Money Smart for Your Small Business with SBA

Money Smart for Small Business is a financial education series developed jointly by the U.S. Small Business Administration (SBA) and Federal Deposit Insurance Corporation (FDIC).

The more you plan, the more informed you can be, which in turn helps you focus your priorities and make great decisions in the process. Topics will include planning for startup costs, understanding your credit score, importance of an overall business plan and a day-to-day action plan for running a business.

Effective financial management gives you tools to chart your course into the future, adjust your direction when needed, and help you find your way through challenging times. When your business growth requires financing with loans, sound financial management provides the information to determine the borrowing capacity of your business.

The success of your business depends on creating and maintaining an effective record system, whether your business is a sole proprietorship, partnership, or corporation. Whether simple or complex, a record keeping system must be easy to use and provide adequate storage and retrieval of records.

While many businesses run for years, even over several generations, businesses do open and close all the time. When the time comes, it is essential to know how to assess the value of a business, determine whether a business should be sold, and understand the overall process.