Is Owning a Business a Good Fit for You?
- 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.
Planning for a Healthy Business
- 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.
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
- Understand the 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
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
- dentify financing basics for small business, such as: start up financing, financing fixed asset, working capital
Record Keeping
- 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
- 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
- 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
- How to sell and close a business
- Understand benefits of creating a retirement plan