Small Business Financial Literacy Training-Part 1

Small Business Financial Literary Training teaches the critical importance of financial literacy for the sustainability and resilience of small businesses, emphasizing the need to integrate financial understanding into everyday operations. It addresses key areas such as cash flow management, the significance of financial statements, and risk mitigation strategies. Furthermore, it underscores the connection between financial literacy and a business’s ability to access capital effectively. *This training program will be taught as a three-part series. While attending each session is strongly encouraged to gain the maximum knowledge of this vitally important subject, it is not required. • Financial literacy is essential for the sustainability and credibility of small businesses across various industries. • Many small businesses prioritize tax positioning over comprehensive financial understanding, resulting in neglect of financial literacy. • The initial phase of a financial literacy program focuses on becoming and sustaining bankability. • Key components of financial literacy include understanding cash flow management and accurately forecasting performance. • Reading and interpreting bank statements and balance sheets is crucial for effective financial decision-making. • Knowledge of current debt, including its types and compliance requirements, is vital for maintaining financial health. • Regular financial statements provide insight into a business’s performance and are necessary for informed management decisions. • Effective supply chain and inventory management, alongside risk mitigation, are fundamental for anticipating market shifts and pricing correctly. Part 1- Becoming and Sustaining Bankability Part 2-Cash flow management, forecasting, understanding financials, importance of credit scores and different types of debt. Part 3-Supply chain and inventory management, taxes, and putting it all together.

Speaker(s): James Buckner-CBA, Ohio SBDC Miami Regionals Andy McCreanor-Alloy Development (Retired) Community Development Company

Co-Sponsor(s):

Fee: No Cost