Starting a business often starts as a solo journey. However, unlocking a company’s true growth potential requires a collaborative team. As CEO, cultivating the right internal and external relationships, unlocks access to vital expertise, drives innovation, and paves the way for a sustainable and enduring business.
In the final sessions of the WBENC LIFT Entrepreneur Financial Readiness series: “Build an Effective Finance Team” and “Cultivate Key External Relationships,” brought to you by Bridge, KeyBank’s Key4Women, and Pitney Bowes Financial Services, attendees gained practical insights into assembling a strong finance team and developing impactful advisory relationships.
“Most small businesses didn’t start their businesses to become experts in finance, insurance and legal topics” said Hannah Smolinski, CEO & Founder of Clara CFO Group, and Entrepreneur Financial Readiness series instructor. “The truth is you do not have to become an expert when you surround yourself with the right team.”
As one attendee shared, investing in a strong internal finance team and key business advisory relationships “saves you time and money in the long term.” With the right team, CEOs are equipped with the financial insight and risk mitigation strategies to make informed decisions and achieve sustainable growth.
Along with insights from Hannah, attendees heard firsthand from successful women entrepreneurs about how they built their support networks with strategic growth and expert guidance in mind.
Key takeaways from the session included:
1. Lead as a Team
- Think of your business advisors as a unified team, with you as the captain. Utilize their combined expertise to support your business holistically. For example, when pursuing a new contract, collaborate with your lawyer and insurance agent to ensure your business has appropriate protection under the terms of the agreement.
2. Know Your Numbers and the Story They Tell
- Regardless of your company size, accurate and timely finance data is crucial for strategic planning and informed decision-making. Collaborate with your financial team to understand where you are, define your goals, and understand the optimal path to achieve them.
3. Cultivate Transparency
Ensure your internal and external team understand your business goals. Transparency of your financial situation and long-term goals, including your desired exit strategy, strengthens partnerships and fosters greater collaboration. Remember, your external team, such as your Banker, Accountant, Insurance expert, and Lawyer, are invested in your success.
4. Grow Your Team as Your Business Grows
- In the early stages of your business, a bookkeeper, or staff accountant along with a single contact at a bank or insurance firm may be your team. However, as your business grows, you should proactively assess your needs. Regularly review roles and responsibilities and strategically expand your team to align with the increasing need for specialized expertise.
Your internal finance team and business advisory network are there to support you and your business. Utilize their expertise to fuel your business success.
Thank you to all who joined us for the WBENC LIFT Entrepreneur Financial Readiness Series! We hope these valuable insights strengthen your financial readiness and empower your business to thrive!
“The speakers were excellent, knowledgeable, approachable. They were willing to share the challenges in their journey.”“The session was perfect. I am a seasoned entrepreneur, and I learned new things here.”
“Loved the Hierarchy of Accounting needs…It’s genius! and loved to hear the small business owner’s stories of how they learned to improve their processes.”
Insights from the Entrepreneur Financial Readiness series, “Build an Effective Finance Team” and “Cultivate Key External Relationships” programs were made possible by:
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Hannah Smolinski, CEO and Founder of Clara CFO Group, who served as the instructor and panel moderator for both sessions.
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Panelists for “Build an Effective Finance Team”: Teresa Ging, CEO & Founder of Sugar Bliss; and Ebony Smith, Founder of Ebenum Equation.
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Panelists for “Cultivate Key External Relationships”: Erin Ressa, Business Banking Relationship Manager and Co-Chair of KeyBank Key4Women; Ashwini Vasudeva, Partner and Co-Founder of Astute; Reva Zhao Azeez, Founder and Managing Partner of ROA Partners, Inc. (a MassMutual affiliated representative); and Louise Leduc Kennedy, Founding Attorney of West Hill Technology Counsel.
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Sponsors of the Entrepreneur Financial Readiness Series: Bridge, KeyBank Key4Women, and Pitney Bowes Financial Services.
