Unlocking Opportunities: How Nevada Business Advisors Supports Small Business Growth

Intro: Broadcasting live from the Business RadioX Studios, it’s time for Women In Motion. Brought to you by WBEC-West. Join forces. Succeed together. Now, here’s your host.

Lee Kantor: Lee Kantor here, another episode of Women In Motion and this is going to be a good one. But before we get started, it’s important to recognize our sponsor, WBEC-West. Without them, we couldn’t be sharing these important stories. Today on Women In Motion, we have Monica Coburn with Nevada Business Advisors. Welcome.

Monica Coburn: Thank you, Lee. Appreciate it.

Lee Kantor: I am so excited to learn what you’re up to. Tell us about Nevada Business Advisors. How are you serving folks?

Monica Coburn: Well, we assist small businesses who have a need for their business, and so our core services are everything from businesses who are seeking to get certified. We help them with the certification process, so women-owned, minority-owned, et cetera. If they have a financing need, we will help them get their financing package together and actually help them source a financing partner that can help with their financing need. And then, we are business advisors at the end of the day, and so we advise and consult businesses with a need, with a challenge, with an opportunity that they may be facing.

Lee Kantor: So, it could be anything. It could be getting started to exiting.

Monica Coburn: That is correct. All the way up until the point that they are ready to exit, yes.

Lee Kantor: So, how’d you get into this line of work? It seems fascinating.

Monica Coburn: You know, my career started in banking, and I had been in banking for over 20 years, and most of my career was spent working with small businesses. I was their banker and so I was fascinated. I had a number of clients that were in different industries, construction, retail, food and beverage. And every client was different. Although their needs were similar, they ran different businesses. And so, I was really involved and enjoyed working with these different business owners.

Monica Coburn: And there came a point in my banking career where I felt there was time for a change. And I’ve always had the need and the desire, I should say, to start my own business. I had clients that would tell me that I need to go out on my own. And five years ago, I jumped off the cliff, so to speak, resigned from my corporate banking position to launch Nevada Business Advisors. And so, that’s really how I started and started working with businesses.

Lee Kantor: So, can you talk about that moment, like you’re in banking, and banking is a very numbers-based business, how did you go kind of through that risk assessment of should I do this on my own? What are the pros and cons? Can you walk through going from a job like yours that’s very enterprise level, secured in a lot of ways to, like you said, jumping off this cliff into the world of entrepreneurship?

Monica Coburn: Yes. It was a scary and exciting decision all at the same time. The world of banking was changing. There were compliance things. There were regulatory things that were happening. And I always told myself, “The day you wake up, Monica, and you’re not loving what you’re doing is a time to make a change.” And so, I was a senior VP at the time, and I got a new boss, Lee.

Monica Coburn: And, really, that was, I believe, one of those moments in time that I look back at it now, that really was the kick in the pants that I needed because I had gone back and forth about going and wanting to start my own business. But when the new boss came into the picture, I almost felt that that was a sign. And so, it was at that moment that I decided I need to start creating my business plan, because if I’m going to do this, this is when I need to start really getting serious about it.

Monica Coburn: And so, I started creating a business plan, had my vision of what I wanted the business to look like, and it really was developed with my experience working with a lot of different businesses. They had similar needs, similar challenges, and that’s how it was crafted, really creating a business model that would be this one-stop business solutions provider for small businesses, because as a small business owner, and I can say this now, there are a lot of resources. There’s a lot of help out there, but many times you don’t know who to go to, who to talk to, who’s legitimate, who’s not.

Monica Coburn: And I really wanted to create this business where we would not only be guidance, but also be a resource. And what I mean by that is if we could not help a business owner, we wanted to make sure that we connected them and put them down the path where they could get the help that they needed. So, that was part of the journey is really creating a plan, what that would look like.

Monica Coburn: And I didn’t know what day it would happen, but it was the day that the boss came into town and the boss lived out of state. And as I drove to work that day, I had a feeling that this is the day that it’s going to happen. And that is the truth. You know, called me in for a meeting, and at that moment I knew this is the day I’m resigning from my six figure salary, all the benefits that come with it, to really pursue what has been a big dream of mine, and that was five years ago.

Lee Kantor: So, now you have this advisory firm, how do you go about kind of launching this? Did you already have a network of people who would be open to the services you provide or did you have to build that from the ground up?

Monica Coburn: I feel I was very fortunate that way because I had been active in the business community. You know, my clients in banking were business owners. I was attending chamber events, networking events, and so I was out there. I was out there in the community. I also had clients who told me and were were really supporting me, like you need to go out on your own, and a couple of them even said if you do, I’m going to be your first client. And you talk about a vote of support and that’s really how it happened.

Monica Coburn: When I resigned, one of the first people that I called was a bank client and I told him I resigned, and his next comment was “Can you meet me tomorrow?” and we were off and running. So, it was using the network. It was using the connections. It was using the relationships that I had built throughout my banking career. And that is really what helped set the foundation to get the business off and running. And so, unlike other business owners where they may start a business and may not have that type of network. For me, that was a huge benefit.

Lee Kantor: Now, what is kind of the split of your business? Is it primarily about starting a business? Is it growing a business? Is it selling a business? What is kind of the portfolio of your work? What’s the split?

Monica Coburn: Yeah. I would say a small percentage is startups. We do provide initial consultations at no cost. So, we do consult with a number of people that are looking to start a business. But most of our clients are in either growth mode, so they’re looking to grow their business, scale their business, expand their business in some capacity, or they are stagnant that nothing’s happening. So, they feel like they’re doing all the right things, but it’s not equating to more revenues, more sales, profitability. And so, a large percentage of our portfolio are established businesses and they would usually fall into those categories.

Lee Kantor: And then, when their business owner has plateaued, what is the work you’re doing for them? Is that like consultation and brainstorming ideas to help them grow? Or what are you kind of doing to help them, you know, get out of that plateau?

Monica Coburn: Yeah. So, one of the first things that we do is we do a discovery session, and that is where we start unpeeling the onion, as I’d like to say, of tell us about your business. Who’s on your team? What do you do? What do you do well? So, we’re having a conversation and doing what I call a mini-SWOT analysis. SWOT, what’s your strengths as a business, what’s your weaknesses, opportunities, threats. And that’s your starting point. I’m a strong believer we cannot help a business unless we can understand who that business owner is, what their business is, what they do.

Monica Coburn: And many times a business owner will tell us, here’s our challenge. But when we get in there and we start unpeeling that onion, we identify that’s not really the issue. And so, we really get into the weeds and that’s really our starting point. Once we get a sense of the business, who’s on their team, now we get into who’s your avatar, who’s your target client, how do you market to them. And many times what we find is they’re either marketing to the wrong client or they’re using the wrong marketing channels to get to that client. It’s kind of let’s throw mud on the wall and let’s see what sticks.

Monica Coburn: And we know that there’s a lot of money that can be involved with that. And if they’re not getting their return on investment, they’re spinning their wheels. That’s never a good thing. So, we go in there and we help them identify who is their client and where they should be spending their marketing dollars. We’re not a marketing firm, but I say we know enough to be dangerous to help them navigate those channels and where they should look at being very targeted in getting those clients.

Lee Kantor: Is there a story you can share? Don’t name the name of the organization, but maybe share the problem that they were having when they came to you and how you were able to help them get to a new level.

Monica Coburn: Yes. So, we had a manufacturing client and they had a great product, but they just weren’t generating the sales that they needed. And so, there was definitely something awry in that business. So, we went in, we did a discovery session, we met with key members of the team. And during that meeting, what we uncovered is the issue was with one of their C suites, and that was a very difficult conversation to have.

Monica Coburn: And so, we presented it to the owner of the company and we basically said we believe this is the problem. Is this person sitting in your president’s role who is not an owner creating a very toxic work environment? And this is the feedback that we were getting from a lot of the team members. That was difficult to present. At the end of the day, the president ended being let go. They worked it with their legal and internal. And once that happened, a lot of things started falling in place.

Monica Coburn: So, we recommended that someone on their team get promoted. Very loyal to the company, very good with people, and so that person got promoted. And the sales started happening as a result. Part of that is they were marketing in the wrong channels, but it was based on what that president was saying they should market to, and it was not the right channels to promote their product.

Monica Coburn: And so, that one sticks out very clearly, not something that happens all the time where we’re recommending to a client it’s your company president that’s causing the issue. But at the end of the day, that business was able to turn around and their sales started coming in because that toxicity in that work environment was no longer there.

Lee Kantor: Well, that’s a great story to share about your firm’s integrity. That’s a hard truth to give to somebody. And they’re hiring you for those hard truths. And a lot of times you’re telling the person, maybe not directly who hired you, but kind of who hired you, that you’re the problem. And a lot of consultants, they’d be more kind of self-serving and not want to tell that truth. So, kudos to you for that.

Monica Coburn: Thank you. That was a tough one. So, it’s why that particular client sticks out because that’s not something you come across every day. But we believe in being honest, transparent, authentic. It really is part of our core values that we live and breathe by, and so that translates to our client relationships that we have.

Lee Kantor: Now, how much of your work is still kind of in the banking realm in terms of helping people get financing in the capital they need to grow?

Monica Coburn: That’s the core service that we offer. So, it’s still an important part of what we do, especially now capital is becoming more challenging for businesses to obtain, credit card use is high and there’s so many factors that are contributing to that. And so, we use our lender network, as I like to call it, to help businesses identify where they may be able to get that financing done. A lot of times it’s not in their backyard. And so, we do work with banks and lenders outside of Nevada to help these clients. So, it’s still an important part of our business model.

Lee Kantor: Now, when it comes to financing and capital, do you help in kind of nontraditional ways, like crowdfunding or grants or government grants or things like that, that are maybe not the first thing that people think of when they think of financing?

Monica Coburn: Yeah. You know, we do get involved in alternative financing or helping clients in that channel. We don’t provide assistance with crowdfunding. We certainly give them ideas of platforms that they can look at and research to do crowdfunding. But there are other channels like CDFIs, which are Community Development Financial Institutions. So, these are not your traditional lenders, but they do provide alternative lending options. There are grants.

Monica Coburn: So, there are services to a certain degree that we offer as it comes to grants. And we know most of grants are available for nonprofits. There’s a pool of funds for for-profit businesses, but they are far in between. And it’s just finding the right grant opportunity where that business may be eligible for. So, yes, in some regards, we do get involved in alternative funding solutions for the businesses that we work with if it makes sense for them.

Lee Kantor: And when you’re working with a new client, what does that usual kind of initial way they get engaged with you, is it typically on a project or is it more substantial, like you mentioned, that discovery conversation? Is there a typical entry point that you have?

Monica Coburn: Yeah. So, we do both project-based work. And so, take certification assistance, for example, that is a project-based work. But we also have clients that we are on retainer with for our advisory services. So, it really depends on the client. We do the initial consultation. We get a little bit information about why they contacted us, what the need is. I would say 90 percent of the time during that consultation, they want to go to the next step. And usually our next step is we are preparing a proposal for services based on what that business has shared with us. And so, that’s why that discovery or that consultation initially is so important, and so it really depends on their need, but we do a split, it could be project-based or retainer-based.

Lee Kantor: Now, you mentioned you help with some certifications, why was it important for your firm to become a certified organization and work with the WBEC-West community?

Monica Coburn: Well, we needed to walk the walk and talk the talk. So, if we were providing that as a service, then it was very important that we become certified as well, and so we are certified. And WBEC-West, which is where we fall into that region, I’m an advocate for certification if it makes sense for that business. There’s a lot of benefits to certification. But the truth is, it’s not going to be for every business.

Monica Coburn: And so, we offer that as a service, but we also want to be transparent that this is what you can expect, this is what the process looks like. And certification and getting your certification is just the first step in the process. Now you need to leverage that certification. And so, WBEC-West provides a lot of resources, everything from webinars to workshops to educational opportunities. Their regional conference is going to be in Las Vegas this year, so that’s exciting. And so, there’s a lot of tools and resources available out there for women-owned firms. And so, we felt it was important to be a part of that.

Lee Kantor: Now, can you share some advice for our listeners that are entrepreneurs when it comes to relationship building and networking? I know that’s an important component of your work.

Monica Coburn: I cannot stress that enough. I feel sometimes with business owners, they may look at it as a transaction, whether they’re a product-based business or a service-based business. But it really is about building relationships. And I know people hear that all the time. I cannot stress that enough. We’re an example of that. A lot of our business is referral-driven, so we are being referred by other businesses, clients, government agencies locally. And it’s because of those relationships we’ve been able to build our business.

Monica Coburn: And so, the advice I would have is when you connect and when you meet someone and when you network with someone, look beyond getting a business card. It really should be a two way street. How can you as a business help that business and vice versa? And so, you want to look at it long term versus short term.

Lee Kantor: And if somebody wants to learn more about your organization and get on your calendar to have that discovery call or just connect with you, what’s the website? What’s the best way to get a hold of you?

Monica Coburn: Yeah. So, our website is nevadabusinessadvisors.com. That’s all spelled out. And email is info@nevadabusinessadvisors.com. We’re also on LinkedIn, so you can find me on LinkedIn, Monica Coburn. We also have a Nevada Business Advisors LinkedIn page. So, there’s a lot of different channels. If they want to schedule that initial consultation, they can do that directly through our website, nevadabusinessadvisors.com.

Lee Kantor: Well, Monica, thank you so much for sharing your story today. You’re doing such important work and we appreciate you.

Monica Coburn: Thank you. We appreciate the opportunity.

Lee Kantor: All right. This is Lee Kantor. We’ll see you all next time on Women In Motion.