MoneySmart Training

Managing Cash Flow
• 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.

Banking Services
• 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

Organizational Types
• 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 the considerations when you decide your organization types
• Identify which organization types can benefit your business

Time Management
• 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.

Financial Management
• 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

Record Keeping
• 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

. Credit Reporting
• 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.

Risk Management
• 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

Insurance
• 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.

Tax Planning and Reporting
• 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

Selling a Small Business and Succession Planning
• Explain how to sell and close a business
• Understand benefits of creating a retirement plan