This is the What's Your Ask? show, with Stephanie Sims. Listen in each week to learn how to find more money to grow your business. Host Stephanie Sims will talk with entrepreneurs, investors and ecosystem builders to find out why it is important to know...What's Your Ask?
Episode 66: Stephanie on HerCsuite Radio; How to Leverage Your Value
*This episode is a shared episode directly from the host, Natalie Benamou.
In This Episode:
Are you looking for investors in your business and unsure where to start? Let’s take a walk with Stephanie Sims, founder of Finance-Ability®, former investment banker and finance expert. Stephanie gives her advice and strategies on moving from “shiny object syndrome” to prioritizing your growth strategies. This conversation with host Natalie Benamou and Stephanie Sims shows you how you can start leveraging your value today.
Evaluate Your Business:
1. Take a step back and understand what you want the business to be.
2. Develop your “credible milestone ask” based on what the next goal/objective is for your business.
3. Focus on your strengths and recognize your weaknesses when expanding your team. Hire people who will balance you out.
4. Think early about your path to profitability instead of only focusing on growth.
The Ask:
● Things don’t have to be perfect when asking for money for your business.
● Be open with investors about your experiments (what worked and what didn’t work).
● Watch out for “shiny object syndrome”. Is it going to add value to your business?
Know Your Worth
● Giving equity away for your business: If someone wants to invest in exchange for 5%, you need to know if that’s $50,000 or $500,000. It’s important to have a sense of the dollar value for what you’re giving away.
● Receiving equity as partial payment at a new job opportunity: What does the deal look like if the equity doesn’t materialize vs. if it does happen. Are you comfortable with the balance of risk and reward that you’ve agreed to take to make that deal work.
Thank you, Stephanie Sims, for this conversation, your expertise and helping entrepreneurs understand how to leverage their value.
Stephanie Sims has more than two decades in finance, quality & IT management and valuation of public and private entities. Stephanie’s experience with large transactions and her knowledge of how due diligence works made it easy to spot one of the key reasons that entrepreneurs face such difficulty getting financing: they don’t understand the fundamentals of evaluating risks versus rewards. Developing this knowledge base led her to see that everyone has the ability to manage their finances successfully, but they don’t always realize it. And that’s where the notion of Finance-Ability was born.
Natalie Benamou is the CEO of HerPower2 Lead (https://herpower2.com/) and HerCsuite™ (https://www.hercusite.com/) an online platform for Executive Women.
HerCsuite™ (https://www.hercusite.com/) is an online membership platform transforming the way women meet, engage and thrive together. Close The Promotion Gap Inside Peer-to-Peer Curated Mentoring Circles and Level-Up Your Results.
Reach out to Natalie Benamou at HerCsuite™.
LinkedIn: Natalie Benamou HerPower2 Lead HerCsuite™
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Credits: Thanks to Julie Deem and the Business Podcast Editor for editing our podcast!
21 Jul 2021
Episode 65: Stephanie on Matt Wolach, Sales as Principle Source of Capital
In this episode…
This is a shared episode by Matt Wolach. Matt starts the episode introducing Stephanie, asking where she is today and how she got there.
They kick off the show agreeing that raising capital is truly all about sales. People looking for funding need to look at what is right in front of them - creating something of value that clients and future clients will pay them for.
One of the mindsets that is super important is that of an investor. And then you ask yourself, “What is the best use of the resources I already have?”
When it comes to timing, Stephanie shares the best way to know if you’re ready to raise capital is when you know how to turn $1m inside your company to $2m. One needs to understand what makes a good investment inside your business first.
The show turns to talking about fundraising being truly a sales and marketing process. However, there are a few metrics, key numbers and KPIs to keep an eye on.
Finally, they wrap up with Stephanie sharing advice to those setting out to find funds and the right investor. And of course, ways to keep up with Stephanie.
Resources Mentioned in this episode
Finance-Ability (http://finance-ability.com/)
Stephanie Sims
Stephanie Sims LinkedIn (https://www.linkedin.com/in/stephaniejsims)
Sponsor for this episode...
Finance-Ability (http://finance-ability.com/about/) is a boutique consulting firm dedicated to helping business owners and startups find their best options for growth funding. Founded by financial strategist and transaction expert Stephanie Sims, Finance-Ability can help any business owner identify the right funding partners and get through fundraising as painlessly as possible.
Visit their website to take their online assessment test to help you find out which kind of funding is the best fit for your business right now. They also have a ton of resources to help you understand business processes and financial decision-making that can help you start and build your own empire so be sure to check them out (http://finance-ability.com/blog/).
Stephanie has over 20 years of experience having worked with companies like Goldman Sachs (http://www.goldmansachs.com/) and CSFB. If there’s anyone with their heart in the right place when it comes to championing the dreams of small business owners and startup companies, Stephanie is that person. Let Finance-Ability help you get the funding you need and deserve to get your dreams soaring high towards your own brand of success.
14 Jul 2021
Episode #64: Stephanie on Lead Like a Woman
In this episode…
Andrea begins the episode introducing Stephanie, and asks her exactly what it was that drove her into owning her own business. More specifically, what drove her to Financeability.
What gave Stephanie the heart for business? It stemmed from watching her parents who owned their own business. When her parents were ready to retire, they reached out to Stephanie who helped them place value on their business so they could talk about it like the asset it was.
Stephanie shares how she helps businesses plan an exit strategy that doesn’t just include hanging their hat on the door and that’s that. Understanding the end game is crucial, and not everyone knows that.
Another major playing piece for those wanting to ask for money is knowing their ideal investor. Without knowing that, there is so much wasted time and energy.
There are two groups that Stephanie works with, and those are founders, but the second one that really excites her is working with organizations that serve groups of founders. She explains why, so make sure you listen!
The episode wraps with words of advice and sharing what she believes is her superpower and how it helps others.
Resources Mentioned in this Episode
Finance-Ability
Stephanie Sims
Stephanie Sims LinkedIn
http://leadlikeawoman.biz
Sponsor for this episode...
Finance-Ability (http://finance-ability.com/about/) is a boutique consulting firm dedicated to helping business owners and startups find their best options for growth funding. Founded by financial strategist and transaction expert Stephanie Sims, Finance-Ability can help any business owner identify the right funding partners and get through fundraising as painlessly as possible.
Visit their website to take their online assessment test to help you find out which kind of funding is the best fit for your business right now. They also have a ton of resources to help you understand business processes and financial decision-making that can help you start and build your own empire so be sure to check them out (http://finance-ability.com/blog/).
Stephanie has over 20 years of experience having worked with companies like Goldman Sachs (http://www.goldmansachs.com/) and CSFB. If there’s anyone with their heart in the right place when it comes to championing the dreams of small business owners and startup companies, Stephanie is that person. Let Finance-Ability help you get the funding you need and deserve to get your dreams soaring high towards your own brand of success.
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