All entrepreneurs know the feeling—an idea takes hold, and before you know it, you’re building a business fueled by long hours, passion, and whatever resources you can access—whether that’s savings, support from family and friends, or a little bit of everything.
As your business grows, so does the need for capital to fund day-to-day business operations and growth into new markets. Your capital journey, like your business journey, go hand in hand.
In the first WBENC LIFT Entrepreneur Financial Readiness series session, “Identify the Right Capital Sources,” brought to you by Bridge, KeyBank’s Key4Women, and Pitney Bowes Financial Services, entrepreneurs and small businesses gained insights on the Capital Journey and how to align their business strategies with the right capital sources that support long-term success.
Consider the story of one attendee, a woman poised to start her own capital journey. After more than a decade as the office manager of a medical center, she has been presented with a new opportunity: her employer is retiring and encouraging her to purchase the business.
We are a small woman owned business that has been serving our community for over 30 years. Our owner and president is very well known and respected in the community. She is looking at retiring and thinks I am the best candidate to buy the business. I know everything about running our office, but nothing about the financial responsibilities of a business owner. This program has increased my understanding of what I should prepare for.
While she feels confident in running day-to-day operations, she is less certain about how to navigate the capital journey of a business owner. While attending the “Identify the Right Capital Sources” session, she heard from experts who shared practical strategies to support her along her journey, including:
1. Consider Your Unique Capital Needs:
- The right capital depends on your business model and long-term goals. Start with a clear understanding of where you are and your goals for the business. Think about what funding you need (put a dollar amount on it) and for what purpose (hire staff, manage payroll, purchase inventory, acquire a business, etc.).
2. Know Your Numbers:
- A strong handle on your financials is essential when you’re looking to access capital. Be prepared with your financials. As CEO, you should know your numbers. Be prepared to discuss your revenue and cash flow. Have a budget and forecast that demonstrates how much capital you need, when, and for what. Banks, financial institutions, and investors will ask—and they’ll expect you to know.
3. Find the Right Fit:
- Banks, financial institutions, and investors all have an industry/customer focus, just like you. Find a partner who understands your stage in business, business model, and target market.
4. Access Capital Before You Need It:
- Proactively position your business to access capital before you need it. Whether it’s securing a line of credit to stabilize operations or building a solid relationship with your financial professional for future opportunities, preparing ahead can set your business up for success.
Financial management as a business owner does not need to be daunting. Surrounding yourself with the right team members or external partners can help develop your confidence and support your long-term growth.
To help you get started, WBENC LIFT created “Your Capital Journey – Getting Started and Funding Resource Guide,” (DOWNLOAD HERE) with resources to help you identify your unique capital needs along with connections to funding resources.
Our Entrepreneur Financial Readiness series will continue with two additional sessions addressing the finance and accounting teams and business relationships you will need to create as your business grows.
Upcoming Sessions:
- Build an Effective Finance Team that supports strategic decision making for your business’ growth.
April 16, 2025, 2:00-3:30 PM ET – Learn more and Register (COMPLETED)
- Cultivate Key External Relationships and how to leverage them to support your business financial readiness.
April 23, 2025, 2:00-3:30 PM ET – Learn more and Register
Hannah Smolinski, CEO and Founder of Clara CFO Group, will lead and instruct these next two sessions. In the April 16th session, Hannah and two WBENC-certified business owners will dive into understanding the strategic role of financial management and how the right accounting and finance team supports critical business decisions.
Closing out the series on April 23rd, Hannah will return with a panel representing key external relationships: a Banker, an Accountant, an Insurance Expert, and a Lawyer, a.k.a. your “B.A.I.L.” Team. They will share insights on how they help entrepreneurs critically think through financial management, access to capital, and risk mitigation strategies.
We invite all to join us for the next sessions in the Entrepreneur Financial Readiness series, designed to help you navigate your business’s financial journey with confidence. Don’t miss the opportunity to hear from industry experts and successful entrepreneurs as they share their knowledge to help you make informed decisions for your business. Register today and take the next step in strengthening your business’ financial readiness. See you there!
“One of the best webinar sessions I have had, where the hosts were transparent and genuine to help.”“Great insights and everyone seemed really committed to helping new business grow and succeed.”
“Very eye opening and informative. Great session and reality check.”
Insights from the first session of the Entrepreneur Financial Readiness series, “Identify the Right Capital Sources,” were made possible by:
- Andrew Gaeckle, WBENC LIFT Vice President, who shared an in-depth overview of the “Capital Journey” with attendees.
- Christopher Johnson, President of Pitney Bowes Financial Services, who joined Andrew Gaeckle, Vice President WBENC LIFT, for a fireside chat, sharing his expertise aligning business goals with the right capital sources.
- Rohit Mathur, CEO and Co-Founder of Bridge, who moderated a panel comprised of panelists Auta Lopes, Atlanta Market President of Unity National Bank, and Anne Mask, Vice President of the Business Development Office at Oxford Commercial Finance, who shared insights into successfully preparing for a capital raise.
