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ELY: Manage Your Money for You and Your Business

 

Event: ELY: Manage Your Money for You and Your Business

Presenter: Tamera Brown, Nevada SBDC Business Advisor and Instructor

Description:

If you are a current business owner, or someone who wants to start a small business, this course is for you! Whether you are 16 or 60, the first thing to think about is being smart about money management. Financial Literacy and Basic Business Planning are a powerful combination to successful entrepreneurs!

Who taught you how to manage money? Parents, self, teacher – or none of the above? Maybe you’re one of the 50+ percent of people who still struggles with the concept, practice and understanding of basic budgeting, saving and managing your personal income.

The Nevada SBDC is in the business of helping people start and grow small businesses. One thing we know for sure, everyone who wants to be successful, and profitable, must first gain knowledge, and then practice, of basic, personal money management. Only then will one transfer that (best) practice into their business operations!

This course is designed for people 16 years and older who are serious about starting a new business, and for those who are a current business owner, but never really mastered their personal money management practices, or are perhaps also looking for help with writing the basics of a business plan.

The first six weeks of the course will be all about money management topics and include the following (please see full, detailed descriptions below):

  • Bank on It
  • Borrowing Basics
  • Check it Out
  • Managing Cash Flow
  • Pay Yourself First
  • Keep It Safe
  • Credit Reporting
  • Recordkeeping
  • Loan to Own
  • Tax Planning and Reporting
  • Financial Recovery

The last three weeks of the course will address basic business planning, utilizing the GUIDED Business Plan™ workbook that provides simple steps to writing the four basic sections of a business plan that include (please see full, detailed descriptions below):

  • Executive Summary
  • SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis
  • Marketing Strategy
  • Financials

This course is intended for only those who will commit to the entire 9 weeks of instruction. Students must attend at least 5 of the first 6 weeks to qualify for the GUIDED Business Plan™ instruction that takes place weeks 7, 8 and 9.

Seating is limited, and registration is required. Program content questions can be directed to Kathy Carrico, Statewide Training Director, at kcarrico@unr.edu or (775) 784-6879.

Week 1: Bank on It & Borrowing Basics

Bank on It:
Identify the major types of insured financial institutions
Identify five reasons to use a bank
Describe the steps involved in opening and maintaining a bank account
Describe two types of deposit accounts
Identify additional bank services that come with deposit accounts
Describe the main functions of the bank customer service representative, teller, loan officer, and branch manager

Borrowing Basics:
Define credit and loan
Distinguish between secured and unsecured loans
Identify three types of loans
Identify the costs associated with getting a loan
Identify the factors lenders use to make loan decisions
Explain why installment loans cost less than rent-to-own services
Explain why it is important to be wary of rent-to-own services, payday loans, and refund anticipation loans
Describe how to guard against predatory lending practices

Week 2: Check It Out

Check It Out – Part I:
State the benefits of using a checking account
Determine which checking account is best for you
Identify the steps involved in opening a checking account
Add money to a checking account
Withdraw money from a checking account
Use an Automated Teller Machine (ATM)

Check It Out – Part II:
List four types of electronic banking services
Explain how debit cards are linked to checking accounts
Record fees and transactions in your check register
Reconcile a check register with a bank statement
Explain overdraft fees and how they affect your checking account
Describe how to manage a checking account wisely

Week 3: Managing Cash Flow & Pay Yourself First

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.

Pay Yourself First
Explain why it is important to save
Determine goals for saving money
Identify savings options
Determine which savings options will help you reach your savings goals
Recognize which investment options are right for you
List ways to save for retirement
List ways to save for large expense goals, including: a child’s college tuition, a car or home purchase, or a vacation

Week 4: Keep It Safe & Credit Reporting

Keep It Safe:
Recognize how federal deposit insurance protects deposits
Recognize how to guard against identity theft
Recognize how to prevent elder financial abuse
Recognize how the various types of insurance will help you manage risks
Recognize the need to plan for unexpected death or disability
Describe the ways you need to be financially prepared for disasters

Credit Reporting
Understand how credit reports are used in the underwriting of business loans.
Apply common business practices and tools to help in proper credit reporting.
Develop strategies to build or improve their business’ credit.
Protect themselves from credit-related scams and know what to do if their business becomes a victim.

Week 5: Recordkeeping & Loan to Own

Recordkeeping:
Improve their overall recordkeeping practices.
Apply tricks and tools relevant to their business.
Choose among various software to support their recordkeeping.

Loan to Own
Identify various types of installment loans
Explain why installment loans cost less than rent-to-own services
Identify the questions to ask when purchasing a car
Identify the factors lenders use to make home loan decisions
Explain why it is important to be wary of rent-to-own, payday loans, and refund anticipation loan services
Identify how federal laws protect you when applying for a loan
Guard against predatory lending practices

Week 6: Tax Planning and Reporting & Financial Recovery

Tax Planning and Reporting
Predict their businesses’ federal, state and local tax liabilities.
Prepare for tax obligations and establish proper accounts.
Obtain the proper licenses for their business and meet reporting requirements.

Financial Recovery
Assess your current financial situation
Identify ways to increase income and decrease and prioritize expenses
Develop a financial recovery plan
Identify steps to successfully implement a financial recovery plan
Recognize how to guard against credit repair scams
Identify timeframes to review and adjust your financial recovery plan

Week 7, 8, 9: GUIDED Business Plan

This course is intended for only those who will commit to the entire 9 weeks of instruction. Students must attend at least 5 of the first 6 weeks to qualify for the GUIDED Business Plan™ instruction that takes place weeks 7, 8 and 9. The remaining 10.5 hours of classroom time will be dedicated to writing the four basic sections of a business plan. The process from this particular curriculum makes it easy for anyone, particularly those who find writing difficult, who needs to write a business plan – something that ALL business owners should start with! GUIDED Business Plan utilizes a written process that requires short, simple words and sentences that ultimately shape your business plan.

Executive Summary
Business model
Business concept
Market need
Management
Competition
Target market
Operations
Funding needs
Legal entity

SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis (existing company or concept)
Why is your company outstanding?
What are your company’s areas for improvement?
Why are more people buying the types of products and services you are selling?
What challenges could you and your competitors face?

Marketing Strategy
Product
Price/Sales
Place/Distribution
Promotion (advertising, online, relational, other)

Financials
Personal budget
Determine your start-up costs
Determine your monthly costs
Pricing your products and services
Estimate your sales

Date: 9 Consecutive Monday evenings, beginning March 27, 2017 and ending May 22, 2017

Time: 5:15 - 8:45 PM

Location: White Pine County Library Conference Room, 950 Campton St., Ely NV 89301

City: Ely

Fee: NO CHARGE

Register Here: https://nsbdc.ecenterdirect.com/events/4013