If your business isn’t making money, it’s a hobby.
Me: “Well, damn. You’re right.” Stephany’s straightforward approach to business planning is the tough love that has made her clients successful in launching their first business. Not only is she a skilled business coach, explaining the literal ins and outs of financial statements, but she also advocates for physical health and will take on the challenge of doing 100 burpees a day for 30 days straight because… why not.
In this post you’ll:
- Explore Financially Fit’s mission and expertise in the business planning field
- Learn how Stephany helped me fall in love with my first Profit and Loss sheet
- Discover 3 tools she uses professionally and personally to maintain work-life balance
A Proven Successful Business Coach
Stephany Reyes-Seri is a business coach and owner of Financially Fit, a company focused on helping underserved communities get the tools they need to be successful financially and physically. She has over 7 years of experience assisting 100+ business in the New York City area connect to over $1.8MM in capital. Through her work, Stephany noticed there was a gap within her community and became determined to close it.
Early on, when I started my business about a year ago the first thing Stephany asked me was whether or not I started a P&L sheet. A what? A Profit and Loss statement, she said. Hmmm, so this term was familiar from my Finance or Accounting classes in college but I was just learning what I needed to get by. I said no and she said she would send me a template, which she did.
A few months later, she asked me had I started working on it. I said I wanted to “but there’s a pandemic!” (Tiktok reference, sorry). I knew that this was something that I needed in theory but in my mind I had no overhead costs and barely any expenses so there wasn’t a lot to track. However, I wrote it on my whiteboard to-do list as “important”.
It just… made sense
Finally, closer to the end of the year, I took a stab at completing the ominous Profit and Loss statement, and oh my god did I have questions. “Where do I place the income from this?” and “How do I categorize that?” or “I think I did something wrong, this doesn’t match the account!” Stephany just patiently explained things in a way that just… made sense. Although I hated Accounting, I do love equations and finding solutions. As a result, I became obsessed with finding every discrepancy until there was none. I just reconciled my first year of business and that was before handing it over to an accountant who confirmed.
And now featuring… Stephany Reyes-Seri
Why did you start your business?
I was getting bored at my job, working for the city helping business owners connect to capital and I wanted to try something new. So I got another job in the Bronx working at a community bank, which I thought would be more impactful being from the community and working in it. However, once I started working there our values didn’t align and I was miserable.
With enough savings and support from friends and family, I quit my job and decided to start my business – Financially Fit.
As a business coach, I help black and brown business owners within my community connect to capital. I learned from previous experiences working for the city that per our goals and metrics, the only people who met the standards were white affluent people.
I wanted to work with those who needed additional support and that I could have a bigger impact on.
Financially Fit launched in January 2020 to help entrepreneurs connect to capital.
Amazing! Oh there’s more?
Yes, that’s why I started the business but what I really want to do is create a high school curriculum to teach kids about business concepts with the underlying theme being to understand financial terms and basic finances. I want high school kids to look at their personal finances as if they were running a business.
What does it mean to be “Financially Fit”?
When I work out I’m more creative and more productive. As an entrepreneur, you have to invest in your physical and mental health.
My motto is “If your business isn’t making money, it’s a hobby.”
Stephany Reyes- Seri
I mean that. If you don’t understand what’s going on with the money in your business you’re wasting your time.
How are you financially fit?
I workout to stay sane. In addition, I have student loan debt so I look at my excel sheet of finances at least once a week. I also like to travel so I have my travel savings. There’s a lot of planning. For where I want to be, these are the things I have to do.
If someone walked up to you asking for your advice and you only had a few minutes to give them your best tip, what would it be?
Don’t think of saving money as you depriving yourself, you’re paying yourself what you’re worth! My savings account is my reward. Start small and if you can do more, do more. Try to set aside at least 3% percent of your monthly income.
What place do music and dance have in your life?
Everything! Music and dance offer an escape and I particularly like music heavy on the drums.
What are three tools or resources you wouldn’t mind sharing that help run your life?
- Book: The richest Man in Babylon – George S. Clason
- Website: Small Business Administration (SBA) – This website is a super helpful tool for those who are just starting a business
- Website: Office of Financial Empowerment
What’s one thing you wish you learned earlier in life that you live by now?
The importance of saving. Loans – I wouldn’t have taken out so many student loans if I knew the difference between federal versus private loans.
Lastly, what are you excited for in 2021?
Teaching high school students. I hope to have my curriculum done to start teaching in person or online.
Bonus: Do you have a favorite Spotify playlist or podcast you wouldn’t mind sharing?
Stephany lives by the quote, “change one life, change the world.” Through this company, she hopes to demystify finance and lead others to financial freedom. Read more about the services she offers on her website.
