Making money isn’t the same thing as knowing money.
After more than a decade running her dentistry business, Precision Dental, Dr. Tywana Groce joined the Greenville Chamber’s Minority Business Accelerator to improve her marketing acumen. But it was the financial coaching that revealed her true blind spot.
She wasn’t too excited about having a required financial coach at first.
“I felt like I didn’t need her. I was like, I got this,” says Groce. But after several months in the MBA, she’s almost embarrassed about how wrong she was. A former math major who likes numbers, she’d learned business finance on the fly. And it wasn’t good enough.
“I was making decisions off of nothing — off of just thin air — and hoping for the best. I wasn’t looking at monthly financial reports. I didn’t know what to ask.”
Coaching showed her how a personal aversion to debt was driving her to pay off business debt too fast. She learned her business was actually healthier than it looked on paper due to poor communication with her accountant. She forged a new relationship with finances.
"Since February, I have been sitting down frequently with my accountant and we clean everything up. And I am proud to say my books look great.”
