It’s not rocket science: ultimately, no entrepreneur can have a successful business—especially in a capitalist society—without a firm grasp on money management. Achieving this entails more than simply hiring a bookkeeper or CPA; you have to know it yourself. But if you didn’t major in finance, some of the complexities of financial strategy can feel, well, complicated. Here are some financial education resources for improving your financial literacy and, consequently, the outlook for your business.
- Money Smart for Small Business. The U.S. Small Business Administration (SBA) and the Federal Deposit Insurance Corporation (FDIC) have jointly developed this free financial education curriculum for business owners. It covers topics like banking services, financial management, cash flow management, business credit, risk management, tax planning and reporting, and more. It’s a great way to get your feet wet in areas of finance you may be wondering (or worrying) about.
- BDC Learning Centre. The Business Development Bank of Canada (BDC) also provides many free learning resources for small and medium-sized businesses. These cover topics like financial fundamentals, cash flow, and financial statements as well as more comprehensive entrepreneurial resources. It’s another great way to get going when you don’t know where to start.
- Online business magazine articles. Many digital business magazines offer free content on financial, economic, business, and entrepreneurial literacy. Forbes publishes many articles related to financial education. This one addresses succession planning, advisory teams, working with accountants, CFO firms, and data aggregation, to name a few.
- Online courses. If you have more time and do well with fairly conventional forms of education, you can also opt to take online courses from a local college or from digital learning organizations like Udemy and Coursera. You may be surprised at how cost-effective and valuable a course or two in business finance can be.
- Enroll in a business accelerator program. Particularly for those who learn by doing (and by consulting with experts), there’s simply no substitute for hands-on, practical learning with a business accelerator program. For businesses that are established and ready for growth, these programs offer coaching as well as logistical and technical resources, investment opportunities, a network of peers, and more.
Improve Your Financial Literacy With Next Level Northwest
Enrolling in a business accelerator program and working one-on-one with a business coach is an excellent way for entrepreneurs to get financial education. If you own a small business in the Northwest Chicagoland area and are ready to accelerate your business growth with coaching, consider applying for admission to our business accelerator program with Next Level Northwest.
Next Level Northwest is a business acceleration public-private partnership serving the Northwest Chicagoland region. We support regional and local businesses through collaborative and innovative initiatives to help grow the economy. Download our Program Overview PDF here.
Ready to take your business success to the next level and become a Next Level Northwest graduate? Download and prepare your application following this process today!