She Means Profit

Hire a Professional Accountant for your Young Business with Sarah Beth Davis

March 13, 2023 Melissa Houston Season 1 Episode 139
She Means Profit
Hire a Professional Accountant for your Young Business with Sarah Beth Davis
Show Notes

“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


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
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
14:22  The curse of the Impostor Syndrome
15:27  Changing your financial habits
17:49  Working with a CPA for your business is a practical and valuable investment

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Sarah Beth Davis
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