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Money Smart for Small Business

Money Smart for Small Business is a training program for small businesses developed jointly by FDIC and SBA. Delivered in ten 1-hour sessions, participants are introduced to a different topic in each session and provided an overview, basic concepts, and key points.

What are the topics covered?

Money Smart for Small Business sessions provides a broad overview of ten essential business concepts, which provide business owners the opportunity to clearly understand the magnitude of starting owning and operating a business.

As a result of these sessions, participants gain the ability to become better business owners and potentially better customers for financial institutions in our community.

  • Session 1:  Organizational Types  (pros and cons of business structures)
    After completing this module, the participants will become familiar with the common types of business formations, including:
    • Sole Proprietorship
    • Partnership
    • Limited Liability Company (LLC)
    • C-corporation

  • Session 2:  Time Management  (tips to make you more efficient)
    After completing this module, the participants will be able to:
    • Improve their time management skills.
    • Apply some common time management practices, such as:
      • ABC Analysis
      • Pareto Analysis
      • Eisenhower Method
      • POSEC Method

  • Session 3:  Financial Management  (understanding this critical practice)
    After completing this module, the participants will be able to:
    • Understand the essentials of financial management.
    • Apply financial management practices, rules, and tools most relevant for small businesses.
    • Prepare for common business financing needs: start-up finance, working capital, and fixed asset loans.

  • Session 4:  Record Keeping  (as a managerial tool)
    After completing this module, the participants will be able to:
    • Improve their overall recordkeeping practices.
    • Apply tricks and tools relevant to their business.
    • Choose among various software to support their recordkeeping.

  • Session 5:  Banking Services (designed for small businesses)
    After completing this module, the participants will be able to:
    • Recognize the most common banking services for small businesses, including merchant services, payroll processing, business credit and others.
    • Understand how other small business owners decide which banking services to use.
    • Evaluate the applicability of each of banking service to their business needs.

  • Session 6:  Credit Reporting  (demystified)
    After completing this module, the participants will be able to:
    • Understand how credit reports are used in the underwriting of business loans.
    • Apply common business practices and tools to help in proper credit reporting.
    • Develop strategies to build or improve their business’ credit.
    • Protect themselves from credit-related scams and know what to do if their business becomes a victim.

  • Session 7:  Risk Management  (planning for what you can and cannot control)
    After completing this module, the participants will be able to:
    • Understand the external and internal factors which affect risk for a small business.
    • Recognize the common warning signs of risk for a small business.
    • Implement, monitor, and evaluate a risk management plan for their business.

  • Session 8:  Insurance  (choices for businesses)
    After completing this module, the participants will be able to:
    • Understand their business’ insurance needs.
    • Choose the insurance products that are best for their business.

  • Session 9:  Tax Planning and Reporting 
    After completing this module, the participants will be able to:
    • Predict their businesses’ federal, state and local tax liabilities.
    • Prepare for tax obligations and establish proper accounts.
    • Obtain the proper licenses for their business and meet reporting requirements.

  • Session 10: Selling Your Business and Succession Planning
    After completing this module, the participants will be able to:
    • Incorporate life-cycle issues into their management planning.
    • Decide the best option for them to exit their business.
    • Prepare for retirement.

Money Smart is offered at least twice annually. You may complete all training modules or participate in individual modules in order to improve critical business and financial skills.

Who Needs This Training?

  • New and aspiring entrepreneurs
  • Persons without formal financial training
  • Existing business owners who want to know more about financials
  • Anyone who wants to increase their "financial IQ"

Check our calendar for program dates.