When it comes to business, Erica Wolfe-Murray is one of the best people you could wish to get advice from. As the UK's leading Business & Innovation Expert, and founder of Lola-Media.co.uk, she's a true force to be reckoned with. Her smart and savvy approach to problem solving over four decades has seen her work with over 250 companies to-date, and counting.
Erica Wolfe-Murray discusses business tips with Female First
Here, Erica gives some of her excellent advice and top tips to those who are within the world of business, but are struggling for a number of different reasons.
How do I balance starting up my new business with having my first/second baby?
It doesn’t surprise me that for so many women, the arrival of a baby heralds starting their own business. Bringing a baby into the world is a hugely creative act and that creativity flows into all corners of your life.
I had four children and did something dramatically new as each announced their arrival.
First and foremost - you must focus on your baby. Ensuring it is happy and cared for will make you happy. If you are happy, your baby will be too. It’s a virtuous circle.
Don’t get too tied into stressful business delivery schedules if you can avoid it – you’ll pass that stress on. Tell work contacts you have a baby in your life and work sits alongside your responsibilities. I never hid the fact I was a mum. I took children to meetings, let them sleep snuggled in blankets on the floor in all sorts of places. Ensure you prepare everything in advance so you are not scrabbling around at the last minute… either for a business report or a nappy. Everyone you are working with – supplier, lawyer, customer - has a rich home life beyond the bounds of work so use your child as a reason to ask about theirs connecting on a different level.
And don’t push yourself too hard – as your child grows you will have more time to focus on your business, but you don’t get those early days back.
I am coming back to work and have crippling lack of self-confidence, what do you suggest?
I am so sorry to hear this. You don’t say why you’ve been out of the workplace, but often it is due to caring responsibilities – children or parents, illness or a long travel break. Whatever it is – take a little time reviewing how you have spent your time.
Many women come back to work after several years bringing up children. Their lack of confidence is both sad and unnecessary – anyone who can run a household is perfectly able to take a full role within a company.
Depending on how you spent your time out of the workplace, you are likely to have a range of new skills but need reminding of them - write down what you’ve learned in the last six months, new things you’ve done. It’s also useful to go back to the start of your career to list all the things you’ve ever been paid to do, and clients/customers you worked with in a second list. None of this knowledge is gone, it’s just temporarily out of sight. All of these should give you confidence… but if you are still struggling – working with a confidence coach can really help you.
I’ve got my own business but I’m not experienced at running the money side. What should I do?
Remember – anyone who can run their own finances/home can run the money within a simple business. Firstly you have to accept responsibility for the money – it is your business, money is part of the deal. If you struggle, get help. You can employ a part-time book-keeper, a full-time person or use a book-keeping bureau. All are fine and have their benefits.
Book-keeping is about the day-to-day management of the money. You need someone with attention to detail, experience and who you can trust so get a referral if you can. But you still need to ask them for weekly reports, updates on late payers and be prepared to roll up your sleeves and dig in if needs be.
There are great programmes you/your book-keeper can buy to run your accounts but ensure you understand how to read them, get the reports you want from them. Never hand over totally unfettered total control to anyone, no matter how much you trust them, as it is asking for trouble.