Confront your fears: ‘I can’t turn my ideas into profit’

Carly May, a client director at a PR firm, struggles with the basic maths of business

By

Confront your fears: 'I can't turn my ideas into profit'

When I was seven, my teacher told me I was hopeless at maths. My lack of belief in my mathematical acumen has haunted me ever since. Despite heading up a ยฃ2 million business, I struggle with โ€˜imposter syndromeโ€™. People glibly bandy about figures and my brain freezes.

Youโ€™re not alone, says Faye Watts, one of the founders of fuseaccountants.co.uk, who has launched a campaign to encourage young women into financial careers. With a recent report showing that 15-year-old girls underachieve in areas such as mathematics, science and problem-solving compared to boys, Watts is determined to do something. โ€˜Itโ€™s not surprising that women are put off potentially lucrative, interesting and fulfilling careers. While this needs to be tackled at grass-roots education levels, much can be done to help women get to grips with understanding money,โ€™ she says.

Watts challenges me over the idea that I was โ€˜hopeless at mathsโ€™. World-renowned psychologist and researcher, Carol Dweck, from Stanford University, has found that people are more likely to be successful with a growth mindset โ€“ that basic abilities can be developed through dedication and hard work, versus a fixed mindset โ€“ that talent alone creates success, without effort. โ€˜Anyone can learn to be better at understanding maths and money.

We start working on a real example, as I have to present a new business plan to the board of my company. Watts asks me to create a basic plan. She tells me to briefly state what the business will be doing and how it will generate a profit. โ€˜Describe in a few sentences what the values as a business are, what you hope to achieve, the purpose of the business and how it will make sufficient money. Some people have a great idea, but donโ€™t think about how itโ€™s going to make them money over three to five years,โ€™ she says.

She tells me to write down a few sentences about what the business goals are. She says to be clear about the target market and who our current customers are; to put them into categories and where they came from, so that we can analyse our best breed of client/consumer. Then, I must review who pays what and how long it takes, and whether there is any further opportunity for upselling or repeat business. I must look at our sales strategy, marketing and advertising, and be specific.

Watts instructs me to set feasible financial targets for monthly and yearly income streams. โ€˜Be realistic and set the goals that you want, knowing that you can achieve them with hard work,โ€™ she advises.

Finally, I create an end goal. I did feel initial trepidation but focusing on my โ€˜growthโ€™ mindset, I broke it down step by step and wrote a business plan and projection in a few hours. Watts says: โ€˜You see! You can do it. One mindset tweak has made you more confident and has potentially created another income stream in your business.โ€™

I presented to the board a week later. They loved it. โ€˜Understanding money is empowering and anyone can learn how to do it,โ€™ she says.