The Secret to Our Success
On any given day, we’re much too busy serving clients to worry about where LifeLine may fall in comparison to other woman-owned businesses, so imagine my surprise when I took some time out to read 6 Financial Facts About Women-Owned Business by LaConte Consulting, a respected business consultant that works with a number of businesses run by women.
Now, I already knew that women who start their own businesses have some unique challenges when compared with their male counterparts. In fact, according to the piece which cites U.S. Census Bureau figures, over 90% of women-owned companies have no employees and over 80% generate less than $50,000 in revenue a year (43.7% actually make less than $10,000). And while firms owned by women make up nearly 36% of all businesses, they only account for 4.2% of sales in the U.S.
So, how did LifeLine do last year? Not only are we part of the just 10% of women-owned companies that have employees, but our revenue last year exceeded $1 million. Those earnings put us in the top 1.9% of the over 11.5 million companies run by women included in the analysis (data sourced from the National Women’s Business Council). Compare this to 6.3% of male-owned businesses.
So, why have we been so successful at LifeLine? I can think of several key factors – our amazing team, the exceptional clients we serve, and the quality of the support we provide. No one succeeds on their own. Ours is a business based on trust and expertise. LifeLine clients trust us to always be there to expertly plan for and guide them through their financial management needs. It’s how we’ve always done business.
The sad fact is that women-owned businesses do face an uphill battle. After decades as a business owner myself, I can speak about some of those obstacles from experience. But I’ve never let those challenges hold me back, nor are they what I think about when I get up every morning. What I’m focused on is taking exceptional care of my people and clients, and that is how each LifeLine team member works. Because of that, I’m grateful to share that our own financial health and business outlook look very bright because of our dedication and focus on what’s most important – our clients.