06.19.23
Build Financial Management Muscle for the Heavy Lift of Business Success
Stephanie Taylor, NIIC Program Manager, Community Navigator Pilot Program
Photo by Microsoft-365–oUbzU87d1G on Unsplash
Financial management is a critical aspect of our daily lives. It becomes more important and complex as we take on different responsibilities and roles.
Foundational Financial Literacy Skills
It begins with personal finance. It is essential to have a working knowledge of earning, budgeting, saving, and investing to achieve personal financial goals. Creating a budget sets you up to track income and expenses, identify areas for improvement, and plan for the future.
Business ownership amplifies the importance of foundational financial literacy. It is essential for business success. Business owners face unique economic challenges.
- Managing cash flow,
- Securing funding,
- Long-term growth planning,
- Retirement.
Effective financial management is integral for businesses to succeed and thrive. This includes
- developing a financial plan,
- managing expenses, and
- monitoring financial performance.
Business owners need to understand the financial impact of their decisions. Take steps to minimize risks and maximize profitability.
The Impact on Mental Health
A study by the National Library of Medicine National Center for Biotechnology Information reports a strong relationship between financial management and the quality of one’s life. Effective financial management can increase financial stability, stress reduction, and overall well-being. Otherwise, financial strains can lead to psychological distress.
The good news is that you are in control and don’t have to go through it alone.
Resources for Small Business Owners
The NIIC is dedicated to empowering Northeast Indiana entrepreneurs through:
- 1-to1 coaching and mentoring,
- group coaching,
- workshops and training (like Economic Gardening, Promoting Small Business Growth and Prosperity).
Strengthen your financial management skills today. Tap into resources of the Community Navigator Pilot Program, including:
Purdue Extension Allen County,
Community Navigator Pilot Program is funded through a grant from the U.S. Small Business Administration (SBA). sba.gov
