I have been toying with whether to share this. Paralysed in fear of what people will say or think. Adelaide is small. Too small. And people talk.
But then I wonder, am I the only one facing this?
-41.1%
That was the number I looked at last night as I was wearing my bookkeeping hat (one of many I wear as a business owner). When compared to the same time last year my business is down OVER 40% in revenue.
I was horrified. Gutted at where my many years of hard work have got me. Ashamed. But yet not deterred. There is a determination not to give up and a desire to dig deep. Because the lessons and learnings from the last couple of years have strengthened the foundations of my business – despite the challenges.
While some may say to cut your losses and move on. This has been a purpose for me for over a decade, SAW is an extension of my being. This was never a business created with the intention to make a lot of money or to build to sell. It wasn’t a business seeking investors and seed funding. It was and forever will be about South Australian women and doing all we can to connect and elevate us all. And it has an incredible network and community of the most phenomenal members. Women who also believe in connection and supporting each other. And I will never stop doing all I can to embrace and uplift them.
To be honest, sharing the truths also feels a bit freeing, because through openness also means people can’t simply gossip or make up stories. And at todays catchup the concept of ‘being lonely while being surrounded by people’ was asked. It is something I have felt immensely the last couple of years, as I have faced my own challenges behind the scenes of life. Feeling like I had no-one to turn to, no-one to trust and lacking an ability to see through to the light at the end of the tunnel. I am incredibly grateful I gave myself that time, even if it was hard. Because while that number above is upsetting, I am still here, I am still standing and I am still soaring forward.
In the local business space, we are seeing businesses closing EVERY DAY in varying industries. Not everyone is impacted, some are thriving still (and we need them to keep thriving!!). But we can easily miss the impact this has on our communities as we see the contraction of our small businesses. Some of the areas I, personally, have had to adjust:
- Had to reduce the hours of the team member I had. And have been unable to bring on board other help, meaning more hats I have to wear.
- Reduced donations to schools and NFP’s and purchasing to support other businesses. I bought many a product, book or service simply to support another business, I am no longer able to do that.
- Withdrawn sponsorship of my local sporting club.
- Reduced events and smaller events that carry less risk in costs.
So what got me here and what were the key moments?
Inflation and Interest Rate rises. The impact this has had on businesses and budgets has been immense. And when someone needs a spare $200 and their membership is due? Well a membership is an easy cut. The downward slide began the moment interest rates started going up. And as that did, so too did more and more business closures.
Competition. The space for women in business has grown immensely over the last 5 years. Competition has increased. Options have opened up. Needs have changed. This is all a great thing for women in the long term, more options also means more awareness.
Funding. Government funding has been an incredible addition to the landscape for women in business, and something I advocated hard for many years for. But has also impacted on the value of services provided before it. More free and low cost options, make some things harder for people to value when businesses have to charge full prices – because we don’t have the ability to subsidise.
People pleasing. Trying to be ALL the things to ALL the people. Trying to keep people happy is something I have realised is impossible, but I tried to do too much of that and offer too many things when I was asked for them. Rather than having clear boundaries.
My own burnout. During covid I gave EVERYTHING of me to the SAW community. By the end I was simply exhausted from the constant uncertainty and change. The last 2 years behind the scenes were one of healing and soul-searching for me. I could see the changing economic environment, and also stepped forward into employment to support my family. All this meant less energy to pour into SAW And while I had help in place, I wasn’t able to guide them sufficiently as I had once done.
The pace of business and consumer expectation. Following on from burnout, I could no longer keep up with the sprint pace that things seemed to run at when we came out of Covid. The expectations and demands of people. The innovation level required.
Lack of sufficient systems. Our initial growth was not planned, and therefore the systems and processes weren’t in place to cope. While I had a real good foundation (one that I had worked on for 5+ years already!), it wasn’t quite enough for what was to come. Which meant chasing tails and band aid solutions which equated to more admin time and more burnout.
I’m sure there are other reasons I could note and expand on, but these are what are some of my reflections. And it’s through reflecting and analysing that we can take lessons and learnings and use them to strengthen a business moving forward.
It has given me space to lay new foundations, even stronger than before. To set up my business how I want it to be, rather than feel like I am chasing my tail. It has allowed me to be intentional with my decisions and really strip back what SAW is about and here to do, and the women I want in our network and community, women who hold similar values and desires for women in business AND careers to be connected and elevated.
As I look forward to the remaining 3 quarters of 2025 (we still have so much of the year to go!). I do so with more clarity. More compassion for myself. More appreciation for the women around me. And more determination. I see more connection opportunities for women. I see more support opportunities for women. I see more events to grow and flourish as the incredible women we are. I see deeper conversations, that are real and raw and open up the opportunity to talk about the real issues facing women. And I see a path where I don’t have to do this alone.
THIS is what business ownership and being an entrepreneur is. Let’s be honest, we don’t learn from our successes. We learn the most from the times we are in the trenches. The times we dig ourselves out. The times we really pull on every part of ourselves to move forward. We readjust the sails. We refocus the path. And as one of the first ever taglines I used for SA Woman said – ‘with GRIT and GRACE, we rise together’.