Financial Literacy for Small Businesses

By: Jill Badger, ​Toledo Regional Chamber of Commerce

​Every day the Small Business Development Center (SBDC) tries to help business owners have a better understanding of their financials and here is why. Financial literacy is the education and understanding of various financial areas including topics related to managing personal finance, money, borrowing and investing. This includes but is not limited to understanding how a checking account works, the knowledge of the cash flow of your business, what using a credit card really means, taxes (personal and business) as well as how to avoid debt. 

​Being financially literate enables you to make smarter money management decisions that leads directly to a financially secure future, one that protects the assets you have built. It also allows you to track your spending and set up a budget which will allow you to properly manage your money. A budget forces you to put down on paper all of your income and expenses, and this can be an indispensable tool for helping you meet financial obligations now and in the future.
 
A budget can be a real eye opener when it comes to spending choices. In summary, financial literacy impacts the daily issues an average family or business owner comes across when trying to balance a budget, buy a home or business, and helps to ensure a viable income at retirement.
 
If you would like to learn more on how the SBDC can help your business on this and other issues, call 419-243-8191 or reach out to Jill at Jill.Badger@toledochamber.com