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Money Smart Small Business

 An FDIC  and SBA Business Training Curriculum for Entrepreneurs

Money Smart Orientation

Money Smart for Small Business is a FDIC and SBA Business Training Curriculum for Entrepreneurs. Each of the modules are instructor guided and are taught in vary ways and methods according to industry, size and location.

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Money Smart Overview

What will be covered?

The following modules provide an introduction to the basic concepts to be covered. Each module can be completed in apporimately 60 minutes.

Lesson 1: Is Owning a Business a Good Fit for You?

After completing this module, participants will be able to:

  • Distinguish the myths and realities of small business ownership.
  • Start a self-assessment to determine their readiness to become business owners.
  • Set a plan of action gathering feedback from family, friends and potential customers.
Lesson 2: Planning for a Healthy Business

After completing this module, participants will be able to:

  • Convert a vague idea into a resource plan.
  • Understand how a business plan helps motivate stakeholders to support their business ideas.
  • Understand the importance of personal credit and a healthy relationship with lenders.
Lesson 3: Managing Cash Flow

This module should be taught after the Financial Management module has been completed. After completing this module, participants will be able to:

  • Understand the purpose of cash flow management in a small business.
  • Make cash flow projections based on the cash cycle.
  • Identify some ways to manage cash flow, including receivables and payables.
  • Work more effectively with technical experts.
Lesson 4: Organization Types

After completing this module, the participants will become familiar with the common types of business formations, including:

The pros and cons of business structures

  • Sole Proprietorship
  • Partnership
  • Limited Liability Company (LLC)
  • C-corporation
  • S-corporation
Lesson 5: Time Management

After completing this module, the participants will be able to:

Improve their time management skills. Learn tips to make you more efficient

  • Apply some common time management practices, such as:
    • ABC Analysis
    • Pareto Analysis
    • Eisenhower Method
    • POSEC Method
Lesson 6: Financial Management

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.
Lesson 7 : Recordkeeping

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.
Lesson 8: Banking Services

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.
Lesson 9: Credit Reporting

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.
Lesson 10: Risk Management

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.
Lesson 11: Insurance

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.
Lesson 12: 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.
Lesson 13: Selling Your Businessand 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.
SPECIAL EDITIONS

We offer the following Special Editions of Money Smart:

  • Money Smart for Adults
  • Money Smart for Young People
  • Money Smart for Youth K-12
  • Money Smart for Older Adults
  • Money Smart for Emerging Businesses
  • Money Smart Social Enterprise Edition
  • Money Smart for Family Owned and Operated Businesses
  • Money Smart for E-commerce Businesses
  • Money Smart by Industry ( we can customized an industry specific edition of Money Smart upon demand)
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