Financial Literacy for Small Business
Financial Literacy for Small Business
When COVID began impacting the state, it threatened the health of many Iowa residents and the vitality of Iowa’s small business owners. The Iowa Economic Development Authority (IEDA) and various state and local partners responded by creating grant programs for small businesses of varying sizes. As a part of the eligibility for many of these programs, business owners were asked to provide details on the financials of their businesses, which often prompted questions to small business resource providers for tools and resources to help fulfill these requirements.
Upon hearing feedback from business owners and the need for more financial literacy resources, several state entities recognized the need to make more financial literacy information available to small business owners. These entities are currently working on a joint-agency effort to consolidate information into one central location to house the resources available for business owners to access.
IEDA Program Manager Amy Kuhlers oversees IASourceLink.com and has worked with business owners and resource providers through several IEDA programs. She is involved in the inter-agency effort and is looking forward to working together with agencies and organizations to provide expanded financial literacy information.
“As a business owner, being financially intelligent is extremely important. A business owner needs to know their cost of doing business. Understanding how to generate a cashflow analysis (cash is king!), profit and loss statement and balance sheet are fundamental to knowing where your business stands. It’s ok to outsource your accounting needs, but be sure you have a working knowledge of the day-to-day numbers,” advises Kuhlers.
Currently, business owners with financial literacy questions can reach out to are several resource providers to access materials available, including:
- Visit IASourceLink.com for the basics of starting a business and a checklist of items to consider from a financial aspect
- Reach out to the local Small Business Development Center (SBDC) for guidance, tools and templates to start thinking through the documents, registrations. etc. to start your business
- Attend Iowa Center for Economic Success “Always Ready” and “Financial Savvy” business workshops
- Connect with the Evelyn K. Davis Financial Empowerment Center and Master Business Bootcamp
- Download tools available through the FDIC Money Smart for Small Business program
Not sure where to start? Always feel free to reach out to tsbcert@iowaeda.com or the business concierge service offered on IASourceLink.com for more specific direction or an introduction to a resource partner that may be able to help.
Download the full Bullseye newsletter from October 2020.