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Friday, October 27, 2017
Small Business Tips: Increasing Your Financial Literacy
How is your company]s financial wellness? What is it anyways? For employers, financial wellness is a program or set of programs designed to improve your financial behaviors and your employees and outcomes towards a positive bottom line at work and at home. Financial wellness includes the holistic approach to the physical health of the employees as it impacts the financial management of the company.Keep reading .....
Small Business Tips: Increasing your Financial Literacy
Having a great idea and running with it is not enough to operate a successful business. A business owner must wear many hats when operating their company, but managing and understanding their finances doesn’t always come easily.
Relying on a business manager or an accountant is a beneficial way to verify that you are conducting your finances by the book, but many small business owners do not have the budgets to afford these specialists. In fact, “40 percent of small business owners say they are financially illiterate – yet 81 percent handle their business’ finances themselves,” according to an Intuit study as reported by one source.
Whether you will hire out or want to tackle your business finances yourself, it is necessary to have a basic understanding of your financial situation if you truly want to be in charge of your business. With a little effort, it is not difficult to increase your financial literacy with these tips:
Know What is Required to Run a Business
Bloomberg reported that 80 percent of businesses fail in the first 18 months, states a source. Much of that failure is due to the fact that business owners are not skilled in properly handling their finances. There is a lot of financial planning and management required to operate a company, such as “budget, accounting and taxes, calculating price points, and projecting revenues and success rates well into the future to ensure continued success.”