By: Andrea Mac | February 14, 2024

If you can only take me in small doses:

Do you want a book recommendation not about business (can you believe it?) - Jessica Simpson's Open Book. I've been listening to it, and wowza spills all the tea with names, dates, and details.

We ordered a heart-shaped pizza for dinner. Cliche? A little. But it is also worth 1,000 parenting points (points that last approximately one day or less.)

Building Prequal Vol 27: I Heart Impact

Since it's Valentine's Day, let's talk about a love of mine, beyond my wonderful husband, kids, and friends – and that's impact. As my third major goal for the year, I'm eager to explore its meaning to me, delve into why it's a key objective, and share a significant stride I made towards this goal just last week.

Impact rose to the top of my 2024 goals list for several reasons. First, because I believe a business should create a positive social impact and work toward solving a societal need. Scaling Prequal and its revenue only feels authentic when I think about it in tandem with creating impact. When I started Prequal, I considered what I was good at and where I had the most valuable skills, tools, resources, experience, and proof. This reflection led me to my true calling: helping people generate revenue and attract and win more client relationships. But who I wanted to do that for is what drove me to start Prequal.

Anyone who knows me or has been familiar with Prequal long enough my commitment to helping women make more money. Let’s be clear, it's not just about the numbers in the bank; it's about what those numbers unlock - freedom, autonomy, and agency. This isn't merely a desire; it's a fundamental pursuit. Money, in this context, isn't the end goal; it's the powerful tool that opens doors to choices and possibilities. That's the real essence of what we're striving for – it's the means to an empowered, autonomous life.

I won't list any of the many stats that cite all the good outcomes of women having money (there are a lot). Last year, I started seriously considering how I could scale my revenue and impact simultaneously.

There's a finite amount of time, and there are only so many people that I can work with daily. Figuring out how to scale impact, reach more people, and get my tools and resources in the hands of more women feels so critical. And it feels more pressing by the day.

Consider these facts:

There are 14 million women-owned businesses in the U.S.
There are 114% more women entrepreneurs than 20 years ago.
Between 2019 and 2023, women-owned businesses grew 13.6%, with women now owning 39.1% of all U.S. businesses.
64% of new women-owned businesses were started by women of color in 2022, and Latina women-owned businesses grew more than 87%.

The stats around women-owned businesses are trending positively. Yet, there’s a looming fact to also consider: 45% of businesses fail within their first five years. The clock is ticking for any woman who started a business during the pandemic.

From my mastermind programs, education, and everything I've read, I feel like there's this core piece missing when we talk about women-owned businesses. You can't have a business without sales, so you need sales skills to generate predictable, sustainable revenue.

That's why the impact I want to create feels urgent. Women need my help now, so I engaged Rosie Stafford Smith to help.

Rosie works with businesses, families, and charitable organizations to ensure there is a mechanism or strategy around creating and deploying the impact they want. Her expertise is helping to guide people to achieve what they desire, so impact isn't an afterthought.

I met her through a friend and followed her online for a year before I decided to reach out and connect. Ken and I engaged her for what she calls a vision intensive. We spent a little over two hours with her talking about the impact we want Prequal to have and the impact we want to have in the world. I asked specifically for a one-year plan, a three-year plan, and priority pieces.

Rosie is helping me focus on one of the most significant pieces: how we design pilot groups that account for cultural competencies and bring language to various women, groups, and communities. She's helping me think through how to run different pilots in a way that demonstrates what my gut tells me and what I want my legacy to be.

I loved our 2 hours with Rosie. It was awesome to spend that much time thinking about impact – a topic that fills my cup.

Just as I geek out over revenue planning, I'm applying the same passion to my impact planning. My enthusiasm for revenue is no secret – I mean, I'm the owner of thatcashmoney.com for Pete’s sake; However, I firmly believe that impact shouldn't be a mere afterthought in revenue strategies. It's important to realize that enhancing or expanding your impact doesn't require a fortune. Approaching impact with the same rigor as revenue planning feels just right to me, striking a perfect balance between financial success and making a meaningful difference.

-A.

P.S. Have you registered for my “the best dinner party you’ll ever attend” dinner party yet? Details here. Reservations have been rolling in, only 48 spots remain – registration will close on February 28.

I’m beyond excited. Can you tell?

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