Career 20 July 2017
I’ve coached and worked with hundreds of women entrepreneurs making between $75k and $750k in revenues, and in my book Million Dollar Women I profiled women who successfully built multi-million dollar companies. When only 3% of women entrepreneurs are reaching $1M in revenues, we know that the women who make it “big” are more the exception than the rule.
Mistake #1: Doing it all yourself
Any entrepreneur who gets $1M in revenues has figured out how to delegate and usually has one or more full time staff, part time people or consultants, virtual assistants and/or interns. Many women I work with are hesitant about delegating, even when they know they’re stretched too thin. They are afraid the job won’t get done right, they don’t want to spend the money, or don’t have the experience to hire and manage people effectively. If you read my blog regularly, you know I talk about the importance of becoming a Delegation Ninja and that I am myself a recovering perfectionist, so I can relate! In my Masterclass, I help women start offloading responsibilities so they can focus on their genius work and be the leader in their company, not the lead do-er .
Twice as many men get to $1M, or 6% compared to our 3%.
So exactly what is getting in our way of catching up with men in turning our business ideas into ones that make bank? Twice as many men get to $1M, or 6% compared to our 3%. I’ve noticed some common issues that hold back companies with fantastic potential from doubling in size and getting on a path to go big (and I committed at least four of these mistakes for yearsat Little Pim). Check out my top ten here, and if you want to learn how to avoid them.
Mistake #2: Lack of internal systems and processes
It takes some trial and error to learn what internal systems and processes work when it comes to finance, marketing, sales, operations, etc. While it’s hard to carve the time out to actually finesse these, it’s crucial for scaling up. To get to $1M in revenues we need to fine tune the “money making machine” at the center of our business. This usually means having a specific and written sales playbook, software the automates much of the work, and established systems that work.
Mistake #3: Not busting limiting beliefs
As a trained Master Practitioner in NLP (Neuro Linguistic Programming) and someone who has done a lot of work on mindset in my personal and professional life, I can tell you that we may think we are making rational decisions all day based on facts, when in reality, the unconscious drives the show. Many entrepreneurs think that just ramping up sales is the golden ticket for growth, but that’s simply not the case.
Without the right mindset, and tackling our own limiting beliefs, many entrepreneurs lack the confidence and belief in themselves that they need and deserve to go big. It’s rarely competence holding women back, it’s often confidence and a mix of beliefs about money, what we deserve, and how we can do what we love and make bank at the same time.
Mindset mastery is one of the first things we tackle in my Masterclass, because in clearing up our limiting beliefs and building mental toughness, we can truly embrace success. As Henry Ford said, “If you think you can, or you think you can’t, you are right.”
Having the right mindset is like laying down the foundation on which you can build your mansion, and it’s the number one thing the women I interviewed for Million Dollar Women underscored as critical to their success.
Mistake #4: Not understanding the scalable part of your business
While it’s true that sometimes entrepreneurs can’t see the forest from the trees, being able to understand the scalable part of your business is the difference between hitting a plateau and the “hockey stick” growth that we all aim for. It’s also what makes your company “investable” because the company can grow to fives or ten times bigger than it is today without having to bring on five or ten times more staff, marketing or infrastructure spend.
Mistake #5: Not working with coaches, mentors and advisors
An entrepreneur without coaches, mentors and advisors is like a backpacker without navigation tools. Sure, you can find your way to success on your own, but it will take you so much longer. Some female business owners I speak to are hesitant to work with what I call “flying buttresses”, or won’t invest the time or money to work with a coach. The truth is working with the people who have been there and done that can have huge ROI.
This is one of the main reasons that I designed my Masterclass with coaching built into it. I believe that every entrepreneur could benefit from a coach and most of the uber successful ones still have one, and have had several along the way. If you haven’t worked with a coach, mentor, or advisor, remember that they aren’t there to fix your business. They’re there to guide you in the right direction and course-correct you when you’re heading off track, show you paths you hadn’t seen, and help you get out of your own way.
Mistake #6: Insufficient financial know how
I’ve said before that finance is the proverbial Achilles heel for entrepreneurs because it’s not something most of the women I coach are excited or passionate about. Business owners don’t need to have a financial degree to run a business, but we do need to educate ourselves in order to create a cash runway, steward our money better, and raise capital. This really hits home for me, and in Masterclass we make sure everyone gets better at money management.
Mistake #7: Not having a cash runway
“You can be low on cash for a long time, but you can only run out of cash once.”
I’ll never forget when one of my advisors told me, “You can be low on cash for a long time, but you can only run out of cash once.” Many businesses fail or start sinking simply because they run out of cash.
In my research for Million Dollar Women, I learned that women are twice as likely as men to shut down their businesses because they run out of cash. And I made some errors in the early days of Little Pim that almost cost me the company (I share that story in my free Masterclass Primer Series). I don’t want that to happen to you.
Mistake #8: Good on vision, bad on execution and vice versa
Every entrepreneur has different skills. Some are excellent when it comes to having a vision for their company, but terrible at execution. On the other hand, some are excellent with execution, but bad on vision. Do you fall into one of these categories?
If you do (most of us do), you may want to think about how you can either improve on what you’re lacking in the good vision/good execution equation or find someone to work with you that will provide that necessary balance.
Without good vision, how can we create a one-year, three-year and five-year plan for our businesses? And without good execution, how can we get the necessary tasks done to produce our work and keep scaling up? Successful entrepreneurs learn to work on the business not just in the business, and to make strategy a priority — I wrote about this in my blog on strategy, “plan the dive and dive the plan.”
Mistake #9: Improperly tracking marketing spend
One of the dangers of running out of cash is tied to miscalculating marketing spend. There was a time at Little Pim where we didn’t track where our customers were coming from and didn’t know which marketing channels were performing and why. Eventually, we started keeping a closer eye on our marketing spend and were able to avoid falling into the money pit that is digital marketing and started getting excellent ROAS (Return on Ad Spend). We implement the 75/25 marketing budget rule. This was part of the “money making machine” we built that I referenced in #2.
Mistake #10: Not investing in networking and personal and business growth
Ok, I snuck two Mistakes into this last one. We don’t know what we don’t know, right? So the only way to learn what we don’t know is to invest in resources for personal and business growth, whether it’s reading blogs, devouring business books, finding coaches and mentors or joining an entrepreneur’s group. I did all of those and so did most of the women who made it to $1M in revenues and beyond.
At the end of the day, if your business is in trouble or you’re stuck at a certain point, you can either spend your time, money and energy trying every solution, or you can spend it on resources that will give you the frameworks, support systems, and education necessary to make that jump to the next level.
As for networking, without meeting people who can help you stretch to the next level, you may stay stuck wherever you are currently.
Getting further, faster
Many women entrepreneurs who struggle with scaling up don’t initially see that the answer probably lies in learning how to work smarter, not harder. I created Masterclass to help even more women make the climb to $1M in revenues, and it’s the program I wish I could have taken when I was scaling up Little Pim. (Click here to learn more about the course)
Anyone who has worked with me knows I like to say that in life you can have REASONS or you can have RESULTS. This means, you can have all the reasons you didn’t get what you said you wanted, or you can have the results, because you did what it took. Which will it be for you and your company? If it’s the latter, join us, and let’s all go big together!
This article first appeared in Julia Pimsleur.
3 Min Read
Thinking of ringing up your ex during these uncertain times? Maybe you want an excuse to contact your ex, or maybe you genuinely feel the need to connect with someone on an emotional level. As a matchmaker and relationship expert, I was surprised at the start of the coronavirus quarantine when friends were telling me that they were contacting their exes! But as social distancing has grown to be more than a short-term situation, we must avoid seeking short-term solutions—and resist the urge to dial an ex.
It stands to reason that you would contact an ex for support. After all, who knows you and your fears better than an ex? This all translates into someone who you think can provide comfort and support. As a matchmaker, I already know that people can spark and ignite relationships virtually that can lead to offline love, but lonely singles didn't necessarily believe this or understand this initially, which drives them straight back to a familiar ex. You only need to tune into Love Is Blind to test this theory or look to Dina Lohan and her virtual boyfriend.
At the start of lockdown, singles were already feeling lonely. There were studies that said as much as 3 out of 4 people were lonely, and that was before lockdown. Singles were worried that dating someone was going to be off limits for a very long time. Now when you factor in a widespread pandemic and the psychological impact that hits when you have to be in isolation and can't see anyone but your takeout delivery person, we end up understanding this urge to contact an ex.
So, what should you do if you are tempted to ring up an old flame? How do you know if it's the wrong thing or the right thing to do in a time like this? Check out a few of my points before deciding on picking up that phone to text, much less call an ex.
Before You Dial The Ex...
First, you need to phone a friend! It's the person that got you through this breakup to begin with. Let them remind you of the good, the bad and the ugly before taking this first step and risk getting sucked back in.
What was the reason for your breakup? As I mentioned before, you could get sucked back in… but that might not be a bad thing. It depends; when you phoned that friend to remind you, did she remind you of good or bad things during the breakup? It's possible that you both just had to take jobs in different cities, and the breakup wasn't due to a problem in the relationship. Have these problems resolved if there were issues?
You want to come from a good place of reflection and not let bad habits make the choice for you.
Depending on the reason for the breakup, set your boundaries for how much contact beforehand. If there was abuse or toxic behaviors in the relationship, don't even go there. You can't afford to repeat this relationship again.
If you know you shouldn't be contacting this ex but feel lonely, set up a support system ahead of time. Set up activities or things to fall back on to resist the urge. Maybe you phone a different friend, join a virtual happy hour for singles, or binge watch Netflix. Anything else is acceptable, but don't phone that ex.
Write down your reasons for wanting to contact the ex. Ask yourself if this is worth the pain. Are you flea-bagging again, or is there a friendship to be had, which will provide you with genuine comfort? If it's the latter, it's okay to go there. If it's an excuse to go back together and make contact, don't.
Decide how far you are willing to take the relationship this time, without it being a rinse and repeat. If you broke up for reasons beyond your control, it's okay. If your ex was a serial cheater, phone a friend instead.
If there was abuse or toxic behaviors in the relationship, don't even go there. You can't afford to repeat this relationship again.
As life returns to a more normal state and you adjust to the new normal, we will slowly begin to notice more balance in our lives. You want to come from a good place of reflection and not let bad habits make the choice for you. Some do's and don'ts for this time would be:
- Do: exercise — taking care of you is important during this time. It's self-care and maintaining a healthy lifestyle.
- Do: shower, brush your teeth, and get out of your sweats.
- Don't: be a couch potato.
- Don't: drink or eat excessively during this time. Again, remember to maintain a healthy lifestyle.
- Do: think positive thoughts everyday and write down the 3 things you are grateful for. Look at the impact of John Krasinksi's SGN. It's uplifting and when you feel good, you won't want to slide backwards.
- Don't: contact a toxic ex. It's a backward move in a moment of uncertainty that could have a long term impact. Why continue flea bagging yourself?