From Startup to Success: A Financial Roadmap for Women Founders - FROM INC STUDIO AND CHASE FOR BUSINESS

Summary

Podcast Summary: From the Ground Up
Episode: From Startup to Success: A Financial Roadmap for Women Founders
Release Date: June 12, 2025

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Introduction

In this insightful episode of From the Ground Up, hosted by Inc. Magazine's Executive Editor Diana Ransom and Editor-at-Large Christine Lagorio-Chafkin, Abigail Bassett from Ink Custom Studio engages with key figures from Chase for Business to explore the financial landscape for women entrepreneurs. The episode titled "From Startup to Success: A Financial Roadmap for Women Founders" delves into the unique challenges and opportunities faced by female founders in today's dynamic economy.

Segment 1: Economic Sentiment and Small Business Resilience

Guests:

• Ben Walter, CEO of Chase for Business
• Sheila Winston, VP and Senior Business Consultant at Chase

Discussion Highlights:

Abigail Bassett initiates the conversation with Ben Walter, focusing on the current sentiment among small business owners. Ben articulates the fluctuating morale pre and post-election, emphasizing that despite positive financial metrics—such as strong cash balances and reasonable margins—there is a prevailing sense of uncertainty driven by policy changes and economic noise.

"Sentiment among small business owners for years before the election was riding along at a historically low level... Now, it's unusual we see that level of disconnect and that completely reversed after the election."
— Ben Walter [00:34]

Ben highlights the adaptability of small businesses, likening them to speedboats capable of swift maneuvers compared to the "aircraft carriers" nature of larger corporations. This agility presents both challenges and opportunities, especially in response to supply chain disruptions and the potential reshoring of manufacturing.

"The smaller you are, the more nimble you are... small businesses are speedboats."
— Ben Walter [02:20]

Key Insights:

• Resilience in Demand and Employment: Despite economic uncertainties, demand remains robust, and the job market shows signs of resilience with significant private sector job growth.

• Supply Chain Shifts: The pandemic exposed vulnerabilities in global supply chains, prompting discussions around reshoring manufacturing. This shift opens up upstream opportunities for small businesses involved in producing essential components and tools.

• Technology and Trade Opportunities: Potential easing of trade barriers could enhance technology export opportunities, benefiting startups with global market potentials.

Notable Quotes:

"If I knew the answer to that, I would quit my job and go start a macro hedge fund and make a lot more money."
— Ben Walter [05:50]

"Our job as advisors to small businesses... is to help them be prepared for any outcome."
— Ben Walter [05:54]

Segment 2: Financial Tools and Support for Women Entrepreneurs

Transitioning to Sheila Winston, the conversation shifts to the specific financial tools and programs designed to support female entrepreneurs. Sheila underscores Seattle's vibrant ecosystem, noting that nearly half of self-employed business owners in the area are women, attributing this to the city's inclusive environment and strong presence of large corporations like Microsoft, Amazon, and Starbucks.

"Seattle celebrates and likes to recognize women. That's kind of their focus, I would say."
— Sheila Winston [10:31]

Key Program Highlight: Chase Coaching for Impact

Sheila introduces Chase Coaching for Impact, a program aimed at helping businesses scale by providing guidance in business planning, marketing, cash flow management, and access to loans. The program is particularly beneficial for businesses that have been operating for at least two years but need strategic direction to navigate unforeseen challenges.

"Coaching for Impact really helps them to have that guidance to be able to sustain in case something happens in the area that is unforeseen."
— Sheila Winston [11:52]

Common Challenges for Women Entrepreneurs:

• Understanding Business Fundamentals: Sheila notes that many women-owned businesses require a solid grasp of business principles to grow effectively.

• Confidence and Overcoming Biases: A recurring theme is the need for greater confidence and the ability to navigate gender biases that may impede business progress.

"Women owned businesses... need to have the understanding of what it's going to take to properly run the business... and also confidence."
— Sheila Winston [12:51]

Financial Strategies: Self-Funding and Building Credit

The discussion delves into the pros and cons of self-funding a business. While self-funding offers greater control and freedom from debt, it also means limited resources for growth. Sheila emphasizes the importance of maintaining a cash buffer—ideally 30 to 60 days’ worth of expenses—to safeguard against unforeseen events.

"Self funding is going to help you to have more control over the business and not be in debt."
— Sheila Winston [14:38]

She also highlights the critical role of building business credit early on, recommending that entrepreneurs secure business credit cards to establish a credit history that will support future financing needs.

"Business credit is huge. That's all I can say. A firm believer in business credit."
— Sheila Winston [18:44]

Establishing Relationships with Business Bankers

Building strong relationships with business bankers is portrayed as essential for ongoing support and access to financial resources. Sheila advises regular interactions and leveraging their expertise to navigate financial challenges effectively.

"Having a business banker is very, very key... they're here to help guide them and help to manage their different types of situations."
— Sheila Winston [20:28]

Key Takeaways

1. Adaptability is Crucial: Small businesses must remain flexible to navigate economic uncertainties and capitalize on emerging opportunities, such as reshoring and technological exports.

2. Financial Preparedness: Establishing a cash buffer and building robust business credit are foundational steps for sustaining and growing a business, especially in volatile times.

3. Support Systems Matter: Programs like Chase Coaching for Impact provide invaluable guidance and resources, helping women entrepreneurs overcome challenges and achieve sustainable growth.

4. Confidence and Knowledge: Empowering female founders with the necessary business acumen and self-assurance is essential for their success and resilience in the competitive market.

Conclusion

This episode of From the Ground Up offers a comprehensive financial roadmap tailored for women founders, blending expert insights from Chase for Business leaders with practical advice. By addressing both macroeconomic sentiments and specific financial strategies, the discussion equips female entrepreneurs with the knowledge and tools necessary to navigate the complexities of starting and scaling a business in today's ever-changing economic landscape.

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Notable Quotes with Timestamps:

• "Self funding is going to help you to have more control over the business and not be in debt."
  — Sheila Winston [14:38]

• "Business credit is huge. That's all I can say. A firm believer in business credit."
  — Sheila Winston [18:44]

• "If I knew the answer to that, I would quit my job and go start a macro hedge fund and make a lot more money."
  — Ben Walter [05:50]

• "Women owned businesses... need to have the understanding of what it's going to take to properly run the business... and also confidence."
  — Sheila Winston [12:51]

• "Having a business banker is very, very key... they're here to help guide them and help to manage their different types of situations."
  — Sheila Winston [20:28]

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Additional Resources:

• Chase Coaching for Impact: Learn more about the program at www.chase.com/businesscoaching4impact

• Connect with Sheila Winston: Reach out via LinkedIn or through the Chase Coaching for Impact website to find a senior business consultant in your city.

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This summary captures the essence of the podcast episode, providing a structured and detailed overview for listeners and readers seeking valuable insights into the financial strategies that can propel women entrepreneurs from startup to success.

Transcript

[Abigail Bassett]

Hello and welcome to the special podcast series the Experience in partnership with Chase for Business. I'm your host, Abigail Bassett with Ink Custom Studio. Today I'm joined by Ben Walter, the CEO of Chase for Business, and Sheila Winston, Vice president and Senior Business Consultant at Chase. We're going to talk about some of the opportunities and challenges facing small business owners both here in Seattle and across the country. First up, my conversation with Ben Walter. Welcome, Ben.

[Ben Walter]

Thanks for having me, Abigail.

[Abigail Bassett]

So let's talk a little bit about where small business owners heads are at.

[Ben Walter]

This is an interesting time for business in general, for business owners in general. Sentiment among small business owners for years before the election was riding along at a historically low level, despite financial results that were actually pretty positive. Now, it's unusual we see that level of disconnect and that completely reversed after the election. We saw a near all time, and in fact it might have been one quarter all time jump in sentiment into the beginning of the year. And that has since started to come off given all the noise that we've heard. Most of that is related to uncertainty. Businesses hate it and we certainly have policy uncertainty at the moment. But what we're not seeing, again, we haven't seen a dramatic change in either direction on the fundamentals. Cash balances are still strong. Revenues, expenses still seem to be holding a margin in small businesses that seem reasonable. And so a lot of this just reflects, for lack of a better way to put it, the vibe that's out there. We can talk about whether it's a vibe session or a vibe boom or where we are, those things go up and down. Am I worried that some of this uncertainty will start to weigh down? Yes. But when you talk to small business owners in particular, you find a lot of variation. I mean, even amongst manufacturers where you would think the tariffs are biting the hardest, you find a lot of sort of, I don't know what this means. One business owner said to me, well, I import a lot of Asian steel and I'm worried about the cost of that, but that applies to everything. But equally, I compete with a lot of subsidized Asian manufacturers and that makes life hard for me. So I'm not sure what I really think or where this is going to go. I'm a little worried, but I'm sort of trusting in the process. And we'll see. So some people are giving it sort of faith. Other people are immediately finding huge spikes to their costs and having to pivot hard. It's an unstable time. But small businesses, the good news for them is the smaller you are, the more nimble you are. So big businesses are aircraft carriers, small businesses are speedboats.

[Abigail Bassett]

Right. And they can turn a lot faster. Obviously. That sounds like there are opportunities for small business owners, particularly in this space. What is giving them hope right now?

[Ben Walter]

There's a few things. One is demand is still holding up and unemployment is still low. And we love to talk about whether GDP went up or down. And what we talk about even more is whether the stock market went up or down. Most small business owners do not manage their life by GDP and stock market volatility. Right. That's how the pundits on CNBC and the traders in the pits talk. There's no more pits, but you know what I mean. But that's how they talk. Regular people look at, what do my customers want? Are they still spending money? Are they placing orders? And there we have seen a surprising amount of resilience, particularly in the job market. You know, private sector jobs grew by almost half a million. Net jobs grew by 100 and almost 200,000 in the last month. It depends on your point of view. You can either call it liberation day or liquidation day, depending on your point of view on the market. I borrowed that, but I thought it was. But I thought it was good.

[Abigail Bassett]

I like it.

[Ben Walter]

And that's for you to decide. But that was April 2nd. So we had a full month of all that noise in the media. And most of that stuff has been pretty resilient. Now, I will say, Abigail, it varies by business, by individual business and by sector, by geography. So there's ups and downs and puts and takes in that. But overall, both demand and employment have been pretty resilient. In fact, if anything, there's been some demand pull forward as people try to get ahead of the tariffs.

[Abigail Bassett]

Well, and that's the thing. I mean, a lot of consumers are stocking up. A lot of people in small business are thinking about, okay, where is my supply chain going to be constrained? What do I have to rethink in terms of sourcing here in the States? Is there an opportunity for companies, specifically here in Seattle, specifically here in the US that maybe we didn't have previously?

[Ben Walter]

The big one is that if, if we are going to have reshoring at a high rate, and there's a whole bunch of arguments about whether that will or won't happen. I get that. But I think we're going to have some. I mean, it's pretty inevitable that we're going to have some. If for no other reason. We were already sort of having the Conversation about some after Covid because regardless of your political views, it did expose some vulnerabilities in our supply chain, in our global supply chain that I think left us out to dry during the pandemic. So I think people were already opening their eyes to that. Anyway, what we are finding here is some of the upstre inputs to a manufacturing renaissance need to be rebuilt. So it's not just that we don't have someone who can, I'll pick something random, make screws or make, it's that we don't have people who can make the machining tools that make screws. And so I think there's going to be a lot of upstream opportunity for small businesses to be involved in a renaissance of building the things that make the things that make the things that we consume. Right. You have to go all the way back upstream. And we've, we've done that. We've done a good job of that in energy where we're a world leader, we've done a good job of that in agriculture, where we're a world leader, we've done a less good job of that in some electronics manufacturing, battery manufacturing, pharmaceutical manufacturing. So I think there are going to be plenty of opportunities upstream as some of that inevitably gets reshored here in Seattle. Obviously it's a tech led economy that goes without saying. If some of these trade deals come off, I do think that it's going to open up some tech export opportunities. We have two biggest exports as a country, it's agricultural products and it's our technology. You know, there have been some trade barriers to the export of our technology and some IP infringements around the world that I think if those things can get resolved, will be an opportunity for these healthy technology startup ecosystems to flourish because they do have global markets.

[Abigail Bassett]

And looking ahead, what do you think the future of the economy is going to look like in say, six to 10 months?

[Ben Walter]

If I knew the answer to that, I would quit my job and go start a macro hedge fund and make a lot more money.

[Abigail Bassett]

Yep, absolutely.

[Ben Walter]

So the honest answer is I don't know. And anybody who tells you they know is selling something. So our job as advisors to small businesses and to businesses in general is to help them be prepared for any outcome. And so my advice for people listening, my advice for people who follow the economy is that, you know, you need to plan for the middle sort of 80% of the bell curve, but you need to know what you would do if you hit the 10% fat tail on either end.

[Abigail Bassett]

Right.

[Ben Walter]

And that's the reality. So I don't know where the economy is headed. I think we could have a recession, we could have a soft landing, we could have a hard landing. Nobody we don't know for all our flaws as a country, and we have plenty. I do think one of the things we've proven time and again is that the. The flexibility, both with respect to capital allocation and labor, is so dynamic in America that we can respond to even the fat tails. And so I remain a bull in the long term. And I think whatever the economy throws at us, we will find a way through.

[Abigail Bassett]

You mentioned that small business owners have kind of been in this vibe session, right? They've been feeling good and bad. Yeah, good and bad. They were feeling largely negative before the election, they were positive after the election, and now they've sort of settled back down. What do you think is really informing that?

[Ben Walter]

There's two things that are really driving, and I'm gonna be really plain with you. One of them is political. So when I meet with people who supported President Trump, they tend to be more optimistic. When I meet with people who didn't support President Trump, they tend to be less optimistic. So some of it is just like politics has become such a team sport that it carries through to your view of everything. I'd love to say that's not true, but it's partially true. I think the other is just the speed and the veracity of the media cycle. This is what's fascinating. And I've been doing small business for 15 years, and I've seen this effect get stronger and stronger and stronger. There's always a gap between how I think I'm doing and how I think the world out there is doing. And I always think I'm doing a little better than the world. And that part of that goes with the optimism of being a small. If you're not an inherent optimist, you'd never go start a small business. So that's part of it. So you'd expect to see some spread. What we have seen over the years as the news cycle has changed, as social media has proliferated, is we see that that spread varies way more. So I think I'm doing great. I think the world's doing terrible. And then the news cycle gets positive. I think I'm doing great and the world's doing great. So that gap narrows, and then it turns around and the world tapers off. But I still think I'm doing okay. And so people are internalizing, I think, a lot of the sort of narrative of what's going on out there. But they're making their decisions on what they see in front of their faces, which is customer demand, which is inflation still pesky, which is I'm still trying to hire people. And so I'm going to hold on like hell to the people that I have. And that's part of what's keeping the labor market resilient. So I think there's more of a disconnect ever between what you see in polls and pundits and online media and what people will tell you when they talk about their own direct business prospects, which are informed by the facts on the ground.

[Abigail Bassett]

Right, that makes great sense. Well, I want to thank you so much. I really appreciate the time. I can't tell you how much great insight you offered, especially about sort of that rubber banding effect that happens with perception amongst small business owners.

[Ben Walter]

Watching that change has been really interesting over the years because obviously given what I do, I follow both the Mac macro and the micro aggressively. Like what are people saying en masse and what are they saying individually? And watching the sort of the departure of those two things widen over the years has been an interesting phenomenon.

[Abigail Bassett]

Well, thank you so much. I really appreciate it.

[Ben Walter]

Thanks for having me.

[Abigail Bassett]

Now I'm joined by Sheila Winston, VP and senior consultant at Chase. We're going to talk about some of the key financial tools that women entrepreneurs can take advantage of to go from startup to success in this changing business environment. Sheila, welcome.

[Sheila Winston]

Thank you so much, Abigail. It's always a wonderful time to be here.

[Abigail Bassett]

Yeah, thank you. I am really excited to be in Seattle and I want to get a little context.

[Sheila Winston]

Okay.

[Abigail Bassett]

You know, I read this stat recently that here in Seattle nearly half of all self employed business owners are women. Why do you think that is?

[Sheila Winston]

Because Seattle is such a wonderful rounded area. We have a lot of big corporations we're known for like Microsoft, we have Amazon and we also have a lot when it comes to Starbucks. So all those are pretty large corporations. So it's very wonderful put together as far as the whole atmosphere. In addition to the large businesses, they're also a good place for startups. For startups they have at least 20% globally for startups in the area. And Seattle celebrates and likes to recognize women. That's kind of their focus, I would say. As a senior business consultant for my book of business, about 50% of the participants are actually women owned businesses.

[Abigail Bassett]

Wow.

[Sheila Winston]

So I think women are to a point where they're very tenacious and they want to really start opening up their own Businesses and be seen to the point where they know that they can finally come to the forefront to make it work.

[Abigail Bassett]

Tell me a little bit about the program that you offer and how it helps support female entrepreneurs.

[Sheila Winston]

It's called Chase Coaching for Impact. And that is a wonderful program. And what we do is we help businesses to be able to scale and grow to the next level. We help them to understand the aspects of how to make their business successful when it comes to business planning, when it comes to understanding the marketing piece, when it comes to understanding navigating cash flow, in addition to what they need to have a loan. So there's a lot of different aspects that we give them as far as guidance and foundations. Because what we find is that a lot of times, times businesses, even though they've been in existence, don't have the basic fundamentals. So when they come to a point in their business where it's a little bit different, they don't know what to do. Like, for example, a couple of years ago, we all know we had the pandemic, right? And in the pandemic, they had to restructure their business, and they had to kind of think some things through. So the Coaching for Impact really helps them to have that guidance to be able to sustain in case something happens in the area that is unforeseen.

[Abigail Bassett]

Right. And so it's really a tool that they can use to be able to ensure that they are weathering good times and bad.

[Sheila Winston]

Absolutely. Yes. It's guidance. Because a lot of times business owners feel like they're out there by themselves and they don't have the proper knowledge or tools to sustain the business. So, unfortunately, some of them get frustrated, they give up, and after two years, they kind of get to a point where they're kind of flatlined. They don't know what to do as far as moving forward. So the Coaching for Impact program actually focuses on those types of businesses, the ones that have been in existence for at least two years that need to have some type of guidance and direction. And, Abigail, what I find is that in coaching with these different participants in the program, giving them hope, helping them to see things from a different lens, is very, very successful. Because it's one of those things where, again, they don't feel like they're by themselves. And having a sounding board and have strategy meetings is very, very important to be able to sustain.

[Abigail Bassett]

You work with a lot of women in this space right through this program. What do you find that women entrepreneurs sort of struggle with when it comes to starting their own Small business. What are some common things that they might not actually know about starting their own business?

[Sheila Winston]

Well, a lot of times I think women owned businesses. They need to have the understanding of what it's going to take to properly run the business. They have to understand the basic principles and fundamentals and have the knowledge to be able to grow. And also confidence. Right. A lot of times I think they lack the confidence. They need to be able to move forward so they don't always have a lot of esteem. So I would definitely say that's one of the things. But also, in addition, they have maybe, also, maybe gender biases that they've had to overcome of different things that they've tried to overcome and feel like they are kind of challenged because they're not able to move forward.

[Abigail Bassett]

Is there a distinct difference between a female entrepreneur and a male entrepreneur in terms of, like, how they approach business or the confidence you mentioned? Right. It seems like men may be a little bit more confident going into business and thinking, I can make it, I can do it myself. I'm, you know, bootstrapping it. Whereas women tend to approach something from a perspective of, I, I need to know more information about this before I jump in.

[Sheila Winston]

Right, right.

[Abigail Bassett]

Have you seen that in your experience?

[Sheila Winston]

I definitely have seen that in the experience. And to be honest with you, from that standpoint, I kind of like, really mentoring women because they do want to know what it's gonna take for them to be successful. They are very much more tuned into the program. They will ask more questions. They'll make sure that they can do the homework assignments. Not to say that the men won't. The men will also do it, but they do it from more of a confident lens like you just shared. Whereas the women will want to dig a little bit more. I think by nature, we, as women like to make sure things are put together just right. We're very detail oriented, and it definitely shows in the women as far as the ones I coach.

[Abigail Bassett]

When it comes to self funding. Right. Self funding is one of the most common ways that entrepreneurs get started. What considerations should founders know about self funding that could either pose challenges or opportunities for them as they move forward?

[Sheila Winston]

Well, self funding is actually. There's the pros and the cons when it comes to self funding. Okay. So self funding means that you're going to fund the business entirely by yourself. So in doing that, that will help you to be able to have more control over the business and not be in debt. That's the thing that's really, really nice. The con or the negative is by you self funding is you don't have additional resources, everything's on you. So it's a situation where the business may take longer to grow because it's self funded versus if they were to get a loan or line of credit.

[Abigail Bassett]

Right.

[Sheila Winston]

One of the things I will say, if you're going to self fund the business, make sure you know the fundamen, start putting money aside for savings and also start building your credit because those are two tools that you're going to need to be able to move forward in your business. As your business grows, you're going to want to create different things with credit in order for your business to get to the next level. So starting on that early, which oftentimes will be what the bank looks at initially, since you don't have any business credit established is very key and important.

[Abigail Bassett]

Do you have a rule of thumb for how much people should kind of keep to the side to save when you're self funding or does it depend on the business?

[Sheila Winston]

I think it depends on the business. Reason why I say that? Because the rule of thumb and answer your question would be probably at least 30 to 60 days worth of putting money aside. However, you know, certain businesses may not have that type of money to put aside. But even if you have at least two to three weeks, the reason why I say that is because they took a survey as far as the pandemic and and we call it cash buffer days. And cash buffer days actually is what is needed to sustain the business if something was to happen that's unforeseen. Well, the pandemic was unforeseen. And when they did the survey, they found out that businesses did not even have two weeks of cash buffer days.

[Abigail Bassett]

So they were that close to sort of the edge.

[Sheila Winston]

Yes, that's exactly right. And that's why you had a lot of businesses that closed, a lot of businesses that had to furlough their employees, a lot of businesses that had to have the PPP loans, so on and so forth. So having that extra whatever you can put aside is very, very key because it will help if anything was to happen.

[Abigail Bassett]

Have you seen that change following the pandemic? Like, did we learn our lessons as entrepreneurs to save more money or is that something that we sort of already forgotten?

[Sheila Winston]

I would say in the beginning there was a lot of people focused on that. But over time, I think like anything else, people kind of get comfortable in the Coaching for impact program. That's one of the things I do emphasize and make sure that we do have Those cash buffer days set aside because they really help to sustain well.

[Abigail Bassett]

And given the uncertainty that we're facing in the economy right now, sort of nobody knows what's going to happen tomorrow, let alone six months from now.

[Sheila Winston]

Agreed.

[Abigail Bassett]

Do you think that entrepreneurs, especially women entrepreneurs, should have a larger buffer at all or is that still a good 30 to 60 day?

[Sheila Winston]

I think the statistics are the same because I will say this much. Women businesses, a lot of times, because they are so detailed, will have that money put aside. But as far as them not putting it aside, I don't see that as much. Again, because they're so much more detail oriented, they will put the money aside.

[Abigail Bassett]

And how should women entrepreneurs think about repaying themselves if they are self funding, if they are thinking about how to have this cushion, how to build their business? What about that consideration of like, I've loaned myself this money to start this business. How do I recoup that?

[Sheila Winston]

It's very important, Abigail, for the women to recoup their money because a lot of times they're putting a lot of money out and they don't necessarily get it back or they don't see it come back. So they can do it in the form of maybe taking a draw or possibly if they loan the business money, they can even put a loan if they pay themselves back from the business when they make the revenues.

[Abigail Bassett]

Oh, wow.

[Sheila Winston]

That's two ways they can pay themselves back. But as far as the different types of entities, what I really recommend is that they get together with their CPA and ask their advice on how the best way would be for them to get paid back. Because again, it's one of those things where you want to do it correctly and you want to make sure that it is in line for tax purposes as well.

[Abigail Bassett]

Right. And you mentioned that one of the things that particularly female entrepreneurs or women entrepreneurs don't consider is building that business credit. How important is that?

[Sheila Winston]

Business credit is huge. That's all I can say. A firm believer in business credit. Oh, my goodness. The reason why I say that is because there's so many businesses that don't think they're going to ever need to use credit. But then when they do need to use credit, they don't have the things in place. And so getting that credit initially done, as far as you working on it, it's very, very key. I believe that all business owners should at least hopefully be able to get a business credit card. It's the easiest vehicle to get. It's just going to be based on your personal Credit oftentimes. And it's a good way to start building that business credit because, you know, when you go for that larger vehicle, as far as a larger line of credit, or either a loan, having that credit card will be able to have the lender look at the history to make sure that you're paying them on time and, and that you have, you know, good habits when it comes to lending.

[Abigail Bassett]

And is that same length of time that two years of business banking credit appropriate if you were, say, going to go for a line of credit or go for a larger loan? Do you guys like to see like two years of a business credit card?

[Sheila Winston]

Well, to be honest with you, oftentimes businesses, when they first start, they can actually apply for that credit card if they got good credit, because it's based at that time more on their debt ratios and their personal gotcha after they are in business for a couple of years, that's when we're gonna look at more of the line of credit or a loan because again, that history has already been built. But you can sometimes get that credit card sooner if you've got strong credit.

[Abigail Bassett]

And it's sort of a dynamic between strong credit having a strong relationship with a business banker. Let's talk a little bit about that relationship and why it matters so much, especially for women entrepreneurs looking to start their business or looking to grow their business even.

[Sheila Winston]

Yes, absolutely. Well, first of all, I will say this business bankers, we're here to help. Having a business banker is very, very key. Chase has over 7 million businesses that we actually have in our portfolio, if not more. We recommend that they are with some type of either a consultant or business banker. Reason why, as I shared, we're here to help guide them and help to manage their different types of situations. A lot of times when they're out there by themselves, they're not managed. They'll make a lot of mistakes. When it comes to taxes, when it comes to not understanding put money aside. When it comes to not understand even how to do a marketing plan. But having that guidance is very, very key. So the way that our program works is I work alongside with business bankers initially with businesses that have been existence for two years.

[Abigail Bassett]

Okay.

[Sheila Winston]

And I'll get them all ready. In order to be able to get with a business banker if they're looking for a loan or a line of credit. What we do is oftentimes talk about the different aspects as far as financials that are going to be needed, tax returns, the importance of ratios, and just different things. And as we shared before Credit that they're going to need in order to get that loan. And then oftentimes I will go ahead and refer them to a business banker and they'll become managed and then the relationship will continue to be positive for them.

[Abigail Bassett]

And how, how frequently should small business owners be sort of touching base with their business banker? What's that relationship kind of look like over the lifetime of a small business?

[Sheila Winston]

Well, the business banker oftentimes will have a portfolio to be able to manage and maintain that relationship. So they oftentimes will reach out to the customer, and then the customer in turn will now have the confidence reach back out to them because they are their trusted advisor. And that's even with my particular job. Like, for example, even though after four months, I graduate people from my book of business, because Coach for Impact is a program where it lasts for four months and then you graduate. Because I was their consultant and gave them such good advice, they still call me up and say, sheila, I have this scenario. Matter of fact, on the way driving here this morning, I was on the phone with one of my former mentees. And finally I had to tell them, okay, I know I'm in traffic. I got this big event. I invited them to come, but it's a good feeling. I've also gone to many events before through Jace and seeing former mentees, and they say, oh, there's Sheila, my mentor. So we take pictures. So it's the same thing with the business banker.

[Abigail Bassett]

Right?

[Sheila Winston]

Establishing that trust, establishing that relationship. And in the customer's mind, once you get them to that level, you're always that person.

[Abigail Bassett]

Yeah, absolutely. Well, and as far as I know, you've been in banking now for 20 years, and, you know, you've worked with a lot of female founders. What's the best piece of advice that you give to a mentee who calls you up and says, I need some help or I need to touch base?

[Sheila Winston]

Well, the first thing that I want to let them know is that even though they may have not long been in the program, the relationship is still in effect. Right. I will set up a meeting with them. I find out their issue. I will still get them with a business banker. The main thing that I do with them is find out what the issue is and what's possibly causing the issue.

[Abigail Bassett]

Right.

[Sheila Winston]

Again, before I put them in front of the banker, I try my best to position them for success. And so that when they do get with a banker, they will have pretty much everything that the banker is going to ask for.

[Abigail Bassett]

Right. And I just want to circle Back. You know, tell me a little bit about why Seattle is so friendly for women entrepreneurs.

[Sheila Winston]

Seattle's friendly with women entrepreneurs because Seattle's a very diverse area. We have a lot of different groups, a lot of large companies such as Starbucks, Microsoft, and Amazon, and we also have a lot of startup companies as well. So it's just one of those things where I think because Seattle is pretty much open to the large and the smaller businesses, women feel more comfortable to be able to come here and feel like they're going to be fair.

[Abigail Bassett]

Right. And supported, I think. Really?

[Sheila Winston]

Exactly.

[Abigail Bassett]

Because you have this diversity of businesses and this diversity of large and small, all kinds of different types of people from different backgrounds.

[Sheila Winston]

Absolutely. Yes. And to be honest with you, like, I shared my book of business, there's at least I'd say half, if not 75%, are women owned.

[Abigail Bassett]

Wow. So, Sheila, if. If someone wants to get in touch with you or a business consultant in their city, how do they. How do they find you guys?

[Sheila Winston]

We have a website, www.chase.com businesscoaching4impact, and I'll be on the website. And there's other senior business consultants that are in a lot of cities. So if you look at the Seattle, you see myself and also my partner, Walter Acuna, and then also we are on LinkedIn, and I can also reach out to them and give them my email address if they would like me to do that.

[Abigail Bassett]

Oh, perfect. So if I'm in New York or in Los Angeles, should I work with my local business banker or should I try to reach out to you and connect and then sort of filter through the system?

[Sheila Winston]

Yes, because you are in New York. We do have senior business consultants in New York. It's probably better for you to work with with them because of the time difference. So I would recommend that. Of course, I don't want to turn away business. Anybody else that wants to work, that's fine. But it's one of those things where, if you are in a city where there are consultants, it's probably to your benefit to work with them. Now, the north, I can talk about what my region is. The northwest region is Seattle, Colorado, Arizona, and then also a whole bunch in California. Like I said, they're all over. The best thing is look up that website and then look for and the names that come under that city.

[Abigail Bassett]

Well, Sheila, I really appreciate the time. This has been fantastic and I've learned so much. Thank you so much for joining us.

[Sheila Winston]

All right, thank you, Abigail. I appreciate it.

[Abigail Bassett]

That's all for this episode. Thanks for joining us? I'm Abigail Bassett for Ink Custom Studio. This episode was produced by Blake Odom and edited by Avery Miles.

[Ben Walter]

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