Small businesses make the world go around and are the heart of any community — SFSBW Interview with Gwendolyn Wright of The Wright Consultants
Small businesses in San Francisco have a wealth of opportunities to access wisdom and technical assistance from a variety of small business experts who provide one-on-one counseling, technical assistance, and instruction through neighborhood and community-based nonprofit agencies. The San Francisco Small Business Week Committee is pleased to share wisdom from these experts who help the small businesses that shape our communities to succeed.
Today we hear from Gwendolyn Wright of The Wright Consultants.
What inspired you to start your own business?
In my previous career I enjoyed working as a Private Banker but the industry was changing with so many of the big banks gobbling up the small Private Banks. Being on the lending side of the bank I was used to operating independently and entrepreneurially managing a portfolio of clients including many small business owners and entrepreneurs. When the bank I was working with at the time went through yet another round of buyouts and new ownership I knew it was time to for me to make a change. I had learned from direct experience there were so many small business owners who wanted and needed to have a better understanding of the financial side of their company. They needed someone to be a part of their team as a coach and a guide. This is who I decided to help and the rest is history.
What was the best piece of small business advice you’ve ever received?
“Count on perseverance, flexibility and best friends to get you through the good times and the not so good times.”
Is there a lesson you learned the hard way that you can share so that other small business owners might benefit from your experience?
Be sure to have a very good bookkeeper and tax accountant! I see so many entrepreneurs who still want to maintain their own books but the cost to have an expert take care of this time consuming task is well worth the price. Plus it can save you from costly mistakes. I have been audited in the past and let me tell you it’s no joke. The competency of your accountant and bookkeeper can help or hinder the outcome.
Why do communities need small businesses?
Small businesses make the world go around and are the heart of any community. Globally small businesses provide the neighborhood services and products need by those who live and work in the community. From local food like fresh baked goods and farmers market veggies to clothing and jewelry, from mani/pedis, haircuts and facials to pet sitters and vets, from fine art galleries to home re-modelers and plumbers to web designers and the guy who fixes watches-these products and services are all provided by small businesses. What would we do without them? I so love this community and I am privileged to work here every day!
Tell us about the impact you believe your small business has had on your community.
I am gifted at starting and growing businesses at an accelerated pace having generated $1,750,000,000 in gross income during my business consulting career, creating and maintaining 8,500 jobs. Moreover I have authored, reviewed and edited over 3000 business plans, marketing plans and financial plans. I have coached over 3,600 entrepreneurs and helped with access to over $80 million in capital to the SME community. I love what I do!