Intentionality with Dominique Featuring K. Angela Webb and Walter Davis of Partners Risk Strategies

K. Angela Webb and Walter Davis

Welcome to another episode of Intentionality with Dominique with your host Dominique Simpson Milton, sponsored by The Carolinas-Virginia Minority Supplier Development Council. In today’s segment, we are joined by K. Angela Webb and Walter Davis, Founding Partners of Partners Risk Strategies.

The mission of this show is to improve the success rate of entrepreneurs and show them how to become valued and in demand suppliers in the marketplace so they can scale their business.

The Four Common Business Problems

  1. Lack of Contract Opportunities: How can you find and secure those elusive contracts that will fuel your growth?
  2. Capital Shortages: Where will the startup capital and cash flow come from, and how can you maintain it?
  3. Inability to Scale: How can you expand your operations to take on larger contracts and maintain stability when the market shifts?
  4. Overall Readiness: Are you coachable? Can your business pivot when necessary?

A Deep Dive Into Risk Protection

Dominique’s guests, K. Angela Webb and Walter Davis, Founding Partners of Partners Risk Strategies, bring to the table a wealth of knowledge in risk management consultancy and commercial insurance. They advocate for a robust understanding of risk management, going beyond the mere transactional purchase of insurance to a more strategic integration of risk protection into your business operations.

Why Risk Management?

“Large companies get it. Large companies think about risk and control,” says Walter. Smaller businesses, however, often overlook this critical aspect. They opt for the cheapest insurance, not realizing the value of comprehensive coverage until disaster strikes. The question is, do you want to be reactive or proactive?

Insurance Beyond the Basics

Insurance isn’t just a safety net – it can be a strategic tool for wealth building within your company. Imagine insurance products that not only protect but also contribute to retirement funds, succession planning, and even return value to your business. This approach to insurance turns a grudge purchase into a smart investment.

When to Consult a Risk Management Expert?

Now, you may wonder, “Is my business too small for this? When is the right time to seek guidance?” The answer is simple: if you own a business, it’s time. Whether you’re a startup or a multi-million dollar enterprise, a holistic review of your risk and insurance needs can save you money and secure your business’s future.

What Sets Partners Risk Strategies Apart?

It’s not about the insurance products alone; it’s the talent and experience behind them. With a team of former bank executives and professionals who have worked with giants like Amazon and AIG, Partners Risk Strategies offers a depth of knowledge and a breadth of perspective that’s hard to match.

The Importance of a Good Business Plan

A good business plan is not a “set it and forget it” document. It’s a living, breathing strategy that requires regular updates and refreshes. Without it, you’re steering a ship with no compass, vulnerable to every wind and wave that comes your way.

A holistic approach to business – one that encompasses risk management, strategic planning, and the right kind of insurance – can be the difference between thriving and merely surviving. As Dominique Simpson Milton reminds us, we must “remain intentional to gain knowledge, skills, and connections so we can grow and thrive in business together.”

Key Takeaways

  1. Risk Management is Proactive Success Planning: Consider risk management an integral part of your business strategy, not an afterthought.
  2. Insurance Can Be an Asset, Not Just an Expense: Look for insurance solutions that contribute to your company’s growth and wealth.
  3. Consult Early, Not Just When Needed: Engage with risk management experts early in your business journey to ensure preparedness for all eventualities.
  4. Refresh Your Business Plan Regularly: Keep your business plan dynamic and responsive to the changing business environment.
  5. Assemble Your A-Team: Ensure you have a skilled banker, accountant, and attorney as part of your core advisory team.

Visit cvmsdc.org for more resources on supplier diversity and to connect with a community dedicated to intentional business growth. Remember, in the words of Dominique Simpson Milton, “we must always, always remain intentional to gain knowledge, skills, and connections so we can grow and thrive in business.”

Connect with K. Angela Webb
LinkedIn
Website
awebb@partnersrisk.com

Connect with Walter Davis
LinkedIn
Website
wdavis@partnersrisk.com

Other Featured Content