Financial Literacy Month: 5 things you can do to improve your business's financial wellness
April is Financial Literacy Month, a time for you to learn more about the complicated world of finances and how to make more informed financial decisions. Whether you are a seasoned business owner or just starting out, navigating your business’s finances can be difficult. To help you improve your business’s financial wellness, we’ve put together five proactive strategies you can use to stay fiscally fit.
1. Update your business plan
As a small business owner, your business plan is a crucial tool for establishing long-term goals and understanding the steps needed to achieve them. By updating your business plan to reflect your current financial goals, you can make more informed decisions and better navigate future market changes. Additionally, as your business expands, maintaining an updated plan will be essential to securing financing through grants or loans. Access these business plan templates and tips to get started.
2. Address outstanding debt
While some businesses may see debt as a hindrance, when managed effectively, debt can serve as a tool for business growth. By managing debt, you can enhance your business's cash flow and credit profile, making it easier to secure funding in the future. Use these debt accumulation resources to help establish better financial habits for your business.
3. Improve your money management skills
As a small business owner who might not be able to hire an accountant, understanding how to effectively manage your finances yourself is an important skill. When done correctly, money management allows you to make profitable business decisions and achieve financial success. Utilize the Money Smart toolkit from the Federal Deposit Insurance Corporation (FDIC) and the U.S. Small Business Administration (SBA) and these budgeting worksheets from the Financial Literacy & Education Commission to improve your skills.
4. Take a financial literacy course
Invest in your business’s financial wellness by taking a financial literacy course. Verizon's Small Business Digital Ready program offers a variety of free courses that can help you better understand your finances and how to reach your financial goals. Looking to get back to the basics of financial wellness? Explore new courses on making your business profitable, understanding your credit score and more on Venturize.
5. Get help from experts
Remember, you do not have to do this alone! Organizations like Founders First Capital Partners offer coaching services to help you better understand your finances. Additionally, platforms like Nav can help you leverage your financial data to get financing offers by monitoring your personal and business credit. Looking for more one-on-one support? Our technical assistance provider map can help you find organizations nearby that are ready to help.
Ready to get started? Learn more about financial literacy with these additional resources.