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Is Your Business Fiscally Fit?

Financial Literacy and Education Commission

The Financial Literacy and Education Commission was established under Title V of the Fair and Accurate Credit Transactions (FACT) Act of 2003 to improve the financial literacy and education of persons in the United States. The U.S. Small Business Administration (SBA) wishes to bring financial literacy not only to America as a whole, but specifically to small businesses and future entrepreneurs.  The commission was asked to develop a national financial education website (www.MyMoney.gov), along with a hotline (1-888-My Money) and a national strategy on financial education. It is chaired by the Secretary of the Treasury and comprises the heads of 21 federal entities, including SBA.

 

Money Smart for Small Business

If you want to start a business or learn how to better manage your business money, begin with Money Smart.  SBA and FDIC jointly provide an instructor-led business training curriculum, Money Smart for Small Business, for free. This curriculum is designed to provide introductory-style training for new and aspiring entrepreneurs. The 13 modules provide the most essential information on running a small business from a financial standpoint. In addition to grounding participants in the basics, the curriculum serves as a foundation for more advanced training and technical assistance.

 

Money Smart for Small Business consists of 13 modules listed below that cover a wide range of interests and knowledge level of the targeted audience. Each module is available in English and Spanish and has three components including a text accessible instructor guide, participant guide, and PowerPoint slides.  The materials are designed to teach each module in approximately one hour.  Modules can be taught in any order or independently. All the Money Smart curricula are free and available for download.  PDF English versions of the files are made available below for easy access.  To be informed about the latest developments of Money Smart for Small Business or to join the Money Smart for Small Business Trainers Alliance please go to the FDIC website here.

 

The 13 modules include:

1. Is Owning a Business a Good Fit for You?  - NEW

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.
Download the Owning a Business Instructor Guide, Participant Guide, and Classroom Presentation to get started!

 

2. Planning for a Healthy Business    -NEW
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.
Download the Planning for a Healthy Business Instructor Guide, Participant Guide, and  Classroom Presentation to get started!

 

3. Managing Cash Flow - NEW
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.
Download Managing Cash Flow Instructor Guide, Participant Guide, and  Classroom Presentation to get started!

 

4. Banking Services
After completing this module, you will be able to:

  • Identify the most common banking services for a small business, including business checking, payroll processing, business loan and others
  • Evaluate your business and what banks have to offer to you
  • Identify which banking services are the best for your business
Download the Banking Services Instructor Guide, Banking Services Participant Guide, and Banking Services Classroom Presentation to get started!

 

5. Organizational Types
After completing this module, you will be able to:

  • Explain general characteristics, pros, and cons of these five common organizational types: Sole proprietor, Partnerships, Limited liability company(LLC), C-corporation and S-corporation
  • Understanding what is the consideration when you decide your organization types
  • Identify which organization types can benefit your business
Download the Organizational Types Instructor Guide, Organizational Types Participant Guide, and Organizational Types Classroom Presentation to get started!

 

6. Time Management
After completing this module, you will be able to:

  • Understand why time management is important to small business
  • Apply some general time management practices, including: Pareto Analysis, ABC Method, Eisenhower method and POSEC method.
Download the Time Management Instructor Guide, Time Management Participant Guide, and Time Management Classroom Presentation to get started!

 

7. Financial Management
After completing this module, you will be able to:

  • Understand the concept of financial management and its importance
  • Explain financial management practices, rules, and tools commonly available to small business
  • Identify financing basics for small business, such as: start up financing, financing fixed asset, working capital
Download the Financial Management Instructor Guide, Financial Management Participant Guide, and Financial Management Classroom Presentation to get started!

 

8. Record Keeping
After completing this module, you will be able to:

  • Explain record keeping basics- practices, rules, and tools
  • Understand how and which records can benefit your business
  • Identify software products relevant to business record keeping
Download the Record Keeping Instructor Guide, Record Keeping Participant Guide, and Record Keeping Classroom Presentation to get started!

 

9. Credit Reporting
After completing this module, you will be able to:

  • Understand the purpose for credit reporting and its benefits, risks, and responsibilities
  • Explain how these credit reports works and Identify differences between business and consumer credit reports
  • Understand how to improve your business’ credit.
Download the Credit Reporting Instructor Guide, Credit Reporting Participant Guide, and Credit Reporting Classroom Presentation to get started!

 

10. Risk Management
After completing this module, you will be able to:

  • Identify the common risks relevant to a small business.
  • Identify the common warning signs of risk for a small business.
  • Implement, monitor, and evaluate a risk management plan for their business
Download the Risk Management Instructor Guide, Risk Management Participant Guide, and Risk Management Classroom Presentation to get started!

11. Insurance

After completing this module, you will be able to:

  • Understand why insurance is needed for a small business
  • Identify other types of insurance that a small business should consider
  • Explain how to choose the insurance products that are best for your business.
Download the Insurance Instructor Guide, Insurance Participant Guide, and Insurance Classroom Presentation to get started!

 

12. Tax Planning and Reporting
After completing this module, you will be able to:

  • Understand the federal, state, and local tax reporting requirements of a small business
  • Explain how to manage your tax obligations and establish proper accounts
  • Understand how the forms and processes are used to pay business taxes
Download the Tax Planning and Reporting Instructor Guide, Tax Planning and Reporting Participant Guide, and Tax Planning and Reporting Classroom Presentation to get started!

 

13. Selling a Small Business and Succession Planning
After completing this module, you will be able to:

  • Explain how to sell and close a business
  • Understand benefits of creating a retirement plan
Download the Selling a Small Business Instructor Guide, Selling a Small Business Participant Guide, and Selling a Small Business Classroom Presentation to get started!