Matthews, Carter & Boyce Chief Financial Officer Sarah DeVoe participated as a panelist at the AWE Women in Business Summit, an annual event hosted by the Arlington Chamber of Commerce. This year’s event took place on Friday, March 6 at Northeastern University’s Arlington satellite campus. The Summit is a professional development and networking event designed for women entrepreneurs, executives, and professionals eager to grow their business, enhance their career, or further their personal goals. This event brings together a diverse group of women to create a community dedicated to supporting one another, and to challenge traditional barriers that women in business face.
DeVoe participated on a panel titled, Business Growth and Smart Finance: Opportunities for Women-Led Businesses. She was joined by Verizon’s Marissa McInnis and Biz Launch’s Tara Palacios, who served as moderator.
Palacios began the discussion asking specifically about entrepreneurs and how they can best set themselves up for success at the onset of a new business launch. DeVoe suggested that entrepreneurs carefully choose a team of advisors, peers and mentors, and consult with them on a number of decisions. “Build a good network, and lean into your network,” she emphasized.
She also stressed that it’s critical to learn about the experiences and pitfalls others have encountered and not be afraid to ask questions.
One of the most important decisions to make at the start is to select the right type of entity for your business. It’s critical to be knowledgeable and strategic about this decision, as you don’t want to make a hasty choice, and learn several years later it was not the optimal one for your business. “Talk to your advisors, your accountant, attorney, and your network,” she offered. “Do the research and think ahead.”
Additional aspects of good planning include deciding how your company will be funded, whether you will need investors and who those investors will be, and how you will pay yourself. She also recommended understanding what risks may impact your business, and determining how to best protect yourself and your interests. Importantly, she also suggested discussing strategies for how you plan to grow, who is your target audience, and what is your target revenue. She suggested developing a formal planning model, forecasting what the business could look like in different scenarios such as winning or losing specific bids and contracts.
Additionally, if you plan to have a partner or partners, it’s key to have an operating agreement. That agreement should include guidance for how income and losses will be divided, how decisions are made or voted on, and what happens if a partner becomes incapacitated or dies. In her practice, she has often seen business owners face setbacks when these types of agreements are not in place.
As far as selecting the right accountant for your business, she said to make sure it feels like the right fit from the beginning. “Are they listening to you, and taking the time to answer all your questions?” she advised. She also felt it is important to find an accountant who is well versed in your industry. “A simple google search can help narrow down providers in your community who have a specific expertise that will be valuable to you,” she said.
Verizon’s Marissa McInnis shared specific details about the organization’s Accelerator program for small businesses. The program supports small businesses with tools and resources to become “contract ready” in pursuing work.
All three panelists stressed the importance of being adaptable, and ensuring you have the right resources “at the ready,” for example, when needing to quickly staff up for a big contract. They also stressed the importance of not undervaluing your service offerings.
“Know your value, and don’t be afraid to ask for it,” DeVoe said.
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