EP020 Business Financing Tips with Sharon Connolly, VP at BDC

 

In her commitment to helping entrepreneurs grow their business, Sharon Connolly leads a team as the Vice President of Financing and Consulting at Business Development Bank of Canada (BDC). With her financing experience of more than 20 years, Sharon serves as the regional sponsor for BDC’s Women Initiative Program where she provides financing and consulting services to women-owned businesses and women entrepreneurs.

Sharon joins me today to share a number of business financing tips and the basics that every young and starting entrepreneur should look at as they begin their entrepreneurial journey. She discusses how BDC helps their clients, the significance of having a business plan, and knowing and forecasting your budget and cash flow.  She also emphasizes the importance of building relationships for your long-term success.

 

“Be open to opportunities when they present themselves.” – Sharon Connolly

 

This Week on Young Money:

  • How Sharon learned financial independence and to work hard to achieve her goals
  • The difference between BDC and other banks and where to go for particular banking needs
  • Why young entrepreneurs need support and mentors
  • How a S.W.O.T. (Strengths, Weaknesses, Opportunities, & Threats) analysis helps your business
  • The significance of understanding the implications of your business funding
  • Why it is critical to build relationships with financial partners and be prepared for meetings with them
  • Why you should diversify the lenders you’re working with
  • The benefits of budgeting and having a cash flow forecast
  • How to seek continual personal development in your career or as an entrepreneur
  • What BDC has in store for women entrepreneurs

 

Key Takeaways:

  • Live within your means and give yourself permission to course correct.
  • Money isn’t enough to be successful in business. You need a lot of support around you as well.
  • Build a good personal profile.
  • Understand the viability of your project, the market and your place in it.

 

 

Resources Mentioned:

 

Connect with Sharon Connolly:

 

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