In the ever-evolving business landscape of today, small business owners encounter a myriad of challenges in their quest to effectively manage their finances. Among these challenges that small Black-owned businesses often encounter are unique obstacles that require specialized support. Amid this complex landscape, Tried and True Financial Services has emerged as a trusted partner, dedicated to empowering small businesses, including those owned by Black entrepreneurs, to surpass their financial goals while ensuring adherence to legal guidelines and best practices.
Under the visionary leadership of Founder and CEO Valaise Smith, this company has garnered recognition for its unwavering commitment to cultivating long-term relationships and providing comprehensive financial solutions. With a steadfast focus on accounting, budgeting and credit building, Tried and True Financial Services shines as a beacon of expertise and support, ensuring small business owners have the tools and knowledge to take full control of their financial well-being.
Smith’s steadfast dedication to continuous learning is exemplified by her successful completion of numerous Income Tax courses and the esteemed Personal Financial Planning curriculum at Oakland University. However, her expertise goes beyond textbook knowledge. With over a decade of hands-on experience overseeing back-office operations, managing compliance policies and procedures and expertly handling portfolio administration and account reconciliations for a portfolio valued at over $1 billion, Smith’s practical expertise surpasses the boundaries of a classroom education.
“In the accounting space we offer income tax planning and preparation, budgeting, bookkeeping and building business credit. These are things small businesses need to make sure that you can approach community development financial institutions and the banks and get the help that you need.”
The debunking of the myth that there is insufficient funding available for small Black-owned businesses has shed light on the real challenge they face: a lack of comprehensive business education. The absence of compliance, mishandling of funds and a lack of professional guidance have contributed to the failure of numerous businesses, preventing them from effectively navigating Detroit’s thriving ecosystem and achieving long-term success.
“It is crucial for business owners to prioritize compliance and ensure that their tax filings are in order. Equally important is maintaining accurate financial records that generate critical financial statements, including their profit and loss and balance sheets. These measures are essential for gaining access to capital, facilitating business growth and securing the necessary resources to thrive.”
When small Black businesses forge close partnerships with financial professionals, the impact extends far beyond their individual enterprises. As these businesses thrive and expand, they become catalysts for positive change in their communities. They generate employment opportunities, invigorate local economies and serve as beacons of inspiration for aspiring entrepreneurs. By building a solid financial foundation, these businesses contribute to the overall resilience and prosperity of their communities, fostering a cycle of growth and progress.
Smith utilizes programs like Bookkeeping Bootcamp to empower small business owners with essential financial management skills. Through the bootcamp, participants gain practical knowledge and hands-on training in bookkeeping principles, financial record-keeping and budgeting techniques. The program equips entrepreneurs with the necessary tools and strategies to effectively manage their finances, make informed decisions and ensure compliance with accounting practices. By offering Bookkeeping Bootcamp, Smith aims to bridge the gap in business education and empower small business owners, including Black entrepreneurs, to achieve financial success and sustainability.
“My experience started in banking, where performing daily reconciliations developed the skills needed to recognize inadequacies in policies and procedures.”
Tried and True Financial Services has established a strong presence in the Detroit region, serving clients in Downtown Detroit, Midtown Detroit, Farmington Hills, Redford and the broader Midwest area. By catering to a diverse range of businesses and clients, the company understands the unique financial challenges faced by each industry and provides tailored solutions to address their specific needs. This localized approach ensures that clients receive personalized attention and support, promoting lasting partnerships based on trust and mutual growth.
As we celebrate the remarkable achievements of small Black-owned businesses, it is essential to champion the normalization of collaboration with financial professionals. By embracing their guidance, expertise and support, small Black businesses can navigate financial complexities, seize growth opportunities and forge a path to lasting success. Together, this partnership paves the way for economic empowerment, job creation and sustainable community development.