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 Davis

As 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 overwhelming
Getting thrown a curveball in your small business can be distracting and ultimately damaging
Choosing a business partner is like choosing someone to marry
Simulating and visualizing your business by thinking through all of the hypothetical situations and how you would handle them
Simplifying the process, starting with the basics, and taking it one day at a time
Investing in hiring professional help to straighten out the financials of your business

Guest bio: Sarah Beth Davis is the Owner of Wynnie’s Children’s Boutique, a children’s boutique in High Point, NC that sells beautifully curated children’s clothing for every season of childhood. Sarah named the store after her mother, who is affectionately called “Wynnie” by her grandchildren. Birthed in the fall of 2020, Wynnie’s is a tribute to all mothers, grandmothers and parents everywhere.

Highlights:‌ ‌

01:13: The joy of dressing up a baby led her to starting a business

02:46: Finding helpful financial data and information when you’re starting out is difficult

06:30: Started Wynnie’s with two partners

08:08: Things started to shift and the partnership was no longer equitable

09:55: Important parallels of business and marriage

11:04: Honeymoon and divorce stage of a business partnership

12:37: Protecting your personal assets early on

13:54: Working with a professional to iron out your business financials boosts your confidence

14:22: The curse of the Impostor Syndrome

15:27: Changing your financial habits

16:02: Overthinking causes analysis paralysis