Meet Our Sponsors: Julia Chung, Facet AdvisorsPosted by Jessica Oman
Every entrepreneur needs to consider their personal financial needs along with the needs of their business. As a small business owner, these things go hand in hand – you start a business so you can control your own income, but the way you structure that income, and how you spend or invest it, matters a lot.
Introducing Julia Chung of Facet Advisors - she loves working with entrepreneurs just like you to help you reach your personal financial goals while you work on building your business. You can meet Julia at our Idea to Open event on November 27, so make sure you grab a ticket if you’ll be in Vancouver!
1. Who are you and what’s your company?
I’m Julia Chung, Practice Leader of Facet Advisors Wealth Strategies. I lead the strategic planning division at Facet Advisors, a multi-disciplinary business advisory firm that provides financial and accounting expertise to business owners and individuals, helping them to build and maintain strong companies.
2. How do you help small business owners who are just starting out?
I love start-ups; most people in my industry don’t spend a lot of time here, as it’s often not immediately gratifying. I make time for those people who I know have real potential. I help beginning business owners design the financial foundations they need in order to create success, and help them maintain and grow thereafter. From both a personal and business standpoint, start-ups need to get their financial ducks in a row before they take the plunge, and keep an eye on the ball while they’re riding the rough seas of the early years. Business owners tend to be experts in their given field and that expertise often isn’t in finance. That’s okay. You’re good at what you do and I’m good at what I do: we’ll win this race together.
3. What do you most love about the work you do?
I love seeing people achieve their goals and knowing that I helped them get there. With me by their side, a small business owner isn’t tripped up by the complexity – and bureaucracy – of working ON their business (rather than IN their business, which they’re generally pretty good at).
4. What is your best piece of advice for would-be entrepreneurs?
Planning is vital for achievement. Truly vital. Very few successful businesses became successful through flying blind – although it might look like it from the outside. Spend the time to plot out your course, and tweak it regularly. If you don’t know where you’re going, and what steps you are taking to get there, it’s pretty difficult to achieve anything.
5. What is your favourite little-known resource for entrepreneurs?
Each other. (And me, of course) Entrepreneurs often act like they exist in a vacuum, and I get it because sometimes it feels that way. But other entrepreneurs and field experts are there and ready to talk to you and share best practices. Use them. Ask questions. Ask dumb questions, even. Don’t be afraid to look silly. It’s better than failing due to lack of knowledge.
6. In your opinion, how important is planning to the success of a small business in its first year or two?
See my answer to Question 4! Success in the first two years of a start-up is relatively hard to come by; planning requires that you step back and review your situation honestly. That honesty will help you make great decisions – and great decisions lead to great success.
7. Anything else you want our readers to know?
Personal and business planning should be a parallel process – they need to be done at the same time. These two pieces of your life are deeply intertwined and must be thought about together. Separating them can create massive gaps in your future that failure is waiting to fill.