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The Important Bottom Line for Women Entrepreneurs

May 15, 2013

Business advice for women entrepreneurs and small business owners

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As May unfolds, our communities become full again with bright college students returning from their studies. The fresh faces of twenty year olds fill familiar places bringing a different dynamic to our culture. For some of us lucky enough to have college aged children, we know they also bring a familiar dynamic to our households and lives.

As I was struggling with a business decision a few days ago, my smart Boston College son decided to weigh in on the assessment. Never minding a second opinion, I laid the pros and cons of my decision in front of him. Without an air of emotion, he said, “Mom you have to base your decision on what’s best for the bottom line in your business. I know that might be hard but it’s what you should do.” He was able to wipe away the emotional perspective I had and cleared my vision in making the right decision.

Yesterday as I listened to 3 successful women entrepreneurs talk about how they have adapted to the rough economy in 2008 and recently again in 2013, their words echoed my son’s words. “I had one branch store that simply wasn’t profitable for 5 years for no good reason. It’s hard to love something that’s not consistent or stable. So I cut the branch loose and it was the best decision I ever made for my company,” said JoBeth Dellinger of Artist Pianos. “Sometimes in business you can do your very best, and sometimes you fail at something. It’s okay to make the decision to walk away,” she continued.

If there was one suggestion I heard from all of the speakers yesterday was the fact that they all pay very close attention to their Profit & Loss statements, check their financial position constantly throughout the year and scrutinize their bottom line in order to remain successful. Focusing on the bottom line can take the emotional weight out of a hard decision.

Today’s blog post is to encourage you to pay more attention to your financial statements all year long. Set a time at the beginning, middle or end of each month to see where you stand. Tweak your spending if you need to or budget more money in areas that yield stronger financial returns. If you need help, hire an accountant, bookkeeper or accountant. Knowing your numbers and making decisions based on your numbers can make hard decisions easier.

Sometimes the perspective of another person – another woman entrepreneur, an accountant and even a 21 year old college student – can give you clarity in making better business decisions to help your bottom line and make you more financially successful.

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2 Comments leave one →
  1. May 15, 2013 3:36 pm

    It is definitely important to consistently evaluate your bottom line….as much as it is to get rid of what doesn’t work and focus on what does.

    Like

  2. May 15, 2013 3:39 pm

    Thanks Kimberly for your comment. We appreciate you reading our blog posts.

    Like

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