Why Women Hold Themselves Back in Business
So, here’s an interesting (and kind of funny) fact I recently came across: in 2023, the number of female CEOs in the S&P 500 finally outnumbered the number of CEOs named “John.” Yep, you read that right. It's a funny comparison but also a bit sad, right? Even though women have made some serious strides in leadership and the corporate world lately, there's still a long way to go.
Maybe you decided to start your own business to break free from the “old boys’ club” and make your own way. But guess what? There are still plenty of ways we women might end up holding ourselves back, even when we're trying to define success on our own terms. Let’s chat about some of the unique challenges you might face as a female entrepreneur and how to tackle them.
The Work-Family Tug-of-War
One of the biggest struggles many women face is the constant tug-of-war between career aspirations and family/household responsibilities. We often carry the mental load of running the household and taking care of others, which can leave us feeling stretched thin and unsure of how to balance it all.
It's tough to excel at work while also being the supermom or the perfect partner. This internal conflict can lead to burnout and a feeling of never quite measuring up in either area. So, what can we do about it? One key is to give ourselves permission to seek balance, ask for help, and not strive for perfection in every aspect of life. It's okay to prioritize sometimes and know that you’re doing the best you can.
The Role Model Gap
Another challenge, and one of my personal pet peeves, is the lack of visible female role models who show that you don’t have to work yourself to the bone to be successful. We need to see more women who are not only killing it at work but also enjoying a fulfilling life outside of it. Success is not about “working hard” or a “busy schedule”, success is about team building and focused balance.
The first “real” job that I had out of college was in pharmaceutical sales. My boss was a woman named Karen. She was confident, poised, articulate, and started a wholesale pharmaceutical company and grew a team of all men (outside of me). Karen was a fantastic role model for me, a 21-year-old woman who was starting to make her way in the world. She taught me sales, some start up business skills, and how to be confident in a “man’s world”.
Over 20+ years, I have peeked behind the curtain of other successful women. What I have learned is building strong support systems and figuring out what to outsource is the path to strong and successful female leadership. Successful women focus their energy on what matters most to them and delegate the rest. We need more female role models who show us that it’s not about doing it all but about doing what matters most.
Numbers Can Be Intimidating
For many women, client service comes naturally, but the numbers and metrics side of the business can sometimes feel a bit daunting. You might have started your business thinking about how best to serve your clients, but to grow, you do need to embrace the numbers too.
When I started my skin care business in 2010, I had a mentor who taught me the importance of key performance indicators (KPIs) and the difference between KPIs and marketing metrics and how to measure both to evaluate the health of any business. That skill would prove to be so valuable in making major business pivots, decisions and even exits.
Stepping out of your comfort zone and getting comfortable with finances is crucial. If you are not confident in that area, read books, take a course, find a mentor, or hire an advisor. The more confident you become with the quantitative side of things, the better you’ll be at making decisions that drive growth.
Learning to Let Go
Balancing your time and learning to let go of control can be a big hurdle. It’s tough to trust others with your “baby,” but micromanaging every detail will almost always lead to burnout and stifled growth.
This one can be a challenge for me, it has taken me a very long time to feel confident in the team building process.
When you trust your team, you can focus on big-picture strategies and keep your sanity intact. Plus, your team will feel more empowered and motivated when given more responsibility.
Fear of Big Decisions
Making major commitments or decisions without a trusted advisor can be scary, leading to complacency and a lack of progress. It’s easy to fall into a routine of doing things the way they’ve always been done, especially when you’re feeling overwhelmed by decision fatigue.
Working with an advisor, coach, building a support network of successful women, and finding the right combination of mentors and peers is invaluable. They can provide guidance and reassurance, helping you make bold moves with confidence. Having a trusted network makes it easier to take those necessary risks and keep moving forward.
Breaking Through the Barriers
Recognizing these challenges is the first step to overcoming them. Here are some tips to help you break through:
Find Role Models and Mentors: Look for women who’ve successfully balanced work and life. Learn from their experiences and adopt their strategies.
Get Financially Savvy: Invest time in understanding the financial aspects of your business. Take courses, attend workshops, or get anl advisor to build your confidence.
Delegate Wisely: Build a strong team and learn to delegate. Trusting your team lets you focus on growth and strategy.
Build a Support Network: Surround yourself with mentors, peers, and coaches who can offer guidance and support when you need it.
Redefine Success: Create a personal definition of success that aligns with your values. It’s okay to prioritize balance and focus on what truly matters to you.
Wrapping Up
Women in business face unique challenges, but with the right mindset and support, we can overcome them. By seeking out role models, embracing financial literacy, delegating effectively, building a strong support network, and redefining success, we can achieve our goals while maintaining a healthy work-life balance.
If you're ready to tackle these challenges and want some extra help, check out my new video series, Mastering a Business Pivot. We’ll explore why you might want to consider a pivot and how to ensure success in the process. Remember, you don’t have to do it all alone—seek out the support you need to thrive.