The reins of the U.S. Small Business Administration have been held by an interim leader for nearly a year since the resignation of the previous administrator. However, that may be set to change soon, if Obama’s nominee makes it through the approval process. Designed to provide support for small businesses across the nation, the SBA has likely had little impact on the day to day running of your business. However, the background of the recent nominee provides some fuel for thought, and yet another motivation to check intosmall business accounting services.
A native to Mexico, Contreras-Sweet came to the United States at the age of five. After her entry in the business world, Contreras-Sweet became the first Latin American woman to serve on the board for Blue Cross California, as well as the first to gain the title of cabinet secretary for the state of California. The new nominee has had an illustrious career in small business, co-founding a pro-equity fund for small businesses, and founding a Los Angeles community bank (ProAmerica Bank), the first Hispanic-owned bank.
A Key Principle
What does this bit of biography have to do with small business accounting services? Actually, quite a lot. Ms. Contreras-Sweet started the ProAmerica bank as the result of a perceived need. With the growth of Hispanic business in the Los Angeles area, Contreras-Sweet realized that there were no Hispanic-owned banks. While the Hispanic population can certainly find funding for their business endeavors at other banks, Contreras-Sweet recognized the opportunity and seized it, utilizing her experience in small business as her guide. Here is the principle: successful small business owners are those that recognize a need, often before anyone else, and adapt their skills and resources to meet that need.
Many small business owners fail to seize a critical opportunity for one of two reasons: they do not have the capital to venture out, or they are too bogged down in the daily functioning of their existing business to recognize opportunity when it stares them in the face. Here is where we start chanting the small business accounting services mantra: having professional accounting services on your side is well worth the expense. Essentially, both weaknesses can be addressed by such services: a high quality accounting service is able to provide expert advice on the financial status of a business, and often provides resources which makes a bank more likely to fund endeavors. The other reason is a given: if someone else is handling the day to day accounting issues, the business owner is free to recognize and seize critical opportunities.
The Bottom Line
While the impact of Contreras-Sweet’s nomination on the small business world is yet to be seen, her background stands as a fresh reminder to the small business community: do not be so focused on doing what everyone else is doing that you miss the opportunity to shine in uncharted territories. Small business accounting services may be just the boost your business needs to put you in the position for striking out on the path to success.