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Don’t miss these 4 concepts from a startup investor that will help prepare small business owners to access capital markets and investments. View more News & Trends videos: https://bit.ly/biznewsandtrends
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0:00 Who is Bridget Chisholm?
0:19 Updating your business financial reports
1:25 Importance of building relationships with your banker
2:00 Reviewing your business assets holistically
2:44 Busting a myth on reporting financial losses
As CEO of BWC Consulting, Bridget Chisholm shares important insights that small businesses need to know to gain more access to capital. First and foremost, Bridget says it’s necessary to have year-to-date and 3-years historical financial reports, including income statements and balance sheets, in order to reveal your business is cash flow positive. Secondly, it’s crucial to build relationships with your banker. She also encourages entrepreneurs to think holistically about assets on your company's balance sheet in order to make investors and lenders feel more secure. Finally, Bridget busts a myth about reporting losses for tax purposes. Always showing your profitability (even if it causes tax consequences) is key to accessing more capital for your business. These nuggets of wisdom for small business owners and Black entrepreneurs can not only prepare you for getting investments, but can also help shape your overall financial strategy for long-term success.
References:
At 66%, the approval rate is highest for institutional lenders than for any other type of lending entity. https://www.fundera.com/resources/small-business-lending-statistics
68% of business owners tapped into various sources of funding to survive the pandemic. Nearly half used personal savings. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-finds-60--of-small-business-owners-expect-their-.html
42% of small business owners say they plan to increase investment in the coming year.
https://www.uschamber.com/sbindex/summary
18.7% (1.1 million) of U.S. employer businesses were minority-owned.
https://www.census.gov/newsroom/press-releases/2021/characteristics-of-employer-businesses.html
Learn more about BWC Consulting:
https://www.bwcconsulting.com
https://www.linkedin.com/company/building-wealth-communities
https://www.twitter.com/bwcconsulting
Learn more about GoDaddy:
https://www.godaddy.com
https://www.youtube.com/user/godaddy
https://www.instagram.com/godaddy
https://www.facebook.com/godaddy
https://www.twitter.com/godaddy
The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.
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