Cash Flow Problems: How Two Types of Women Entrepreneurs React
What’s the best way to react when cash flow slows down? With typical economic cycles occurring regularly, every business owner will probably face this problem at one point, so being prepared is a must. This article details the different ways two types of female business owners may respond when cash flow slows down.
Every female business owner has probably experienced it: just as her business is humming along, pulling in profits, picking up patrons, things slow down. Sometimes, they slow way down. For both the experienced entrepreneur and the fresh-faced business owner, it’s imperative that the cash flow slow down doesn’t come as a surprise, and that it’s handled with careful consideration.
A recent study from Jane Out of the Box, an authority on women entrepreneurs, revealed there are five distinct types of women in business. Each of these five types has unique approach to running a business—and as a consequence, each of them has a unique combination of characteristics and factors. This article profiles two of the Jane “types” and the different ways they may handle cash flow issues.
Jane Dough is an entrepreneur who enjoys running her business and makes good money. She is comfortable and determined in marketing and sales, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women fall in the category of Jane Dough.
Always the planner, Jane Dough may have predicted the cash flow decrease because she’s carefully watching her revenue streams and bottom line. Even if caught unaware by an unanticipated drop, she in objectively aware of business peaks and valleys and will have a plan in place for this eventuality.
Despite Jane Dough’s planning skills, she may benefit from pausing a moment to consider the following:
Tenacity Jane is an entrepreneur with an undeniable passion for her business, but who is struggling with ongoing cash flow challenges. As a result, she’s working longer hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.
Although cash flow issues are plaguing Tenacity Jane’s business, there are concrete steps she can take to turn the company financials in a positive direction:
Although no business owner wants to have to deal with cash flow problems, every one does, at some point. Various entrepreneurs, like Jane Dough and Tenacity Jane, are likely to react in various ways, but each one can learn something from the others.
Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com
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ABOUT THE AUTHOR
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at http://www.janeoutofthebox.com/