EVENTS:

Women have be­come the chief money mak­ers and spenders of the busi­ness world, so it makes sense to cater to their needs

Life & Style Weekend - - WELCOME // INSIDE TODAY - With Car­ren Smith

“MONEY, money, money, must be funny, in a rich man’s world.”

Hope­fully as you read the words above you got the fa­mil­iar ring of the ABBA song Money, Money, Money.

A sur­pris­ing statis­tic about where our money is go­ing and how it’s be­ing spent has re­cently been re­vealed:

“As of 2016, it is es­ti­mated that there are more than

11.3 mil­lion women-owned busi­nesses in the United States, gen­er­at­ing nearly $1.6 tril­lion in rev­enue and em­ploy­ing nearly nine mil­lion peo­ple, ac­cord­ing to the sec­ond an­nual State of Women-Owned Busi­nesses Re­port, com­mis­sioned by Amer­i­can Ex­press OPEN.”

I love to hear sta­tis­tics like this and even though it’s an Amer­i­can ex­am­ple, we can as­sume rel­a­tive com­par­isons based on the Aus­tralian pop­u­la­tion that fe­male en­trepreneurs are con­tribut­ing a lot more to our econ­omy than previous stud­ies have shown.

In 2011, I re­call a re­port that stated 84% of new busi­nesses opened for the year were by women and 92% of all buy­ing de­ci­sions were be­ing made by women.

The lat­est re­port from the Depart­ment of In­dus­try is show­ing that one in four women are open­ing their own busi­ness in Aus­tralia, which is an in­crease of more than 46% over the last 20 years. Awe­some, go girls!

So this begs the ques­tion – if women are play­ing a far more sig­nif­i­cant role in mak­ing money, spend­ing it and se­lect­ing sup­pli­ers, how many com­pa­nies are ad­just­ing their sales mod­els and busi­ness devel­op­ment strate­gies to cap­ti­vate and re­tain the fe­male mar­ket?

I think it’s fair to say that in­dus­try has pre­dom­i­nately been male-ori­ented in the past, as has small to medium busi­ness, and of course our strate­gies and busi­ness prac­tices have been set up to cap­ture the male de­ci­sion-maker.

But it ap­pears the ta­bles are turning sig­nif­i­cantly and it’s time to “flex up” the way we do busi­ness to grow and re­tain our clients.

Women want to know they can trust their sup­pli­ers, clients and part­ners and this takes time. Have you no­ticed it’s tak­ing longer to get con­tracts over the line these days? Have you ad­justed your strate­gies to po­si­tion your­self, your prod­uct and your mes­sage for po­tent re­la­tion­ships rather than a speedy sale?

If you haven’t thought about this yet, now is the time.

Money is the key to sus­tain­abil­ity and if you’re not dis­cov­er­ing how those that spend think, you’re miss­ing mas­sive op­por­tu­ni­ties.

If you have a ques­tion you’d like an­swered, email Car­ren on info@car­ren­smith.com.

PHOTO: AGENCY

Women are play­ing a far more sig­nif­i­cant role in mak­ing money, spend­ing it and se­lect­ing sup­pli­ers, so how many com­pa­nies are ad­just­ing their sales mod­els and busi­ness devel­op­ment strate­gies to cap­ti­vate and re­tain the fe­male mar­ket?

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