In today’s unpredictable business landscape, having a financial contingency plan is not just prudent; it’s essential. Eduardo Miramontes, Member Success Manager at A+ Federal Credit Union, shares his insights on the importance of financial preparedness for businesses. With his rich background and dedication to helping others, Eduardo offers valuable advice that every business owner should consider.
Eduardo Miramontes’ story begins in Mexico, where he spent the first half of his life working for major banks. His career took a significant turn when he moved to the United States in 2009, choosing to work exclusively with credit unions. Starting as a member service counselor, he has held various roles, including branch manager positions. Today, as a Member Success Administrator, Eduardo focuses on developing strategies to better serve the Hispanic community, bringing his passion for helping others to the forefront.
Eduardo’s professional journey is deeply intertwined with his personal values. He believes that the true purpose of life is to assist and support those around us. Every day, he finds joy in making a positive impact on people’s lives through his role at A+ Federal Credit Union. Unlike traditional banks, credit unions operate as not-for-profit organizations owned by their members. This member-centric approach ensures that the primary focus remains on serving the members rather than generating profits. Each member has a vote in electing the board of directors, who serve voluntarily. This structure allows employees like Eduardo to prioritize helping members without the pressure of meeting sales targets, aligning perfectly with his personal values and professional mission.
Eduardo frequently encounters business owners who lack a contingency plan or savings for unforeseen events. He emphasizes the importance of defining what constitutes a “rainy day” and differentiating it from regular, predictable expenses. For instance, regular vehicle maintenance should be planned for, whereas something as unpredictable as the COVID-19 pandemic exemplifies a true rainy day scenario.
While many potential challenges in business can be anticipated and planned for, truly unforeseeable events require a dedicated rainy day fund. This fund should be distinct from regular savings and specifically earmarked for emergencies. During the pandemic, businesses with such savings were better able to retain employees and maintain operations while awaiting government assistance.
For entrepreneurs and small business owners, Eduardo’s primary advice is to start saving immediately, regardless of the amount. Developing the habit of setting aside a portion of income regularly is crucial. He suggests treating savings as an expense within your budget to ensure it becomes a consistent practice. Whether it’s a percentage of income or a fixed amount, the key is to begin without delay and maintain the discipline to continue saving over time.
Eduardo Miramontes’ insights highlight the critical role of financial preparedness in business success. By understanding the unique advantages of credit unions, recognizing the importance of a rainy day fund, and starting to save immediately, business owners can build a more resilient and sustainable future.
Katherine is a summer intern here at EGBI. She will be going into Junior year in these coming months. She was born here in Austin Texas. She is planning on playing soccer, basketball, and volleyball. She also enjoys skateboarding during her free time.
Are you currently in school? If so, what grade will you be going to this year?
Yes I am currently in school, I will be going into junior year.
Where were you born?
I was born here in Austin Texas.
Do you do any activities in school?
I don’t do activities, but this year i am planning on joining cheerleading or basketball.
What are some other activities you do outside of school?
Outside of school I love walking, talking to my friends, I also enjoy skateboarding and watching series on netflix and eating. And I love listening to music a lot.
How did you end up here at EGBI?
I am an intern here in EGBI, I always wanted to study criminal justice as well as having a business. I ended up choosing a business office because I wanted to learn a few things and get experience that will be useful for my future.
What’s a fun fact about you?
A fun fact about me is that I play soccer, basketball, and volleyball.
Do you enjoy it here at EGBI?
I enjoy being here and having an opportunity to work for EGBI. I love how they help people and teach them new things. Another thing is as an intern they still have expectations we have to follow so they can teach us how work is done, how we can be time efficient, and among other things.
What’s a good experience you had here at EGBI?
A good experience I had here at EGBI is being able to talk to business owners as well as co-workers and making new friends.
Has EGBI helped you achieve a goal of yours?
EGBI has helped me personally and professionally to better my communication and expand my vocabulary. They have also taught me a few business tips as well and I will forever be grateful to this amazing organization and for giving me the opportunity to be here.
Katherine es una pasante de verano aquí en EGBI. Ella entrará al tercer año en los próximos meses. Nació aquí en Austin Texas. En la escuela juega fútbol, basketball, y volleyball. También le gusta andar en patineta durante su tiempo libre.
¿Estás en la escuela? Si es así, ¿A qué grado irás este año?
Sí, estoy en la escuela, entraré al tercer año.
¿Donde naciste?
Nací aquí en Austin Texas.
¿Realizas alguna actividad en la escuela?
No hago actividades, pero este año planeo unirme a porristas o baloncesto.
¿Cuáles son algunas otras actividades que haces fuera de la escuela?
Fuera del colegio me encanta caminar, hablar con mis amigos, también disfruto andar en patineta y ver series en netflix y comer. Y me encanta escuchar música mucho.
¿Cómo llegaste aquí en EGBI?
Soy pasante aquí en EGBI, siempre quise estudiar justicia penal además de tener un negocio. Terminé eligiendo una oficina de negocios porque quería aprender algunas cosas y adquirir experiencia que me fuera útil para el futuro.
¿Qué dato curioso sobre ti?
Un dato curioso sobre mí es que juego fútbol, baloncesto y voleibol.
¿Lo disfrutas aquí en EGBI?
Disfruto estar aquí y tener la oportunidad de trabajar para EGBI. Me encanta cómo ayudan a las personas y les enseñan cosas nuevas. Otra cosa es que, como pasantes, todavía tienen expectativas que debemos seguir para poder enseñarnos cómo se hace el trabajo, cómo podemos ahorrar tiempo y, entre otras cosas.
¿Cuál fue una buena experiencia que tuviste aquí en EGBI?
Una buena experiencia que tuve aquí en EGBI fue poder hablar con dueños de negocios y compañeros de trabajo y hacer nuevos amigos.
¿EGBI te ha ayudado a alcanzar alguna de tus metas?
EGBI me ha ayudado personal y profesionalmente a mejorar mi comunicación y ampliar mi vocabulario. También me han enseñado algunos consejos de negocios y siempre estaré agradecido con esta increíble organización y por darme la oportunidad de estar aquí.
¿Hay algo más que te gustaría compartir?
Y no tengo nada más que compartir, gracias
Traducido en Español por Michael Arroyo. Encuentre la version Ingles aqui
My name is Larissa Davila and I am happy to welcome you to our space for small business owners in Central Texas. I am part of the La incubadora podcast and this project is part of an economic broad business incubator. EGBI is a local non-profit organization in Central Texas with the mission of providing training, coaching, and support to entrepreneurs and existing business owners who face a barrier to growing a successful business. We believe that every business should be profitable, sustainable, and an asset to our community. We dedicate all our efforts to pave the way for a community where this is attainable. The organization works with micro and small business owners who have been in businesses for less that five years and many businesses we work with are not active yet. Some companies associated with EGBI could be considered informal businesses but the owners are ready to transition into a more structured format. Typically companies that partner with EGBI are family businesses or what is defined as a family business or a lifestyle business. This is a type of business that guys into the lifestyle of the business owner. The reason we decided to launch a language podcast is because we see success stories everyday and we wanted to create a space to share these stories. We also receive lots of questions that are very repetitive and we wanted to provide audio and video for small business owners to be able to listen to this information at their own business, own time, and at their own pace. To be able to take notes. Once they are ready they can come forward and continue with their coaching services. We also know that we talk a lot of entrepreneurs that have a lot of experience. We speak with leaders of opinion and with people that work in risk in organizations and companies that are resources for small business owners and we wanted to provide all information in one space. Additionally all the episodes that we record are recorded in both English and Spanish. If you listen to this episode in a language that is not your primary language just skip to the next episode and you’ll find that in another language. Remember at EGBI we offer coaching and support for small business owners and you can find all the information out at egbi.org. If you know someone who could benefit from this information please share with them this link. We want you to join us as a client, ally, volunteer, or sponsor. We are here to help.
Find video here and find the Spanish version here.
I am of Mexican origin, I have been living in the Austin Tx area for some years, I am the wife of Mr Jorge Soto and mother of 2 children Jorgito and Samantha Soto. We have 2 dogs that are part of our family Covid and Sky. Personally, I like walking in nature, reading and meeting new people. I am part of the work team of S & G Builds, a company dedicated to remodeling and construction, my role at this moment is to take charge of the numbers (Bookkeeping) and thanks to the support of EGBI I am learning more about this activity.
What is your favorite part of what you do in your business?
My favorite part is that I’m learning something different.
What has been the most difficult moment for you in your profession?
A difficult part was at the beginning where there were not many clients and the income was not very stable.
How has EGBI helped you?
EGBI has helped me train and continue learning about how a business is structured in the United States.
Tell us a fun fact about yourself
Something fun about me is that people can like me.
If you had the opportunity, would you change anything about what you have achieved?
I wouldn’t change anything that I have experienced, because I believe that this is the process that I had to go through in order to get to where I am today.
If you could do it all over again, would you still join EGBI? Why yes or why not?
I would definitely join EGBI because they are a very complete organization that has everything necessary to support and train people who have decided to start a business.
EGBI provides training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. If you would like to know more about EGBI’s business coaching, visit https://egbi.org/coach/ Spanish-(https://egbi.org/es/coach-2/).
