WHAT IS BUSINESS FINANCIAL LITERACY
Every business decision you make in and for your business has a financial consequence.
On this podcast, I will cover the Six Components of Business Financial Literacy.
Please keep in mind that there is no science to these six components. I personally came up with all six based on my experience working with independent contractors, sole proprietors, and micro business owners. These are the areas they seem to struggle with the most.
- Picking the right business structure and why it’s important
- Setting up an accounting system that works for you and your business
- Cash flow management and why cash flow can propel or sink a business
- Budgets, projections, forecasts and the differences between them
- Business credit vs. personal credit and do you need both to borrow funds for your business
- Tax planning and tax compliance