How many of you are in, or know of, a relationship where the woman is the one who is really in charge of the financial decisions? It’s pretty common. According to a recent study by Ameriprise Financial, “Women and Financial Power,” 56% of women say they are involved in financial decision-making in the home and 41% of women say they are the primary financial decision-makers (37% of that number are married). That’s a whopping 97% of women surveyed who are intimately involved in making financial decisions in the household!
As illuminating as the percentages may be, it is not news to marketers. Marketers have long targeted women with their ads. Women have always been the gatherers of human society. While once upon a time that meant gathering food, today it means much more than that. Sure, women still act as the primary food gatherers in the house (i.e. grocery shoppers). But they also gather supplies and information to make daily living decisions. In business and in life that gathering mentality leads to women being well-suited as the primary decision-makers when it comes to money.
Read on for some more reasons why women make great financial decisions in the workplace.
10 Reasons Women Make Great Financial Decisions in the Workplace
1. They are caregivers. Women have traditionally been the caregivers of society. Financial decision-making directly impacts the family or in the case of business, the company and its employees. Women make financial decisions that will help protect and provide for their family/employees.
2. Woman are optimistic. That’s a broad generalization, true. But optimistic people tend to look at the bright side of things. That means, they are less swayed by short-term fluctuations in the market, believing that with time, things will come back around. The ability to focus on the positive has much more far-reaching implications than just the reaction to stock prices. That optimism may be what boosts company morale in times of hardship or launch a new product.
3. They are goal-oriented. Women have long set goals to achieve success for themselves and their families. They had to. For a long time, women were nothing more than the property of men. Slowly, they carved out a new role for themselves, with new rights and responsibilities, but this did not happen overnight. They set goals and objectives and worked hard to achieve them and are not afraid to do so in the workplace.
4. They are patient. You can’t parent without patience, which is why women have been blessed with an abundance of this quality. Whether a parent or not, women are willing to take a step back and assess the situation before taking action. This ability to wait and reassess limits knee-jerk reactions that could be worse than taking no action at all.
5. They are willing to learn. Like anything, financial confidence comes with knowledge. Women are willing to admit when they don’t understand something and take actions to learn what is necessary. They know that knowledge is power and use it to their full advantage.
6. They are willing to change. Women are flexible and realistic. If an approach is not working, they have no qualms about changing the way things are done as long as it supports the end goal.
7. They listen. There’s a reason Human Resources departments are full of women. Women listen. They are the peacemakers of society. When it comes to business decisions women listen to all sides of the issue before making a decision.
8. They are planners. Just as women plan out the day’s menu or the family vacation, they are good at planning out business financial decisions too. Planning supports many of the other characteristics mentioned: goal-setting, learning, patience, caregiving, and listening. Together, these characteristics help women make the best decisions possible for the company.
9. They are creative. Women are creative and are able to see many possibilities. They have no trouble coming up with alternatives to the status quo that can help the business succeed.
10. They know when to ask for help. Women are much more willing to reach out for help or to collaborate with others when needed. This ability to ask for help when it is needed helps them get things done, even if it’s not their area of expertise.
Accounts Receivable Financing Is a Great Financial Decision
Accounts Receivable Financing is one of the best business decisions a woman (or man!) can make. The service allows companies to gain access to money they are owed sooner, making it possible to maintain or expand on business operations without taking on new debt. Click here to learn more about Accounts Receivables Financing and how it can help your business.