In this episode, Grace talks to Corrie Kovacs, Client Engagement and Communications Director at First American Capital Corporation, although she describes herself as more of a relationship builder and business coach. Originally, Corrie's background was in theatre but during the pandemic she pivoted and landed a role in Wisconsin Women's Business Initiative Corporation, which led her to working at FACC.
Corrie emphasizes the need for business owners to know their income statement and cash flow. She mentions that a lot of entrepreneurs' mistake is thinking they know their business solely because they know their craft. But there's this whole other side of it that they've got to know if they want to run a successful business. They have to understand the flow of money in a business because it is different than personal budgeting. Listen to the show to learn what you need to jump start your business financial statement.
08:41 - The gaps I see between an entrepreneur who has an idea and an entrepreneur who turns that idea into a business are planning, the ability to execute a plan, and understanding who your resources are.
09:53 - The one category of gap that I see in entrepreneurs that I work with on the daily is in bookkeeping and accounting. Understanding that when you know your numbers, you know your business.
14:06 - There's often a fear of carrying debt, which speaks to that culture about not talking about finance. I understand it. I totally get it, but it's like when you're a little kid and you're afraid of the Boogeyman. If you don't define the boogeyman, it makes it worse. Once you define it, it's easier to say, "Oh, well, maybe this is manageable".
The Banking on Business podcast is aimed at helping entrepreneurs grow their businesses with practical strategies they can start using today. Hosted by Grace Bruins, Marketing Officer at Horicon Bank, each episode features an expert guest and explores ways to innovate the way you do business.