by Carol Sankar | Featured Contributor
As a business consultant, it all comes down to one thing: the numbers. All the passion in the world and the only question that matters in the long run is “How Much?” That is all we need to know in order to create a growth plan to enhance your business.
It is ironic that I consider my business model to attract 2 types of clients: The numbers driven profit fanatic or the passionate entrepreneur who has no clue what to charge but would like to save the world. Although you need passion in order to build the right business model which highlights your gifts and talents, many women forget the numbers.
Do women really know their numbers?
In every consultation with women, I ask “how much do you charge for your services?” You can hear the silence of guessing the answer. Many women are either pricing their services according the feedback of others or according to their competition.
Women in business need an equal mix of passion and profit, hence, the numbers matter. For a consultant like myself, I cannot take a client to seek first round angel or venture capital without a clear valuation. The first question an investor will ask is “give me the numbers.” In many instances, women who are not mentored by strong leaders are seeking capital for expansion, but do not fully know several factors that contribute to creating value, such as:
-What are the costs of customer/client acquisition?
-What is the cost of development?
-What is the value of your market demand?
-What is the value of the equity of your company/business?
-How many people/advisors are on your board?
If you want to raise capital, raise your level of mastery about the value of your business. Your passion will be profitable if you can substantiate the numbers. Find great advisors to guide you if it sounds intimidating, but in the end, your business will experience tremendous growth.
Carol Sankar is an internationally renowned business consultant & real estate investment expert who focuses on strategic implementation strategies to assist today’s high-achieving and high level business owners become successful. . She has been featured in numerous magazines, radio shows, articles and conferences; including a recent features in Madame Noire, Entrepreneur.com, TEDx, The Steve Harvey Show, CNNMoney.com, Daily Worth and Essence Magazine. For more details, visit www.carolsankar.com