example by not introducing themselves, speak up. Doreen Lorenzo says if you're not being treated respectually end the meeting: "We're going to end this conversation until you listen to me. Don't be afraid to use your power."

(*New York Times "You Have Power. Don't Be Afraid to use It." Oct 13, 2013)

The message from these powerful corporate and entrepreneurial women is quite clear. The corporate culture stlll tends to be traditional, however women are making a difference and need to support each other. All these women are successful, have learned through the school of hard knocks. Be successful, believe in yourself and get help when you need it.

"People Love to Give Me Money" - Obamacare Makes Insurers Pay Refunds

"People love to give me money," is an affirmation I picked up from Chellie Campbell author of The Wealthy Spirit, that I LOVE saying whenever I get unexpected money. I just received a check for $120.00 as a refund through Obamacare.

How? Here's the scoop:  Thank Obama for helping insurance companies be more accountable to us and the dollars they spend. The Affordable Care Act requires Blue Shield (& I imagine every other insurer) to spend at least 80% of the premiums it receives on health care services, not adminiatration or advertising. Since Blue Cross didn't, it refunded 2% of our premium which for me amounted to $120.00. Not a lot, but it went right in the bank for the vacation we just took to San Diego. Yes to vacations!!

"This 80/20 Rule of the Affordable Care Act is intended to ensure that consumers get value for their health care dollars. You can go to: http://www.healthcare.gov/law/features/costs/value-for-premium/index.html  for more info.

I help women in business make more money - keep more of their money - and have fun in the process! Register for FREE Webinar Women's Inner Money Game & How to Win It