Advance Thief River will be offering Money Smart training beginning September 17. This curriculum is designed for new or existing small business owners, and provides a practical introduction to many of the most important aspects of managing a business.
Training will be offered online in one-hour sessions and participants can register for one, all, or as many of the sessions as they wish. There is no charge for the training, but registration is required. Participants will be provided with a workbook for each session and have ability to participate in the live training, or download the session video to view at a later time if unable to attend the live session.
The curriculum includes 13 modules:
- Banking Services–what is available for small businesses
- Cash Flow–practical problem solving
- Credit Reporting–what you need to know about managing your credit
- Financial Management–understanding this critical practice
- Insurance–choices for small business
- Is Owning a Business a Good Fit For You–know your strengths
- Organizational Types for Small Business–pros and cons of business structures
- Planning for a Healthy Business–start-up from plan to reality
- Record Keeping
- Risk Management–as a managerial tool
- Selling a Small Business and Succession Planning–developing an exit strategy for your business
- Tax Planning and Reporting–understanding your taxes and your business
- Time Management–tips to make you more efficient
The training will be led by Advance Thief River Director, Michelle Landsverk, who has had 20 years of experience in business consulting and training. She is a certified Core Four Business Planning trainer and former director of the Minnesota Women’s Business Center, where she trained, mentored, and consulted with business owners from across Northwest Minnesota. She has also owned a main street business and brings that experience with her to these sessions.
Each session is a stand-alone training, so individual businesses can pick and choose the topics that are most important to them.
- Clarify some of the myths and realities of small business ownership.
- Start a self-assessment to determine your readiness to become a small business owner.
- Set a plan of action to complete your self-assessments by seeking feedback from stakeholders, such as family, friends, and potential customers.
Identify general characteristics, advantages, and disadvantages of each of these organizational types for small businesses:
- Sole Proprietorship
- Limited Liability Company (LLC)
- Explain how an evolving planning process can help you make key decisions as business owners.
- Describe how to convert a vague idea into a resource plan.
- Explain the importance of a healthy personal credit score and healthy relationships with lenders.
- Describe how a business plan helps motivate stakeholders to understand and support your business ideas.
- Explain the benefits of creating a day-to-day action plan for running a small business.
- Explain the concept of credit reporting and the impact of credit reports on the operation or growth of a small business.
- Identify the credit reports and other reporting systems commonly used to assess the risk of extending credit to a small business.
- Explain how these credit reports work.
- Identify the banking services commonly available to a small business and explain how these services work.
- Identify the advantages and disadvantages of each of the banking services.
- Explain how small business owners decide which banking services are best for their business.
- Define several forms of deposit insurance.
- Describe the purpose of cash flow management in a start-up small business.
- Assess a cash flow cycle and make some cash flow projections.
- Describe how a cash flow statement can help assess and improve the financial health of a start-up.
- Explain the concept of record keeping and its importance to small businesses
- Identify record keeping practices, rules, and tools commonly available to small businesses
- Explain how record keeping practices, rules and tools work
- Identify the common risks associated with a small business
- Identify the external and internal factors which affect risk for a small business
- Identify situations which may cause risk for a small business
After completing this training, you will be able to:
- Identify the federal, state, and local tax reporting requirements of a small business and its owner, and establish a plan to account and pay them.
- Identify methods for researching the local, municipal, and county reporting/licensing requirements for a small business.
- Change ownership of a business through selling, closing, or handing to a successor.
- Establish an exit strategy for retirement including a succession plan, transfer of ownership, and taxes.