7 JANUARY 9-15, 2025 miaminewtimes.com | browardpalmbeach.com NEW TIMES | CONTENTS | LETTERS | NEWS | NIGHT+DAY | CULTURE | CAFE | MUSIC | Opening a brick-and-mortar store is a monumental step, particularly in an online retailer’s business development. Of the several hurdles small business owners face, showing potential landlords that they have the liquidity to pay the monthly rent rises to the top. Milian Fayulu, owner of Congo Clothing, a Miami- based company that sells Central African-themed casual wear, knows this all too well. Luckily, the minority business owner had a knowledgeable resource to guide him. Max Gauthier, a Senior Business Consultant (SBC) with Chase for Business, assisted Fayulu in mapping out a growth strategy utilizing the Chase for Business Coaching for Impact program, an initiative aimed at helping minority businesses thrive in a highly competitive environment. Gauthier coached Fayulu through difficult decisions that small business owners face during the start-up phase. “Milian wanted advice on how to scale his business,” Gauthier said. “He already got to point A. But now he needed help getting to Point B and Point C.” For instance, Congo Clothing has contracts with corporate clients to manufacture apparel, but Fayulu would have to cover the cost of the materials and production before his company got paid. “It took some time for clients to pay Congo Clothing,” Gauthier said. “And this would deplete the cash flow within the company while waiting for payment.” Gauthier guided Fayulu through the process of obtaining a business line of credit to pay for materials to produce the apparel. As a result, Congo Clothing’s bank account had more cash on hand, which factored into the business qualifying for a storefront lease in Miami’s Wynwood neighborhood, for a prime spot for retail space. “Milian was able to validate reserves with the landlord,” Gauthier said. “In essence, we helped him overcome any little hurdles that popped up.” Fellow small business owners within the vibrant business landscape of South Florida can tap into the Chase for Business Coaching for Impact program, which offers more than just financial guidance. It’s a comprehensive support system designed to transform small businesses into successful enterprises. “We identify solutions that help business owners scale their businesses while addressing any pain points, they may have,” Gauthier said. “We provide information on everything from planning and marketing to the use of credit and capital.” Through the Coaching for Impact program, Gauthier and his fellow SBCs guide dozens of local companies monthly, bringing not just banking expertise but real-world business ownership experience. Services focus on helping to grow revenues, manage expenses and leverage Small Business Administration resources. The program is available to small businesses that are at least two years old and have more than $100,000 in annual revenue. Companies do not have to be Chase customers. Chase’s SBCs, like Gauthier, bring decades of business banking experience to the table and firsthand entrepreneurial experience as well. “We’re intimately familiar with the type of grit that gives a business owner the ability to navigate any headwinds they may face,” Gauthier said. “I’ve been in the banking industry on the lending side for 19 years and have guided small business owners through the banking landscape. We have consultants who have worked for years obtaining certifications for small businesses. There’s a vast array of experiences that comes with being a business coach.” Participants in the Coaching for Impact program receive one-on-one and personalized consulting sessions over a minimum of four months. “We conduct a deep dive into every aspect of their business looking at their financials and business plans. Then we try to understand where the areas of opportunities are. Our goals are to come up with a plan to help t hem address whatever problems they want to solve.” The program doesn’t just stop at business plans. Chase SBCs will assist in everything from accessing lines of credit or connecting them with mortgage consultants to finding a loan that works for them. For instance, Gauthier also conducts research about the industries small businesses are involved in to help guide informed, sound decisions. Through the Coaching for Impact program, entrepreneurs also receive guidance and best practices on digital marketing. This includes identifying social media platforms to help build and expand their customer base and utilizing search engine optimization to appear at the top of Internet queries. “We talk about where your customers are,” Gauthier said. “Are they on social media? If so, where are they most? We’ll work with them on identifying what platforms they should be using to get the best bang for their buck.” “We want to get to know the small business owner, understand their vision and see where we could help them achieve their goals,” he said. “At the end of the day, we’re here to help – help them succeed and then help them celebrate their future wins. To learn more about the Coaching for Impact program visit chase.com/coachingforimpact. The above information is for discussion purposes only. Participation in the Coaching for Impact Program is subject to availability. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). JPMorgan Chase Bank, N.A. Member FDIC. ©2024 JPMorgan Chase & Co. Chase for Business Coaching for Impact Program gives entrepreneurs tools for success GET STARTED | www.chase.com/business/coaching-for-impact advertorial
Miami 01-09-2025
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