Do you know what successful businesswomen do When they take business decisions?

Do you know what successful businesswomen do When they take business decisions?

I am noticing there is a distinction in however businessmen and businesswomen build their selections. I am noticing there is a distinction in however businessmen and businesswomen build their selections. Men will provide a "yes" or a "no" to a straightforward call simply. Usually, girls would like longer. most girls need to create a call once they have the time, or once the time is true for them. a girl usually has a lot of doubts to create a call and wish to possess a lot of info, to be completely certain that she's going to be creating the correct call. Now, if you are a girl and you scan this, you may most likely suppose, "Of Course"!

I am a girl too, however I typically build fast selections. I usually cannot consider why deciding to take such an extended time. usually after I speak with another girl she is already aware of the selection, however, she did not attempt to, however, before she had a second opinion.

Decision making is hard. each business owner faces Associate in Nursing unsure outcome whenever they create a selections. Now, once decades of running my very own business, I also have to create my very own robust selections, each day. it's a part of running a business or, shall I say, what keeps you in business.

There is a stronger method of constructing business decisions and keep control?

Unlike few decades, after you might take time to consider it, these days info is driven by LinkedIn, Twitter, Facebook, YouTube, and alternative social media. If before the social media eruption, it took time for the news to be assimilated and promoted, currently the "news of the hour" to become "old news" in an exceedingly matter of minutes. The narrative modified. Business individuals learn to adapt, unavoidably, in order that they stay up with the pace of business that is far quicker currently then ever before.

What area unit girls telling themselves?

"First I have to resolve such and such issue and so I'll come back to it", or 

"I need to debate it with my team" area unit phrases we have a tendency to hear tons. Just once the ladies is deciding and she will take a call. it's vital for a business person that the team is concerned and is aware of what's happening. "I am ineffectual of that" is another line I hear. Not continuously aloud however I will hear it between the lines. generally creating quick selections is vital as a result of otherwise, somebody else takes the deal, or momentum get's lost and circumstances have modified.

Making no call is additionally a call

When you don't build a call, a call goes to be created for you. Is that about to be the choice for you? Not creating a call in the least is property life take over and provides your power away. it is not a satisfying method or doing business. (At least to not me).

If that's the method you create your business selections, please rummage around for facilitate. make certain you've got a business pal, coach or mentor, WHO you'll decide after your area unit unsure. they'll provide you with the support you would like. They have no alternative agenda than your prosperity and serving to you surpass your limiting believes and social acquisition.

When you don't make a decision, often a decision will make me for you. Will that be the right choice for you? When not making a decision, life takes over. And in those situations your power is tasks away from you. It is not a satisfying method or doing business. (At least not for me). If you know this is you, seek help in making your decisions.

Listen to your Intuition once creating a business call

A woman typically has an excellent gut feeling. She, somehow, knows. Only when she has not learned to concentrate on that inner voice she often decides to ignore it. This inner voice is always a voice that empowers you. It never tells you, that you simply cannot do one thing, that is too young, too old enough, not good enough or adequate enough. If that's what you hear, it's not your intuition, it's your limiting beliefs talking to you. Learn to trust your inner voice or your intuition.

The trick in deciding

Last week I visited a business workshop. I feel it is always necessary to stay up to date with what's new within the business world. One trainers gift the audience an awfully easy strategy on the way to make a quick business decision. Ask yourself these 3 queries

What is the foremost positive outcome?

What is the worst attainable outcome?

What is the foremost probable outcome?

Three easy questions that may clear your mind and assist you to be centered, declare your doubts and help you make a quick decision. Once you've answered these 3 easy questions, then count back from five to one, and decide with no hesitation.

 

 Tineke Rensen is a businesswoman in every vein or body. Powerful Business AcademyTineke Rensen [/ caption] Tineke Rensen is a businesswoman in every vein or body. She has 29 years of business experience or her own. In 2012, she was the first successful international business. She now dedicates her time to other businesswomen and helps them do the same. Scale up work more effortlessly and practice all the genuine business skills such as. Managing your team, make financial plans make marketing plans systemize the business and so on. She has developed her own business model which guarantees success for every business owner."The Blueprint for a Business Makeover" This zooms in on 8 areas of doing business. Tineke gives entrepreneurs a shorter route to success. Why should you first invent everything yourself? Her book, "Maximum Business Growth for Women" came out in October 2016.

Tineke has conducted a study on how women do business. If you are interested in the results, please have a look here for more information and than you can download the whole report.

https://www.powerfulbusinessacademy.com/e-book/

If you want to know how you can make a big leap forward with your business, request a free Next-Level conversation with Tineke.

https://www.powerfulbusinessacademy.com/free-next-level-consultation/

How to make a financial planning for your business?

How to make a financial planning for your business?

60 % of the female business owners do not make a financial planning.

It is therefore not a surprise that 35 % of the female entrepreneurs have less than 25.000 euro turnover. You cannot call that a business!

In 2016 I studied female entrepreneurship because there was so little to be found on the internet about women in business, in my country Holland. I questioned nearly 400 self-employed entrepreneurs and business owners.

Some of the results shocked me. (if you are interested in the total report, you can download it for free here)

https://www.powerfulbusinessacademy.com/e-book/

I remember very well that I was well on my way as a business owner when I made my first financial planning. It was after 15 years that I decided I needed to make one.

So you don’t need to tell me that it is possible to run a business without and my business was making a profit. Although that always was a lucky surprise to me. But I can also tell you how stupid it is not to make one. Only when I started making a financial planning I realized how much it helped me to gain control over my business.

It gave me more confidence, I had a tool which I could monitor. I now felt like a real business owner.

Why did I not make a financial planning earlier?

Maybe you recognize some of my reasons as one of your own?

   In the beginning, I did not even know that as a business owner you were supposed to make a financial planning.

   I had no idea how to do it?

   I postponed it and told myself I had no time and I was making a profit so why bother.

   I did not want to admit to other business owners I did not do it and that I did not know how to do it.

   I felt stupid for not making one. I seemed that all the other business owners I spoke to did make a financial planning.

The biggest mistake many entrepreneurs make

They outsource their finances, which is totally fine. But this is also the reason why, often, they have no clue how they are doing financially.

I am a firm advocate of outsourcing whatever you are not good at or what you don’t like to do.

But you need to know your numbers.

Usually, a bookkeeper does what you ask them to do. So you need to know what to ask.

 

Most female entrepreneurs

   Do not know how to read their annual financial report

   Get their financial report far to late, when the next year is well on their way. Sometimes even as late as November!!

   Do not understand that when they make a profit, how it is possible that they can still have too little money to pay the bills.

   Don’t make a financial planning.

   Have no idea how much their fixed monthly expenses are.

   Don't know what their turnover was last year if I ask them in January or February.

For me, this is so weird and this needs to change!

Overall women are naturally not very good at finances. Now you cannot be good in everything but finances are an essential parts in the business.

Although I know many women want to argue with me about this. Most of the time these are exactly the women who do not have a thriving business. Often it is easier to say that money is not that important then to have a good look in the mirror and acknowledge that they are being ignorant.

Yes, you need a very good service or product and yes you need to give a lot of value. But money makes doing all of this possible. Your business cannot grow without money and it all starts with knowing your numbers.

Only then you can see which actions you need to take.

For example:

   Investing

   Expanding

   Cutting down on expenses

   More marketing

   More sales

   More staff

   etc.

Here are the basics of making your first financial planning?

   First of all, you need to know the turnover of last year.

   Next, you need to know how much you want to increase your turnover next year.

   You need to know all the expenses you have. The fixed ones, producing expenses and the incidental ones.

   Fixed expenses: expenses you have regardless of producing your product or service.

   rent of office space

   interest

   office supplies

   cars

   depreciation

   machinery that is not producing

   etc.

   Producing expenses: expenses you make to produce your product and/or service

   launching expenses to launch a new product or service

   the making of your product or service

   etc.

   Incidental expenses: expenses that are not regular

   celebration event

   investing in equipment

   etc.

   Next thing you need to know is what are the categories that your expenses will be allocated to. Some examples:

   Marketing

   PR

   Salaries

   Rent

   Internet

   Travel

   Cars

   etc.

How do you know how much you did spend for each categorie?

Most of the time your bookkeeper has done this already without even asking you. You just ask for this overview. This is a very good exercise to do because then you will see immediately how much you spend on each category. And often you can see very easily where you can cut expenses if you need or want to do this.

If you have different products and services you can allocate how much you want to make per product or service. See what it was like last year. Think of which promotions you want to do and then predict how you want it to be for this year.

If you want to grow your business usually this can be done by increasing the marketing and or sales activities. As well as online as offline. If you want to grow substantially you need to allocate more money to salaries, because you will need to employ or hire more staff.

Now you know how much you want to grow and what your all your expenses are.

Your expenses should be less than your turnover. The difference is your profit.

How do you set a target?

Next, you need to look at is your productive months. Every business has month’s that are destined to be better then others. Due to seasonal influences, holidays or other issues.

How many productive month’s do you have. If this is 10, you divide your total turnover by 10 and that will be your monthly target.

So every month you need to make a minimum of this amount to stay on track with your financial planning. This means you need to stay on top of your sales. Good is to check this once a month, but better is to do this every week. If you are behind you know you need to start making some phone-calls, or increase the advertising budget or see what else you can do to get more clients.

You can either allocate the moment that you confirm the sale to your monthly target, or the month that you can send the invoice. That is up to you. I did the last. Especially by the end of the year that is the best way to do it.

It is easier as you might think

All of this might seem like a lot of work. The first time I made my financial planning, took me half a day, so that is not so bad.

And guess what. It became so much easier for me to make money. Every month I knew whether I was on track or not. I felt a lot more relaxed, at ease and in control. Also, I knew when we needed to step up a little more and take some more action.

So start making your financial planning now!

And I think it is needless to say that together with your financial planning you also need to make your year planning for your business.

You have allocated budget now to the various categories. What actions are you going to take to spend this money and by when and with who?

If you want to know more about how women do business?

Download the free report of the thoughrow study: How Women do Business” {Link}

Buy my book. Massive Business Growth for Women

http://www.MaximumBusinessGrowthForWomen.com

Have a look at my website http://www.PowerfulBusinessAcademy.com

Or apply for a free next level consultation of half an hour. {Link}

 

To your success.

Tineke Rensen

 

Tineke Rensen is in business for 28 years. She built an international Outdoor and Survival business from scratch and sold this after 22 years.

She was a national whitewater kayaking champion.

She now is one of the most all-round business accelerators you can find. There are very few topics she cannot help you within your business. Many people find it hard to believe when they hear this. How much do you think you know about a topic if you live it day and night for 28 years?

She works with female business owners to grow to their full business potential. She uses her own system the “Blueprint for a Successful Business Makeover”.

Tineke is the CEO of Powerful Business Academy, which is situated in The Netherlands.

email               info@powerfulbusinessacdemy.com

phone              +31(0)15-7851592

What do women need to know, to grow their business?

What do women need to know, to grow their business?

 

Women have a different way of doing business than men. Why is their way so different?

For example, 66% of women do not make a plan.
And 60% of women do not make a financial budget plan

My name is Tineke Rensen and I am a former sports athlete and a business owner for 28 years. I decided to research the female way of doing business.
Why?
For 22 years I worked, in a niche with only male business owners. Of course I learned to do business the male way. I saw that women used a different style, and I had to conclude that the female way was less successful as the way of my male opponents.

How Women do business

After I sold my first international business I wondered why female-owned businesses, remained so small. I did see the strength of female business owners, but most of the time their businesses remained too small to make any difference in the world.

After a while, I decided to investigate the female way of doing business and I questioned nearly 400 female business owners. About this study, I wrote a thorough report. It is called” How Women do Business”

It is a must-have for every female business owner. And it is free to download. http://powerfulbusinessacademy.com/download-free-report-how-women-do-business/

 

From nature women miss the skills that make men successful in business.

Of course there are women who have a lot of male energy and often they are a lot more successful.

So what are typical male skills that make business owners successful?

 

In general men:

  • Like to compete.
  • Have focus.
  • Are system thinkers and a business can be a system if you manage it well.
  • See more opportunities.
  • Are not afraid to take risks.
  • Are goal oriented.
  • Keep a good overview of the whole process.
  • They like the speed of implementation because they are action oriented.
  • Dare to promote themselves if this helps the business.
  • Say yes before they know how to do it.
  • Like to negotiate.

Apparently, this behavior works, although most women do not like these skills, or don’t know how to do it.

I was surprised to discover that there is a female way of doing business too.

I thought there was only one successful way of doing business. And most books (written by male authors) endorsed my opinion of doing business in a successful way.

What my male opponents often said about female business owners was:

  • Their businesses are too small
  • They do not dare to position themselves very well
  • They do not seem to have faith in their own product or service because they are insecure
  • I cannot level with them in a conversation

And ladies, sorry if I offend you, I was thinking exactly the same. Because I was doing business the male way.

I discovered something shocking about doing business.

We think everybody has equal chances in business, but I strongly disagree.

  • The language of men is spoken.
  • Their behavior is accepted.
  • And their way of doing business is common.

Only 1% of the big business deals in the world are going to female-owned businesses.

Women who adopt the male style are accepted and are successful. They often become a business owner like I used to be.  I didn’t think very positively about female business owners in general, because I adopted the male way of thinking, communicating and doing business. This was great when I did business with men. But it did not work with women at all. They did not feel me. They did not want to see the successful image that I created. They wanted to see the real me.

And guess what?

I had no clue because I did not accept my femininity

Why Women can be very strong business owners

And why their businesses need to grow!

It is only 2 years ago that I discovered what is so strong about female-owned businesses.

  • They hardly ever go bankrupt.
  • Their business ALWAYS delivers (A woman will not say yes if she is not convinced she can deliver).
  • The staff likes to work a lot for female-owned businesses.
  • They don’t always need to have facts, they can trust their gut feeling.
  • They are very creative.
  • For them, the relationship is more important than the money.
  • They are very thorough.
  • They can easily find consensus. They are not convinced that their way is the best.

And I hope you agree with me that these kinds of skills are needed very much in the world right now.

What women can learn from men

Women need to adopt more skills that make men-owned business, successful and still remain feminine.

The things we don’t like so much about men in business are exactly those skills that we need to adopt. And we can still do that being a woman.

We can make a year’s plan and take into account our relationships and work on a better service or product at the same time.

We can grow our businesses faster if we brag about ourselves or the business. We think it is bragging, but most of the time it is absolutely true. Women underestimate themselves most of the time.

We have to spend a little more time to understand finances. In general, our brain is not wired to understand this very easily. If we do though, it gives us more control. We can speed up a lot faster if we also focus on numbers and not only on relationships.

We need to have more focus because we are aware of everything that is going on around us. It does not mean we need to act on everything we are aware!

We tend to forget our goals when we get specific or to precise. Timeframes are there to protect ourselves from getting too precise.

It is good to see and feel everything when relationships are concerned but you do not want to do this with your financial targets. This is about numbers!

Where do you start?

  1. Download the free report “How Women do Business”
  2. Read the right books, written by women. For example: “Maximum Business Growth for Women” http://www.maximumbusinessgrowthforwomen.com
  3. Join a strong women business owners network, such as The international business club: Powerful Business Women’s Club http://www.PowerfulBusinessWomenClub.com
  4. Seek help. Invest in yourself. http://powerfulbusinessacademy.com/businesscoaching/

 

 

TAGS

Women in business, how are men and women different, skills women must learn, why are men good at business, how do women compete with men, how do men and women compare in business, key skills for business women. What women can learn from men, women miss the skills that make men successful in business, something shocking about doing business, adopt more skills that make men-owned business successful

A Major Problem that Business Women Encounter

A Major Problem that Business Women Encounter

Women in the Business World.

 

Nowadays women became more competitive and are exploring different career paths and they excel wonderfully. One of those paths is starting their own business. However, a major problem for business woman encounters is how to manage or balance all her various responsibilities. 

Balancing business and personal responsibilities can be a big challenge to a business woman to excel in both sides. In order to succeed, she constantly needs to make choices. Because women feel guilty very easily this is not easy to do. Actually, she cannot make the right decision because she always loses at the other area of ​​her life.

Balancing Responsibilities

A business woman is not only a career woman – she is also a daughter, a sister, a wife, a mother and a friend. Responsibilities in between career and personal life can be a success in both ways. Running a business and taking care of a family needs both a lot or time and effort. Without proper support and understanding, it can lead to feeling overwhelmed, guilty and frustration. So she may be successful in her business career than she feels she lacks in her family commitments or it can be the other way around.

What is the Ultimate Solution?

It may seem impossible but there is a way to have the best of both worlds. A business woman can also be successful in her family life. In order to make this happen, some of the ultimate solutions are:

  • Be Organized – time management is the key! It is important to be organized. The best way to balance time for career and family is to have a precise and scheduled plan. Writing down all the meetings, due dates, family gatherings, school activities, vacations and others will make you have the power to prioritize and organize the time spent in your business and with your family. This way, there will be no forgotten appointments, disappointments, and cramming.
  • Prioritize – being able to manage your time is one thing, but to being able to know your priorities will make life easier. This is useful to situations like choosing between attending your child’s recital and a business meeting. Understanding the importance of each priority can make decision making much faster. For example, if possible, moving the time and place of the meeting to be able accommodate the recital, then you have the best of both worlds
  • Goal – know your goal. It is best to have a goal in every aspect of our life. Goals can be a reminder of why you are doing this and where you are heading. It gives focus and focus makes it a lot easier to prioritize again.
  • Mindset- If you believe you cannot have others taking care of your child (ren) you make it very difficult for yourself. What believes are hindering you and therefor create your guilty feelings?
  • And off course there are many more tips for you to make doing business so much easier.

Being a business woman should be fun. You should feel thrilled, energized fulfilled and a lot more. But in reality, sometimes it can be though.

But with the right principles in life and the support of your loved ones it will be a great experience.

 

Tineke Rensen is a businesswoman in every vein of her body. She has 29 years of business experience of her own. In 2012, she sold her first successful international business. She now dedicates her time to other businesswomen and helps them do the same. Scale up work more effortlessly and practice all the genuine business skills such as. Managing your team, make financial plans make marketing plans systemize the business and so on. She has developed her own business model which guarantees success for every business owner. "The Blueprint for a Business MakeOver" This zooms in on 8 areas of doing business. Tineke gives entrepreneurs a shorter route to success. Why should you first invent everything yourself? Her book, "Maximum Business Growth for Women" came out in October 2016.

Tineke has conducted a study on how women do business. If you are interested in the results, please have a look here for more information and than you can download the whole report.

https://www.powerfulbusinessacademy.com/e-book/

If you want to know how you can make a big leap forward with your business, request a free Next-Level conversation with Tineke.

https://www.powerfulbusinessacademy.com/free-next-level-consultation/

Are you too busy to work ON your business?

Are you too busy to work ON your business?

 

Believe me, initially, every businesswoman had issues with finding the time to work ON her business. Having too many appointments, e-mails, social media and trying to give attention to the people you work with, often consumes most of your time. And very often the people that you would like to spend most of the time with, your family and friends, you don’t see them as much as you want. And that does not feel right. Just as it does not feel right that you don’t seem to go a lot faster ahead with your business because of your To-do list will only seem to get longer. And when I'm very honest about it, this sometimes happens to me too. It is too easy to give in to all the issues around you in the day-to-day routine and worries. And for businesswomen that is even more difficult than for men, because men can usually focus better. Not working towards the future of your business or making sure that your business is running smoothly so that things become easy does not feel good. Many businesswomen don’t choose to work towards the future and run their business as a system, because often they don’t know how to and that is why they keep on doing it the way they are used to.

 

Two things play an important role in changing this.

Your feeling and the daily reality And what time is meaningful and useful time for your business?

 

Your feeling and daily reality

  • It does not feel right if you do not work on your business.
  • It does not feel right if you are always too busy.
  • It does not feel right if you think you are not moving forward.

But what criteria do you have if your business is doing well or not? Is that your feeling or is that reality? For example, if I look at last month, I felt that it was not a good month. That's why I did not feel good about the results. Inwardly my results were measured by what I had accomplished. When I came up towards the end of the month; I asked myself the question: this really true? Then I started to count. And what turned out:

  • Financially it was a great month.
  • I had also spoken to many customers that I helped ahead.
  • A coaching program with a nice and loyal customer was successfully completed.
  • I also gave 3 workshops on all kinds of themes of entrepreneurship.
  • I had many successful meetings in Switzerland where I found several sponsors for my business network group there.
  •  

What then made me feel like it was going bad?

Because of my idea, that I did not have enough time to do everything that I wanted to do. What a bad indicator is when it comes to how well your business is going.

 

What time is meaningful time for your business?

That is scheduling time to work on your business because this will also give you extra time. Every time I do a task, I ask myself, do I do this once or do I have to do this more often? If I have to do it more often, I spend extra time on it and make it into a process.

I think can I outsource this the next time. If the answer is yes, I make a procedure for it. I make an action plan, I describe the various steps. I sometimes even record it with video on my laptop screen whilst I am actually doing the task. All of this I do, because the next time when this task comes up again, I can outsource it very easily. And then it saves me a lot of time. Had I not spent the time to make it into a task for someone else I probably would have done it myself again, because I know I can do it faster than anyone else.

And if I do decide to not outsource it my task is easy because; I have a checklist, or templates ready for myself, making me go faster this time and now it will be a routine job.

Just think for a moment how much time this can save you especially if you have a larger company?

You only have bite-sized chunks and yet you can continue to deliver custom work to your customer. If they ask that from you or if you want to deliver custom work.

For example, an offer to a new potential client is no longer something that you have to recreate and each time, but a list where you simply delete all options that are not taken. It really pays the time to work on your business. If you do this systematically and make a sport of it on how you can make it as simple as possible for you and the people you work with, you will see how much more you can do in a year and how much further your company will be.

My customers Karin and Jaap also worked ON their business under my guidance and coaching. They have a lot of systems in their business now which makes work so much easier for them. And therefore they can scale up so much easier because they have more time, more KPI’s and more overview on well they are doing.

 

 

Tineke Rensen is a businesswoman in every vein of her body. She has 29 years of business experience of her own. In 2012, she sold her first successful international business. She now dedicates her time to other businesswomen and helps them do the same. Scale up work more effortlessly and practice all the genuine business skills such as. Managing your team, make financial plans make marketing plans systemize the business and so on. She has developed her own business model which guarantees success for every business owner. "The Blueprint for a Business MakeOver" This zooms in on 8 areas of doing business. Tineke gives entrepreneurs a shorter route to success. Why should you first invent everything yourself? Her book, "Maximum Business Growth for Women" came out in October 2016.

Tineke has conducted a study on how women do business. If you are interested in the results, please have a look here for more information and than you can download the whole report.

https://www.powerfulbusinessacademy.com/e-book/

If you want to know how you can make a big leap forward with your business, request a free Next-Level conversation with Tineke.

https://www.powerfulbusinessacademy.com/free-next-level-consultation/

You are your personal brand

You are your personal brand

You are your personal brand

In this dawn or advanced technology where the internet is ubiquitous and social media channels take a chunk of everybody's time, branding is important. Likewise, the trends in business marketing are also evolving. If people are working with companies, nowadays the consumers are more willing to do business with people rather than companies. They now prefer human interaction. The values people look for when doing business have also changed, as well. Nowadays, they look for sincerity and honesty; involvement and availability; excellent service, and speedy delivery.


With branding, you attract clients that match well with your niche and business.

There are two types of branding: personal and business branding.
Personal branding is focused on you and who you are. You can ask for guidance: who you are, what you want to do, how you want to be remembered, and how other people see you. You can ask people, especially your employees, what they see when they look at you.

Many entrepreneurs do not do personal branding, but if you like it, you are a personal brand. You need to know who your brand is, otherwise, you will not be consistent. The trick is to make sure that you are in synchronization with each other. For example, if your business is about sports apparel, then there's something wrong with your branding.
A lot of entrepreneurs do not like to be in the limelight. This is normal, however, please keep in mind that people want to deal with people-real people. When you are just starting up and your business is still small, the owner is the face of that business. It is wise to create a personal brand with your clients; they are more likely to deal with business owners that know and like.


Of course, there are other things that count, as well as the quality of your products or services. People will have a look at your business when they like you, and when your product and service is marketed to the right target audience, and then you have everything in order.


As a personal brand, you want to be an expert in your niche. As an entrepreneur, you have something which many people want and/or need. This is always the case with business owners. owners, if you do not look at that way. It is wise to invest in knowing and learning about your niche and what makes it work. It is very important to find out what distinguishes you, as a person, from your competition.
 

More about Tineke
If you want to know more about Tineke, please watch her free training, which is all about how to stand out from your competition. A full-time training course about how you can define your ideal client and it's free at the end.
You can register with this link and pick a time that suits you this week.


https://TinekeRensen.nl/webinar-registration


If you want to visit more websites or Tineke please look at these links:
http://www.MeetTinekeRensen.com 
https://www.PowerfulBusinessWomensNetwork.com
https://www.MaximumBusinessGrowthForWomen.com
 

If you want to see what you are doing here,
how do you do business?

3 things to know in Financial Planning

If you are starting or thinking of starting your own business, it is a good idea to keep in mind that every business has its risks. Any business, no matter how fool-proof it is believed to be, is a potential for failure if not managed properly. Whether it is an emerging business, or a business that is already making profit, without proper management and handling, it is doomed to head for a train wreck.

One of the most important, and sadly often overlooked when running a business is financial planning. There could be a variety of reasons: not realizing how important it is, not having an idea where to start and how to do it, or just not bothering to create a financial plan. No matter what the reason is, it isn’t going to be good for the business.

Creating a financial plan helps you see the bigger picture and guides you in setting both long-term and short-term goals with regards to your finances.  

Unfortunately, though, 60% of female business owners neglect their financial planning; so it should come as no surprise that about 35% of female entrepreneurs have less than 25,000 euro turnover. You can’t call that a business, can you?

Financial planning isn’t that hard if you have all the information you need.  There are 3 things that you should know before you start planning your finances:

1.       Know your numbers

Not a lot of women are good with finances, so they resort to hiring a bookkeeper. This is totally fine, as long as you are still aware of how your numbers are.  A book keeper can record transactions and produce financial reports, but these data are futile if the business owner does not know how to process them.

The first step in financial planning is knowing your turnover in the previous year. You would need to know how much you made and how much you lost; how much was the profit and how much were the expenses.

2.       Know Your Expenses

Your bookkeeper probably already has a record of the previous year’s expenses, and you just have to look at the overview to see how much you spent and where you need to cut expenses.

If you sell different products or services, you can also allocate how much you want to spend per product or service. Marketing is also an essential part of a business and it doesn’t come free. Growing your business substantially means you need to hire more workers, and allot some more for their salaries. Those are some of the expenses that you would have to consider when making your financial plan.

Essentially, your expenses should be less than your profit. Weigh up your expenses and see where you could cut corners.

3.       Know Your Target

Lastly, you need to look at your productive months. Some businesses are seasonal, and every business has months that are likely to be better than the others. Take a good look at your financial report and count how many productive months you have. Next, divide your total turnover by the number of your productive months, and you should make out your monthly target.

Every month, you need to make a minimum of your target to be on top of your finances. It is advisable to check on this at least monthly to stay ahead of the curve; as well as to be aware if you’re getting behind, and you need more marketing efforts.

Now this may seem like a lot of work, but trust me, you are missing out on your business advancement if you do not plan your finances. Plus, it also gives you a sense of control, along with knowing when you need to step up a little more.

If you want to learn other tips and tricks in growing your business exponentially, Download the free report of the thorough study: How Women do Business”

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http://www.MaximumBusinessGrowthForWomen.com

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To your success.

Tineke Rensen

How clear is your vision?

How clear is your vision?

A lot of people confuse and sometimes interchange their vision and mission. It should be the other way around. Just to clarify, your mission is the heart of your company, while your vision is a tool to express your mission. That is true for a lot of business and companies, regardless of the service or product they provide.

When you have set a mission in mind, you can start to create your vision for your business or company. Your vision should cover your goals, both long term, and short term. The first rule is to set an attainable goal. A lot of entrepreneurs, especially neophytes, tend to set goals that are too big, even bigger than they thought it was. Goals that are too big would eventually intimidate and then delay your progress. This is often due to not knowing how or where to start. Goals that are too small aren’t advisable either because you wouldn’t be challenged.

The ideal vision and goals should excite you; it should motivate you to get out of your comfort zone. It must drive you to try something new. Otherwise, there would not be any progress; the results would be the same as the last one.

Moreover, you have to be challenged. If your set of goals and vision doesn’t challenge you, you will get bored very easily and you will lose enthusiasm quickly.

Setting your vision and goals doesn’t necessarily mean that you are also certain on how to achieve them. This is a common misconception, and it just stops potential entrepreneurs from ever starting. The only important you ought to know is what your first step would be. Whatever your first step leads to will give you an idea of what to do next.  You will look around and see opportunities arise. You will meet people who can help you with your next step, or you will read an article, and suddenly, you will know what the next step will be.

More about Tineke
If you want to know more about Tineke, please watch her free training, which is all about how to stand out from your competition. A full hour training about how you can define your ideal client and it is free with nothing that will be sold at the end.
You can register with this link and pick a time that suits you best this week.

https://TinekeRensen.nl/webinar-registration

If you want to visit more websites of Tineke please have a look at these links:

http://www.MeetTinekeRensen.com
https://www.PowerfulBusinessWomensNetwork.com
https://www.MaximumBusinessGrowthForWomen.com

If you want to see where you are at with your business and how other women are doing business nowadays, download the free report of her study:

How Women do Business