Building a Resilient Business: Lessons from Adversity

Resilience is crucial in business because it empowers entrepreneurs to navigate challenges, adapt to changing circumstances, and recover from setbacks. It fosters a mindset of perseverance and problem-solving, enabling business owners to learn from failures, maintain focus on long-term goals, and drive continuous growth even in the face of adversity.


Some business owners showing resilience during adversity- for inspiration!

Sara Blakely – Spanx

When Sara Blakely, founder of Spanx, came up with the idea for footless pantyhose, she faced numerous rejections from manufacturers. Most of them didn’t believe in her product and refused to take her seriously. Blakely continued to knock on doors, eventually convincing a manufacturer to take a chance. She took charge of every aspect, from production to marketing, and even managed to get her products featured on Oprah.


⇨⇨ Spanx became a multi-billion-dollar company, and Blakely is now recognized as one of the most successful self-made women entrepreneurs. Her perseverance turned a simple idea into a global brand.

Howard Schultz – Starbucks

When Howard Schultz acquired Starbucks, it was a small coffee bean shop. He had a vision of transforming it into a coffeehouse chain, but faced skepticism and resistance from potential investors. 


Schultz was determined to bring his vision to life, so he persisted and eventually gathered enough investment to grow the brand. When the company struggled financially during the 2008 recession, he made tough decisions, including closing stores and reinventing their brand experience.


⇨⇨Schultz’s efforts paid off, as Starbucks became a global coffee powerhouse, admired for its brand, culture, and innovation. His resilience in the face of early setbacks and economic downturns helped the company thrive.

Reed Hastings – Netflix

In its early years, Netflix operated as a DVD rental service. The company faced intense competition from Blockbuster, which dominated the market. Hastings approached Blockbuster with a partnership proposal but was turned down. Rather than giving up, Hastings pivoted Netflix to an online streaming model. This forward-thinking move allowed Netflix to pioneer the video streaming industry, which disrupted traditional rental models.


⇨⇨Today, Netflix is one of the leading streaming platforms worldwide, and Reed Hastings’ ability to adapt and innovate helped it grow into a multi-billion-dollar entertainment giant.

Vera Wang – Vera Wang Bridal

After being passed over for the editor-in-chief position at Vogue, Vera Wang decided to switch careers and follow her passion for design. She faced the challenge of entering the highly competitive fashion industry with no formal background in fashion design.


Wang took the rejection as an opportunity to pivot and launched her own bridal wear line. She used her industry knowledge, connections, and vision to fill a gap in the market for modern, high-end wedding gowns.


⇨⇨Vera Wang is now one of the most iconic names in bridal fashion, and her story is a testament to how adversity can lead to new beginnings and success.

Janice Bryant Howroyd – The ActOne Group

Janice Bryant Howroyd founded The ActOne Group, a staffing agency, in 1978 with just $1,500. As a Black woman entrepreneur, she faced biases and had to navigate a challenging business environment with limited resources.


She used her personal experiences, skills, and tenacity to grow the business steadily. By focusing on excellent service, she built a reputation that helped her company expand.


⇨⇨Today, The ActOne Group is a multi-billion-dollar global enterprise, and Howroyd became the first African-American woman to run a billion-dollar business. Her resilience and strategic thinking helped her overcome numerous obstacles along the way.


These stories highlight how setbacks and adversity can serve as catalysts for growth. Each of these entrepreneurs turned challenges into opportunities, building resilient businesses that have left a lasting impact. You are not alone if you feel like you are struggling as an entrepreneur.


Take note of these leaders and how they used this adversity to make changes and grow their business.

Our Latest Insight

Man and woman achieving goals

Lead Boldly, Think Deeply: The Power of Balanced Leadership

By Alisa McCabe • May 22, 2025
Discover why great leadership requires more than bold action—it demands thoughtful strategy. Learn to balance doing with thinking for lasting success.

5 Ways to Increase Cash Flow in Your Service-Based Business

By Alisa McCabe • May 2, 2025
Cash flow is the lifeblood of any business, but for service-based businesses, managing cash flow can be particularly challenging. With fluctuating client payments, project-based revenue, and ongoing expenses, maintaining a steady flow of cash is critical to sustaining and growing your company. In this white paper, we’ll outline five actionable strategies to improve your cash flow and ensure financial stability. 1. Optimize Your Invoicing Process One of the most common reasons for cash flow issues is delayed payments. To accelerate cash inflows: Use Automated Invoicing: Implement invoicing software like QuickBooks Online to send invoices promptly and track outstanding payments. Set Clear Payment Terms: Require upfront deposits or shorter payment terms (e.g., Net 15 instead of Net 30). Offer Multiple Payment Options: Make it easy for clients to pay via ACH, credit card, or online portals. 2. Improve Pricing and Packaging Many service businesses underprice their offerings, leading to tight margins and cash flow struggles. Consider: Bundling Services: Create packaged service offerings to encourage larger commitments from clients. Value-Based Pricing: Charge based on the value you provide rather than just hourly rates. Regular Pricing Reviews: Reassess your pricing annually to ensure profitability. 3. Implement a Recurring Revenue Model Recurring revenue provides predictable cash flow and reduces the pressure of constantly acquiring new clients. To transition to this model: Offer Subscription-Based Services: Create monthly retainers or ongoing support packages. Encourage Long-Term Contracts: Provide discounts for clients who commit to extended service agreements. Automate Payments: Use autopay systems to ensure consistent cash inflow. 4. Manage Expenses Strategically Reducing unnecessary expenses can free up cash and improve profitability. Some key actions include: Review Expenses Regularly: Identify non-essential costs and renegotiate vendor contracts. Use Technology to Streamline Operations: Invest in tools that automate administrative tasks and reduce manual labor. Outsource Strategically: Leverage outsourced bookkeeping or virtual assistants instead of hiring full-time staff. 5. Forecast and Plan for Cash Flow Gaps Proactively managing your cash flow ensures you can handle slow periods without financial strain. To stay ahead: Create a Cash Flow Forecast: Use financial software to predict cash inflows and outflows. Build a Cash Reserve: Set aside funds for emergencies or seasonal dips in revenue. Secure a Line of Credit: Establish credit before you need it, so you have access to funds when necessary. Improving cash flow isn’t just about cutting costs or chasing payments—it’s about implementing smart financial strategies that create stability and growth. By optimizing invoicing, refining pricing, adopting recurring revenue, controlling expenses, and forecasting cash needs, you can take control of your business’s financial health.  If you need help optimizing your financial systems and cash flow strategy, First Steps Financial is here to support you. Schedule a consultation today!

Outsourced Accounting vs. Fractional Accounting: What’s the Difference?

By Alisa McCabe • April 15, 2025
As a service-based business owner, managing finances effectively is key to growth and profitability. When looking for financial support, you may come across terms like "outsourced accounting" and "fractional accounting." While they may sound similar, they serve different purposes and offer unique benefits. Understanding the differences can help you decide which approach best suits your business needs. What is Outsourced Accounting? Outsourced accounting refers to hiring an external firm to handle bookkeeping and financial reporting tasks on an ongoing basis. This solution is ideal for businesses that need consistent, reliable financial management but don’t require a full-time, in-house accounting team. Key Benefits of Outsourced Accounting: Cost-Effective: More affordable than hiring an internal accounting department. Scalability: Services can be tailored to your business size and needs. Access to Expertise: Work with professionals who specialize in bookkeeping, payroll, and tax preparation. Technology-Driven: Many firms use cloud-based software like QuickBooks Online for efficiency and real-time reporting. What is Fractional Accounting? A fractional accounting firm provides higher-level financial strategy and decision-making support, often acting as a part-time CFO or controller. This approach is best for businesses that need more than basic bookkeeping but don’t yet require a full-time financial executive. Key Benefits of Fractional Accounting: Strategic Financial Oversight: Helps with budgeting, forecasting, and financial planning. Higher-Level Expertise: A fractional CFO or controller can provide insights beyond day-to-day transactions. Customizable Support: Businesses can engage a fractional firm for a few hours a week or month based on their needs. Growth-Focused: Ideal for scaling companies needing financial strategy without the full-time cost of an in-house CFO. Which One is Right for Your Business? The choice between outsourced and fractional accounting depends on your business size, complexity, and financial goals. Choose Outsourced Accounting if: You need reliable bookkeeping, payroll management, and financial reporting but don’t require deep financial strategy. Choose Fractional Accounting if: Your business is growing, and you need financial leadership, cash flow management, and strategic planning without the cost of a full-time CFO. The Best of Both Worlds Some firms, like First Steps Financial, offer both outsourced accounting and fractional CFO services. This allows businesses to start with outsourced accounting and scale up to fractional services as they grow, ensuring they always have the right financial support. Both outsourced accounting and fractional accounting firms can play a crucial role in your business’s success. The key is understanding where your business stands today and what level of financial expertise will help you achieve your long-term goals. If you’re unsure which option is best for you, First Steps Financial can help! Contact us today to discuss your needs and find the right financial solution for your business.

CONTACT US

Contact Us