The Power of Financial Literacy

We all know that knowledge is power…right? And as women, as entrepreneurs we have the opportunity to harness that knowledge and power to drive our own businesses and careers forward - especially when it comes to finances, particularly for business owners.

Financial literacy goes beyond just balancing the books and knowing what a P & L is (Profit & Loss Statement). It’s really about the deep and thorough understanding of your business’s financial health, opportunities and the strategy you put forth to ensure the success of your business.

When we started The B Hive Apiary, our women’s social community here in Austin, the financial aspects of the business were honestly put on the back burner, we were making money but not enough to really expand like we wanted to or to support even one employee. Once we shuttered The B Hive Apiary and began ideating Glass Ceilings we knew we needed to do something different. And starting with the money is always a good place to start. It helps level set, especially with a new business what you can and should do to grow your business. It also lets you strategize calculated risks, investments and budget appropriately.

So why is financial literacy so important to female business owners?

It truly empowers us. When you have that solid understanding of your finances it gives you true confidence to take control of it and your business. You can set clear goals, work backwards to develop the actions to achieve those goals and it gives you the confidence to navigate any obstacles that may arise. It also helps us build generational wealth and independence. We learn and understand how to invest our money for long term gain, budget wisely so we’re making smarter decisions and manage the cash flow of our business with ease and the least amount of worry.

Beyond that - financial literacy levels the playing field. We still live in a world, were 40% of businesses are owned by women - we only receive 2-3% of the venture capital funding globally. We get smaller shares of Angel Investments (research shows women only get about 20% of Angel Funds), and we’re less likely to receive approval for business loans - if we do get approved its often a smaller amount than our male counterparts. So how does financial literacy level the playing field? When we know the ins and outs of our business finances - we can speak confidently in investor meetings, through business plans and with banks. We have the ability to alleviate any doubt, answer any question and provide data driven responses to the people questioning our capabilities.

If you’re just starting out, or maybe you’ve been in it for awhile and have often put your finances on the back burner (it’s more common than you think!) it’s time for you to step into your power - and really own your finances. To help you, we’ll be launching our next Mini Masterclass: Bootstrapping Your Finances this summer. This course walks you through some basics around finances for your business - How to start a business with little to no money, spending your money for impact, creating the right pricing strategy for your business and managing your finances effectively.

Our goal is to give you a starting place, to really start prioritizing your finances and start thinking about what makes the most sense for your business. You’ll also receive some supplemental materials along with this course and have access to our exclusive community to ask questions and find support.

So if you’re a female entrepreneur who’s really ready to dig deep into your finances and your financial strategy but don’t know where to start….start here with us at Glass Ceilings!