Hire a Professional Accountant for your Young Business with Sarah Beth Davis

“The biggest thing that I noticed in me after starting to work with you is just a boost in confidence. I certainly went into it having major imposter syndrome.”—  Sarah Beth DavisAs entrepreneurs, we know how valuable our financial resources are and want to make sure we put every cent of it to good use. Unfortunately, the most common mistake young businesses make is not hiring a professional to do their financial and business accounting. And this error could cost your young business thousands of dollars because of unforeseen expenses, wrong inventory projections, high attrition due to not having a standardized salary scale, or even inadequate capitalization because of inequitable business partnerships.My guest this week speaks most about the latter and how she was able to traverse that difficult time in her business due to a dissolved business partnership. Sarah Beth Davis runs a brick-and-mortar store selling curated children’s clothing. She witnessed firsthand how a small business can suffer from curve balls such as restructuring the organizational design early on in the business. Since working with me, she has seen financial stability, increased confidence, and overall peace of mind knowing that things are finally in place. Sarah Beth emphasizes essential lessons from her experience: Being a business owner can be extremely overwhelmingGetting thrown a curveball in your small business can be distracting and ultimately damagingChoosing a business partner is like choosing someone to marrySimulating and visualizing your business by thinking through all of the hypothetical situations and how you would handle themHighlights:‌01:13  The joy of dressing up a baby led her to starting a business02:46  Finding helpful financial data and information when you’re starting out is difficult08:08  Things started to shift and the partnership was no longer equitable09:55  Important parallels of business and marriage 11:04  Honeymoon and divorce stage of a business partnership12:37  Protecting your personal assets early on14:22  The curse of the Impostor Syndrome15:27  Changing your financial habits17:49  Working with a CPA for your business is a practical and valuable investmentLinks:‌ ‌  Sarah Beth Davishttps://wynniesboutique.com/Facebook: @wynniesboutiqueInstagram: @wynniesboutiqueMain website 🡪 https://shemeansprofit.comCalendar link --> https://calendly.com/shemeansprofit/30miMini-courseshttps://melissa-houston.thinkific.com/courses/the-debt-repayment-calculatorhttps://melissa-houston.thinkific.com/courses/pay-yourselfhttps://melissa-houston.thinkific.com/courses/personal-net-worth-calculator-mini-coursehttps://melissa-houston.thinkific.com/courses/the-ultimate-budget-binder-mini-courseFollow me on:IG @melissahoustoncpaLinkedIn @melissahoustoncpa