It may be 2023, but the glass ceiling isn’t broken. The best advice I can give to any woman is to not think like one (or how we perceive one should think)…and, for heaven’s sake, don’t think like a man either! Think like a businessperson, no barriers, logical steps and always with the big picture in mind.

In my years of running a national finance company, I have always admired a “business mind’. The quick thinker, the person who asks questions before giving answers and the person that does their research. Be that person…there is only one person that will get in your way and that is you.

Here is my snapshot of what to keep in mind when it comes to finances this year.

Top tips for women business owners in 2023:
  • Now is a good time to review your business model, the costs and where you can save. Interest rates are high so, where you can, replace any debt with lower debt.
  • Given the challenging purchase power of the average person, make sure that (whatever service you offer) there is a financing opportunity in place for your customers.
  • Post Covid, a lot has moved to online, and the way people purchase or make decisions has changed.
  1. Look at your own business to see how you can adapt to these changes (don’t pretend it will go back to what it was before, because it won’t).
  2. See what you can do in your own business to take advantage of the opportunities offered in the post-pandemic world (where is there a new niche?).
Financial dos and don’ts during a recession:
  • DO pay down high interest debt with lower interest debt
  • DO offer financing to your customers (it is a challenging time)
  • DO NOT take on more debt
  • DO cut costs/overhead wherever possible (without impacting marketing)
  • DO take advantage of the challenging times, there are opportunities out there (auctions, fire-sales)
How female entrepreneurs can protect their finances with high inflation:
  • 1st) Intimately know your budgets (what does it take to run a business and what are realistic revenues). Having a budget (and understanding it) will give you an opportunity to know where you can cut costs and increase revenue.
  • 2nd) What excess finances/capital you have will have a negative effect if not put to work. In inflationary times, there are opportunities with month to one year high-interesting-bearing bonds or savings accounts – take advantage of this.
  • 3rd) This is not the time to purchase unnecessary or luxury items. There will be a continued decline in prices followed by excess supply – be patient. Put your money in the driver’s seat and take the bus.
Top two investment tips for women in 2023:
  • Take advantage of the current market. We are in inflationary times, but with that comes opportunities. Stock prices are low – lower than their valuations – so invest in strong stocks that are both suppliers of necessities and where the stock prices has declined in the last year. Be patient, they will bounce back.
  • Watch the commercial real estate market, with the pandemic (change of workplace to home/office mix) and offices/businesses closing and with increasing interest rates and inflation, there is also a challenge for buyers to get financing. The market will continue to decline and opportunities to snap up real estate at low prices will arise. In the interim, if you are leasing or renting don’t renew, instead, plan to purchase (owner/occupied in commercial properties is favoured by lenders).

DR. ANN KAPLAN is the founder of iFinance, award-winning entrepreneur, author, television host, and former star of The Real Housewives of Toronto. Recognized as The Canadian Woman Entrepreneur of the Year in 2000, she also received the Award of Excellence for Canada as the recipient of the top honor, again, as The Canadian Woman Entrepreneur of the Year fifteen years later. An award-winning businesswoman (she has received over forty international and national awards), author (4 books), popular speaker, and media personality, Dr. Kaplan has hosted television shows including Global’s NYtv, The Ultimate Makeover, and CosmedicTv. Find her at

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