Money Smart for Small Business

Money Smart for Small Business

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Good afternoon and thank you all for standing by for the duration of today's conference offer, disciplines, lines are on a listen-only mode, today's. Conference is being recorded, if you have any objections you may disconnect as, a sign it, is my pleasure to introduce miss, Janet Gordon and give me a me may begin. Good. Afternoon or if you're pretty, far out west maybe it's still morning I'm Janet, Gordon Associate, Director of Community, Affairs at, the Federal Deposit Insurance Corporation, or. FDIC. I. Oversee. Our, community. Affairs staff nationwide. From here in Washington, and we. Really have two different functions we promote economic inclusion, at the local level through. Collaborations. Really, with federal, state, and local partners and. For. Example, we brought together a lot of our SBA. Resource partners. And banks over the past year and, we also produce and distribute. And, hopefully. Market, financial. Education resources like, money smart for small business and we have all suite of products, for our young people and for consumers, so. We're glad to welcome you to, the last money part for small business Town Hall of 2017. We've. Got participants, from all over the US and, based. On about 300, registrations. We received for this event we know that some of you have. Not used, money smart yet and some of you may not be money from our alliance members yet, and. We're looking forward to today's. Program we, hope it'll. Help you to move forward with your plans to implement money smart and join our money smart alliance, so. Since we've got first-time, attendees, we have to go over a few housekeeping items. We. Want you to recognize, that money smart for small business town halls are intended, for intermediary. Organizations. Like. Financial, institutions and, light nonprofits. Working with entrepreneurs. The. MoneySmart Alliance, community. Is a really community, of practice for organizations. Using or, considering. Using money. Our curricula. Will. Use the acronym, MSS. Be going, forward to refer to money smart for small business and you know you can't get out of the. Federal. Webinar, without using a new acronym, so. Today we're featuring two, invited. Guests and we're thrilled to have them the. Columbia, University, Small Business Development Center, in, Harlem New York and, the. US Small Business Administration South. Carolina, district, office. The. SBDC. In New York has had real great, success, using, the MSSP, cash, flow module, they. Schedule a variety of sessions, in the year that each attract, about 60, to 90 entrepreneurs. Seeking. Counseling, services, at the center and we, hope we'll learn a lot from their experience. The. SBA district, team has adapted, all of our mfsb. Modules. Or topics. For. Webinar, delivery, and as we all know in this world we. Can't all be everywhere, and webinars. Are an important way for us to communicate both.

Organizations. To use innovative. Replicable. Approaches, that. Can give us ideas, and new ideas to, design your own MSSP. Program. So. The FDIC, developed MSSP, in collaboration. With SBA. And. SBA. Continues, to be a very, important. Partner, for us and they, also have, a network, of partners that work, directly with financial, institutions, and other intermediaries. To help deliver, MSSP. To, entrepreneurs, as always. We have a representative, from the SBA's Washington office to, join me in well but welcoming, today's participants, the. Samuel bishop, works in the Office of entrepreneurship, education. Nathaniel. Please introduce yourself, and tell us about the SBA district, office and introduce. Our SBA speaker, from South Carolina thanks, much good. Afternoon and good morning for. Those who are out west and Janet. Thank you for that introduction, what. A special opportunity, to be here today to highlight the MoneySmart for small business curriculum and the, SBA district, offices. In today's, competitive global, landscape, small businesses, face major opportunities. And, challenges. That's. Why financial capability. Is vital, to entrepreneurs, and small business, owners trying to plan launch. Manage. Growth, and succeed, in the marketplace, whether. Your target market is market is global, or, your local neighborhood FDA's, network, of district offices, are here to help with accessing. Capital mentoring. Training. Government. Contracting. And loan, assistance, after a natural disaster. But. Our work hasn't it hasn't, happened alone just like any seasoned, entrepreneur, can tell you effective. Partnerships, are pivotal, to an organization's, success. Our. SBA district, offices are partners, for success the. SBA district. Offices, are responsible. For marketing, all SBA, programs, and services, through outreach training. And. Education. To, various organizations and small businesses, they. Are also responsible, for building and maintaining collaborative. Alliances. And partnerships, with. SBA, resource partners. Such, as score, small. Business development centers, or SBDCs. Women's. Business centers or, WBC's. And local. Economic, development, organizations. I would. Like to thank Savannah from, our SBA South Carolina district office for joining us today to highlight how, she implements. The MoneySmart for small business curriculum in closing. I encourage you. All to partner, with SBA, district, offices, to, amplify, your efforts, to support entrepreneurs, create.

Jobs And fuel, economy. Thank. You janitor, Nathaniel. I am, Paola Diaz senior, community, affairs specialist. At the FDIC, focusing. On economic inclusion, opportunities. Related, to small business I support. Our community, affairs specialist. Nationwide, to, assist organizations. That, are using or considering, MSSP again. Welcome and thanks for investing this time to learn details about, why it might be beneficial for your organization. To start using MSS be. First. The disclaimer that any reference to any specific organization. During this presentation, does not constitute an endorsement or, recommendation, favorite, by the FDIC. In. Your screen or life or you, have a model of our webinar, platform on the left-hand side you, should view this lives and on the right hand side you should view various functions, you, can download the presentation and, if. You go to number two but. All registered, receivers, receive this life prior to this event participants. Can communicate, by using the chat or Q&A, function, and, anyone. Can ask questions, at any time on doing the designated, it's time. For question and answers by using the Q&A feature which, is the number four in your chart, when. Using the chat or Q&A functions, please use the window number seven, to, type your question, and make sure your fist and number, eight if. At some point you lose the slides look for a green and blue circle, icons number, one in your taskbar or reopen, the webinar link we. Will conduct three, polls for instant feedback about today's event, the, polling questions, will pop up on the right hand side of your screen or, number nine please. Test the chat function while I finish my remarks to ensure that it is working and if. You're having technical difficulties. With the web access, please contact Sandra, care or call. The troubleshooting, number on its life to and for or, simply, follow with, us with the slides that were sent to you earlier today also, available, at the event website in, the webinar input. The. Agenda for today includes, very brief reminders, mostly, for first-time attendees, and two, speakers one, from the FDA and another one from the Columbia. Business School is more Business Development Center. This. Another, mfb, town hall webinar, since 2016. Are recorded. It. Takes a couple of minutes to join the MoneySmart alliance, by completing, an online forum, the. MSSP, train the trainer curriculum. Allows you to host training for instructors, any time if. You want help planning a train-the-trainer event, please email me my. Contact information, is in the last slide. Our. Credit and banking module update is underway please, provide your feedback directly to, me. Anyone. Can download em SSB modules and sliders in English and Spanish for free, at the FDIC, catalog. Or SBA MoneySmart, website. So. In its in slide number six. All. Other information about MSS be including, the MSS, the town horns etc, can be found at them FDIC, Money Smart page, we. Will address questions we. Receive during the registration process, added to the Cignetti question-and-answer, segment. Please. Be reminded that all participant, lines are muted our, guest. Speakers, will introduce themselves and, their organization's followed by a description of how they use msse, first. We, will hear from Savannah will one economic. Development, specialist, from the SBA South, Carolina district. Office, Savannah. Please go ahead all. Right Thank You Paula, and thank. You Nathaniel, and Janet, for that introduction, as well so. As you have heard my name is Savannah Wilburn, and I'm one of the economic development specialist. With the South Carolina district office I started. With SBA in 2015. With the El Paso district office but, I'm a military, spouse and my husband received orders to Shaw Air Force Base in South Carolina, so, I just moved to the South Carolina district office in Maine I've, also worked for two, other federal agencies, including the Department of Defense and the VA and I, have past experience as, a loan officer for, a credit union my.

Education. Is the, MBA in finance from, the University, of Texas at El Paso and, a bachelor's in communications from, the University of Maryland University College. So. Just some fun facts about the South Carolina district, office we, are a team of nine employees we, have eight here in the capital, of Columbia and we also have one representative in the alternative, worksite in Charleston, and there. Are three economic, development, specialists, in our district office and our, role is to provide training marketing. And outreach and basically promoting SBA's brand throughout the state the. Role of the district office is to vote the SBA's, three seas capital. Access contracting. Assistance, and counseling we. Do our counseling, through our SBA funded resource partners, such as the SPDC which we'll hear from later today and score. And we. Service the entire state, and, we provide free, trainings, and face-to-face. And, webinars, throughout the state our main. Presentations. That we do are federal contracting, 101. Financing your small business, and various, workshops on starting a business and business plans. We. Started the MoneySmart for small business in July of 2017. And we, presented one module, each week from 9:00 to 10:30 every, Wednesday morning all. Of our registration was, done through Eventbrite and the, SBA website and, we. Did this in a webinar format, because it allows more, participants. Throughout the state and also throughout the country, and also, MoneySmart, for small business offers topics, that were not commonly offered throughout, the district offices, and these. Webinars are only just one, form of trainings, that we do in a webinar format throughout our district, office our district. Office team is very. Well-versed in doing, webinars every, single member of our team does. Webinars, and we do them on a frequent, basis. So our target, market for the MoneySmart for small business where startups, or individuals, that we're thinking to start, a small business what. We actually ended up having happening. In the webinars is new and future business owners, but, we also have established. Business, owners looking to improve on their business processes, we, also has the SBA resource partners, like the SBDC, and score, and you're, not going to be hearing from score later on I will tell you that score is another great resource partner, that we have that, provides, one-on-one, counseling, through. Current, and retired business. Owners, that volunteer. Their time to mentor. Other aspiring, business owners or, current business owners. We. Also have community experts on the call such as lenders financial, advisors and accountants. As, for attendance we had about 70, to 30 per module depending, on the modules we had more attendance our tax planning and record-keeping modules, were the ones that we had the most they. Were mostly from South Carolina but we also have participants, from all over the country and the, participants feedback was very positive we. Did all of our feedback through Survey Monkey which is also a free program and all. Of the responses, that we received were positive. The. Way we customized. MoneySmart, for small business for webinar usage is we, relied heavily on, Eventbrite. Eventbrite. Is a free program that you can use to market your events, and we. Created, a event, on Eventbrite with. A custom, confirmation. Email, that would be sent to the attendee after they registered, that, will provide the conference, information, and phone. Number to connect to the webinar and then, we would take that link from Eventbrite and post it onto our district office web page after. We did all of that we would take that information and, send it out through gov delivery which, is our version of Constant, Contact we. Have about. Thirty three thousand, subscribers, throughout the state of South Carolina and, that is where we get most of our, registrations. Once. The, rest of the participants, registered, for, the webinar under, Eventbrite, they, would receive an automated, email that, I set up prior to the webinar that, would reiterate the conference, information, and it would also send them a link to the participant, guide after. They have, the event they would also receive another automated, email that would have the link to the survey monkey survey. The webinar, platform that we used was 18 T Connect and how. You use this program is first you want to log in with a link and access code provided like any other software that you may have this, is only one option of software that you can use you, will also need your host code so that you have the, host access. Then, you're, going to share the presentation by, either inserting, your materials, or sharing the PowerPoint, application, my.

Recommendation. Is that you don't share the entire screen, because, when you share the entire screen, the, participants. Can see any messages, that you are sent so, if you just share the PowerPoint, application or, you insert, the materials, into the application, it prevents. Any distractions. For the participants, to see all the messages that you're being sent, also. Make sure that you encourage participants, to mute their audio and reduce any background noise, and if. You are receiving any feedback. Or background, noise during, the presentation, you can either choose to mute all of your participants, or you can go to each, participant, in mute then separately if you know where the background noise is coming from, also. Because you are using a lot of your participants, you want to make sure that you're looking out for any hands, that are raised in any questions, that anybody, may have for. Me the ground rules that I established in our webinar up front would be that, it's very informal, and that if anybody had any questions they, could stop me at any time to have, me answer them for them because I didn't want them to lose, those good questions that they may have. The, SBA local, district office partnerships, that we had to deliver money smart for small business or different. Lenders in the community, we, worked with TD Bank on the banking services, module, Carolina. Alliance Bank on retirement, and succession. Planning modules and then, South State Bank on the record-keeping, module some, of these people, we actively, solicited. To, get their assistance and expertise, on our modules other, individuals. Were, seeing the modules that we were doing and became interested, and reached out to us to provide the feedback, we. Also had active participation, from our SV SBA, resource partners, such as score and SBDC, in every webinar that we had because, they do provide valuable, expertise. The, goal for the south carolina district office for the MoneySmart webinars, were, to encourage participants, to go to score, or the SBDC, to receive that individualized. One-on-one, counseling after the MoneySmart for small business modules, and we really wanted to let them know that they are not alone when they're starting a small business we. Also felt like the MoneySmart for small business modules, help, identify, assistance. That they may need that they didn't even think about for. Example building a loan package, preparing, a business plan learning, a particular bookkeeping, software and so much more. My advice would be to make sure that you keep participants. Engaged if you are going to be using it in a webinar format, and really, face-to-face, format as well but, I think it's a lot harder to keep, those participants, engaged when they are on the webinar so my suggestion to you would be to call on them by name so, that you keep them focused and listening because if they know that you're going to be calling them out they're, definitely going to pay attention to the webinar also. Make sure that you automate the process, through Eventbrite or whatever program that you're using but I found Eventbrite. The fact that not only it's free but it's also helpful in automating, it and sending, those emails prior, to and after the webinar I've found that really helpful, and also. Be prepared for technical issues for. Both the speakers and the attendees, I suggest. That you test everything ahead of time to make sure that it's all working and sign. On early that way if anybody has any issues connecting, you could try to help them out also, make, sure you have paper copies of the instructor, and participant, guides and case technology, does fail because it, will fail sometimes, and if you have those paper copies, and the system goes down everybody. Is still connected on the phone so, they have their participant, guides you have the instructor, guides and you still, can follow along with the presentation, and then. Lastly just make sure that you're getting your community partners, involved they, provide, expertise. That we, don't have in the SBA district office we're not going to be experts, in every single module so, getting those partners. Involved in providing that extra extra. Expertise, is essential. What SBA needs from our community partners we need subject, matter experts, for the specific, module topics, such, as lenders, accountants, lawyers financial. Advisors and insurance. Agents, please, note that SBA, cannot endorse any particular product, or service but. We do value the expertise, that you provide also. We, need the assistance from our SBA resource partners. We, need assistance in helping them to advertise, the MoneySmart for small business and we also like their involvement and feedback, in any. Of our district, workshops, or webinars, and we, also encourage, all of our community partners and resource partners to use these MoneySmart for small business modules, themselves, we.

Can Provide as a district office the MoneySmart, for, small business training the trainer sessions so, that you can use this product out to your, market, and they. Really are quality, presentations. You don't have to reinvent the wheel and they have well-thought-out instructor, guides to participant, guides tests, and surveys. That, you do not have to create yourself so I really recommend doing it and. If. You'd like to contact me, I'd. Be happy to help you if you have any questions, on using the MoneySmart for small business in a webinar format so. If you'd like to contact me my email is, Savannah. Dot. Wilburn, at sba.gov. And, my. Phone number is eight zero three two five, three three. One two one and i'd be happy to answer any of your questions but, thank you for having me on today thank. You very much Savannah we sure you know about it or, the multi-tasking, that takes to provide, a webinar and. We. Are currently trying to get. Some instant, feedback on this. Segment of the presentation so, I've opened the poll it cooks as fully and, I, am we're beginning to see the feedback and. For. Those of you that didn't have a chance to catch Savannah's, email, and phone number it was actually provided, in the. Slide with her picture so. Thank you so much for your generosity and, sharing that information. One. At. This point I'm gonna invite our next. Participant. Of, a speaker. Llamas. Arrow from the Small Business Development Center, from. Columbia. University to. Tell us about how, she uses. One. Is my personal business and when she gets ready we. Will be happy to take questions, for, Savannah, or for the SBA some, glam. Is actually, you. Can hold on just a minute just get ready while we try. To process a few questions, that we might get when people are going to take a moment to. Write their questions in and. We. Actually have plenty of questions that we receive during the registration process, if, they are not a specific question for Savannah, at this time as we. Will we, will address those questions that we got on the registration, thanks. You. So, well, we don't we didn't record any questions coming from for savanah specifically. But we're going to take advantage of the opportunity, and address at least one. Question that we received in the registration, question, my, colleague Centracare will read the question please go ahead well. Are there any modules. That cover small business accounting, thank. You for the question, so there. Are several modules that cover accounting, and like the cash flow module, and record-keeping, and. Those. Are typically, the ones that are offered during tax season and they're usually, offering. In, combination, you're going to learn a lot more about, the, cash flow module, during, the. SBDCs, presentation, that actually focuses on that module. Alone so. This. Time we're going to move on and we're. Going to give people some, time to think about a few questions that they will have an opportunity to ask us again in, our second segment for questions and answers thank. You a. Lamby's. You can get it started. Plum do, we have you in the liar, thank, you go, ahead. Okay, my name is Kalani Caro and I am representing. Columbia. University. Has. A small, business development center. I have. More than 15, years of experiencing. Many roles all related. To entrepreneurship, and a small business development, thus. Far in 2017. The, center serves. 225. Intrapreneurs. This. Translates. Into. 1471. Hours of consultation. And, facilitation. Of. More. Than six million dollars, our access, to capital for small business, owners. Our. Center, I'm happy, to say that is ranked in the, top Center, in. New, York City. Our. Mission, is to provide, professional business. Consultation. Training. Access. To resources, in advocacy, to business owners that, require, our help as. Part of our commitment, to the business, community in, Upper Manhattan, Columbia. University, provides all of, its services, through us and. At no cost to all participants. The, Columbia Harlem, SV DC, market. Is service, to, intrapreneurs. In Upper, Manhattan, north. Of, 96th. Street if, you're familiar with New York City, there. Are other SV, receives who served a. People. And intrapreneur, below, a 96th. Street and. Our. Trainings, are regarded, many, entrepreneurs are. Coming, to our trainings. From as far as or, Staten, Island Long, Island, and New Jersey. Our. Clients. From all businesses.

They Are from, all business stages. They. Benefit, from the money a smart a small business, cash flow training, in, this slide, you can see our training. Process the. First year is when entrepreneurs are, at the idea stage at that, point we, typically, assist. Them with, free coaching focusing. On the importance of cash flow our, second. Tier consists, of clients. Who, are. Already. Have revenue, they. Are required to take our, course, which, is finance, 101. This. Is the, ammonia smart, cash flow model training. This. Class gives them the opportunity to take proactive steps, to, be part of the third tier of services. Our third. Tier is for, established, companies, with, various, greater greater, than. 250,000. Dollars. Which. Is called the Columbia, community business. Program, as you, know for, established, businesses, cash, flow continues. To, be a key success, aspect. Financial. Fitness is another, step of cash flow analysis. To see if clients, are ready to, have all to. Get access to capital. Cash, flow is one of the most important. Parts, of managing. A business that. Is the reason why I focus, on it, and I, will use this opportunity to, tell you exactly, how. The money, is marked for a small business cash. Flow module, is used for. My clients, I. Enhance. The, workup, take. A study by comparing. It with, the. Cafeteria, in my building, I recommend. That in this to use this concept, and apply. It to, their own businesses. As well the. Case study provides, a useful breakdown. Of possible. Start a startup costs. How. This cost are reflecting. I reflected. In important. Financial statements, and how, these statements, are used, when, the business, needs to make financial decisions, like. Having, access to capital. The. Financial projections that, came with, the module were. A great start, for me and they, were helpful, in creating, a, full, set of financial, projections, and financial. Statements, for, the next three years as I. Mentioned earlier, we. Require. Stage two entrepreneurs. To, take our in case version, of the money smart cash. Flow mode a model. In order, to start working with a counselor, I love. The fact that I commit changes add or, remove, informations, as I, needed. 90%. Of our attendees, are considered. Minorities. Such, as a, minorities. Right having, an Ivy League school such. As Columbia, University. Helped. Us significantly. A to market. Our workshops. Partners. Fields proud to, help us promoting, our events, we, also publicize. Them at the SBA, website all. Workshops. Are, well attended we. Have minimum of 60, attendees, for a band, so. Far we have trained more, than 300. Participants, things. We started, teaching the. Mone is marked for small business, curriculum in, the picture. You can see some, of our happy participants. Holding, their participant. Guides. We've. Have received, every, positive feedback. In the world is spreading. That, is why we. Excel, providing. Information. That is needed. We. Pre-scheduled, twice per semester these. Types of trainings so. Clients. Or attendees, do not have to go to an a, waiting, list. I usually. Ask a few ask. A few questions to, the attendees, before. We, kick off the workshop. To. Get familiar with the, audience, and manage, the participant, priorities. Effectively. They. Are asked, to raise their hands in response, to various questions. About. Their business status, an, average. Profile, of the MoneySmart, a small business, cash flow training, participant. Is. Using. In this life. We. Have a significant. Portion, of undecideds. A participant. Because. Some of them comes from the self-employment. Assistance program. At the, United, States Department of Labor those. Programs. Participants. Are required, to take at least 20 hours of training in order. To receive program, benefits, we. Acknowledge, that entrepreneurship. Is not for, everyone, however. We, know that knowing. How to manage your cash. Flow is a live skill, that's, participant, benefit, from. Whether. They wherever, they go whether. They go in business, or, not they, can use it actually in the personal, a side, as well. We, hold our classes, in person. Attendees, are required, to bring a laptop or a tablet at. The. End of the training the. The. Complete set of financial, statements is, emails. To all the attendees they.

Are Asked, to sign into, their computers, with a secure, Wi-Fi, code. Provided. By our technology, department. Participants. Build, their financial, projections, based on the Ender understanding. And analysis, of the, case study they. They, are asked to work in groups to allocate. Assets. Liabilities. Loans. And personal. Equity, where it belongs in, their spread in the spreadsheet. This. Is something, like a test for them and just to evaluate where they are where. The intrapreneurs, are you. Just to see whether they understand, the concepts, or not. In, this first, part of the financial, statements. Segment. Will, focus on, completing, the startup, course and funding. Then. We. Discuss how to allocate, the assets, in the balance sheet we. Discuss the importance, of becoming familiar, in, focus, and using, financial terms, when. When. Discussing, their. Business, with, potential, investors lenders, or. Bankers, and other, professionals. Such as bookkeepers. Accountants. Initializations. We. Put a lot of emphasis on teaching our clients, that, it is important, to manage, their, business, by. The numbers. I will. Show you a few slides that I currently, using my training, for. Example as you can see I have, only modified, the agenda, by adding, the financial, projections, segment. I also, keep the same learning objectives, and content, I have found that, discussing. The cash flow cycle, is an eye-opener, for our participants. They. Are asked if they know. If. They know where they are in, their business cycle, which. We come back to. Later when we discuss the cuts the, case study. This, is the second original slide. With. The with. The learning objectives. The. Importance, of managing a business with. A healthy, cash flow is explained, in detail as, we discuss the case study, and we, will revisit the, concepts, learned when. Each participant. Works, on their own financial, projections, or in class I put. A lot of emphasis to, two. Issues that may arise, if. They don't pay attention to, their. Numbers I provide. A small business, statistics. I tell, stories from plan clients, I. Local. Businesses, from the community, which, has a cash, flow problem that. Forced them to close I share, my experiences, working with entrepreneurs that. I recommended. To close, their businesses, due, to the lack of cash, flow. This. Is the way how I keep them engaged. This, is the final, slide with, the learning objectives, I accomplished. These learning, objectives by, discussing, how entrepreneurs, can, establish, processes. And merchant, services, to avoid operating. A cash business I try. To persuade. My, clients, that, the best way to evaluate their business is, by learning to manage to. Manage it by the numbers, the, first, way the first way to manage, the numbers they enter. The business, bytes, numbers, is to have accounting. And. Point-of-sale. Systems, in place for instance. Use. Software. Such as QuickBooks. Online 0. Mint. Wave, etc. Depending. On how developed, the business is. The. Last two software I mentioned. There. Are resources, that are available for, free. Clients. Are also in car encouraged, to seek free assistance, in, any SDBC, to, shop around for financial, institution. That is willing to serve their business purpose, to. Open business, checking, account savings. Account. And use, the merchant, service to take payments via credit card or online. This. Is actually, a way that they can use it, to increase their, revenues, we. Also learned, the importance. Of the. Post depositing, all revenues. Including. Cash, cash. Cells into the bank account and to, pay expenses, with. Cheque or via direct pay. All the. Tips that I provide, to enterpreneurs. In. Improving, cash flow also, contribute, in compliance, as you can see here. This. Is light shows a, resource. That has been added to them. A to the, model a financial. Projections, template, including, formulas. Was. Created. By. Our in. Another. Aim, organization. That SVA serve animation, which is a score, and I use it I use it because I love it is totally. Simple, to understand, and is. Easy, for our clients. To. Immigrate. Their finances. This. Template, is about. 22. To 23 pages. And. That. Includes, three. Years of financial projections. Three, years of balance sheets profiting. Losses payments, break-even, analysis, the, long amortization, and. Some. Ratios as, you. Can see that, the case study financials, were transferred. Into the financial, projections template. In, this Microsoft. Excel, page. In. The last row you, can visualize, in green color you. Are fully balanced. This. Means that, all the required, information has. Been transferred into. The balance sheet and it. Is balanced. In. This slide, salaries. For the employees, indicate. A study has, been entered, into the worksheet, this. Is also an opportunity for, attendees. To, actually, see themselves in, the future and, to, recognize, the in sports importance, of paying themselves, they. Are encouraged, to let the business pays. For. Health insurance, pay.

Retirement Benefits. And more, here. They, are they. Are also understand. That 50. Percent of payroll taxes. Is a business, expense in the older 50 percent is, an employee, obligation. This. Segment, takes about one hour and a half because, we go in detail through 22. Pages of financial, statements, that, includes profit, and loss statement, as I, said before vanishes. In the, projectors, payments, for the next three years until they, reach break-even, so. We constantly look, at the ratio analysis, before determining. What. A. Different. Determine, the first graph for financial projections, has been completed. We. Pay particular attention to, key ratios such. As death to income, and return. On investment. We, use the money in smart for a small business model, to make our finance, 101, class. Which. Is offered, twice, per semester. One. Of the biggest help we have to advertise our classes, is through SBA, website. In. The training, resource, page our, website, and also. Collaboration. With some partners or partner, organizations. In, the, upper Manhattan. In. Our Center, we have three screens we. Have three, screens processes, before we assign entrepreneurs. To, another wiser, entrepreneurs. Will, come to me once, they have attended, the prerequisite. Class. Which, is the finance, 101 and, finance. One or two we. Definitely, use our training. To, convert, and attendees. Into, clients. We, rely as well, on various organizations. To support will, marketing, as I, mentioned, earlier but, we also have partnerships, with financial, institutions. A start-up. Loans granted. By the Thule unions, Spring, Bank provide, business, checking accounts. And services including, merchant. Services, Wells. Fargo, is sponsored, the, money is the, MoneySmart for small business, cash flow modules training, finance. 101 for, one year, clients. Need. Need. Different types of financial institutions. At different, stages of their business, in their life. My. Last slide summarizes. Some of the results, we accomplished, this year, money, is marked, for a small business is an important, start, for many clients that creates, a mindset they, can hopefully, carry for, many years to follow it. Takes a lot of support, for, the entrepreneurs. To, materialize. Their, ideas, and, to be successful, our. SBDC. Has facilitated. Over six million dollars, of access to capital through, all our, services. I, advice. As we disease in the, area, to. Visit my classes, to. See what we do some. Organizations. Have come to see what we do and so. They can replicate it, as well I also. Recommend, a species, in, particular, to, leverage, on the name recognition and, the. Reputation of, the host colleges. And universities. To, establish partnerships, and promote. Their bands. Another. Advantage, of using money, smart, is, that it could be taught by anyone, the. Information. Is generic, and is, not trying, to sell or. Blend. Anything. Marketing. The. Students, is also, important, and it, has worked very well, for us so far. However. That's very much what I have to say. Thank. You very much Glamis, so, we. I, realized, that we I run a poll earlier that. Was applicable, to, you but I will run the, second poll, again. Which. Will give the participants an, opportunity to. Give us instant feedback about how they. Felt about the, South Carolina SDA, presentation. This, will also give, give. You time to prepare questions, for any, of our speakers and, I know we at least have one so. While, the poll is taking place and. Sandra. Please read the question yes. Savannah, this question, is for you could. You please clarify the frequency. That, the MSSP. Webinars. Were presented, so. The way we did it at first, was, we presented, one module, each week, every, Wednesday morning, we, figured it that we give people. More, flexibility. To be able to do the modules, this.

Time We're, going to do it once, a month and do different topics, each month. Thank. You and I. Have. Another related, question for, Glamis, and whether. The time. At which you offer the training has always been that time whether you've done some, adjustments. As you've, already. Facilitated. Several of these classes, and the class is quite long. Exam. Yeah, our classes, we extend it to three hours, every class since, we offer twice per semester and, we. Have a very strict kind of curriculum because, if we. Teach our classes in sequence, so. Or in a series is three. Hours so one hour is the morning is marked, a case, study and then we move into the financial. Projections using, the, MoneySmart a, sample. Numbers in transferring. To our platform, and financial, projections. Thank, You Glamis and I believe we. Have time to address one, important, question that we receive during registration go, ahead Sandra yes can you please share any resources. You have for people with disabilities. Thank. You for, that question what I wanted to share that FDIC. Recently, published, two resources, that can help facilitate inclusion, in, the delivery, of financial, education, one. Is the guide to presenting. Money smart for adults, and the. Supplement, for instructors, and trainers. It's an areas of financial inclusion both. Resources, are downloadable, at the FDIC catalog. The. Guide for, presenting, has a practical, information about. How to make classes, accessible, and welcome welcoming, to everyone including. People with disabilities the. Scenarios, documents features for, individuals. With disabilities, who are thinking about financial, a financial, decision each scenario, contains. Through, provoking. Questions, to spark discussions. With participants. So I hope you find that useful. And. We. Want to give people a moment to submit, more, questions. Otherwise. We. Will be conducting. Last. Poll to, get some feedback about topics. Of, interest, for 2018. Central. Go ahead and raise a couple other questions that we received when registration, sure. Does the FDIC. Have grants for organizations. Or for small businesses, thank. You for the question the FDIC. Is not a grand making organization we, do not have grants, however. We are aware that many many, federal, agencies provide. Grants such as there's more Business Administration and for that you can go to the SBA, website to. Look for that information and I believe two. Programs, the, day SBA, has are the SBDCs. And the women's, business centers Nathaniel. Do you want to chime in to. Provide more information about the grants. Yes. No problem Thank You Paula so SBA, does does not make direct loans, or grant I'm sorry direct, grants to individuals, we have. Legislative. Mandated, grants that we give out to our. Resource Partners and also. On, our landing side when our micro loans but, SBA does not make. Any direct grants. To folks. Who think about starting a business or. Individuals. Who are already in, business. Thank. You it is so great to have the experts. On hand, to, address the question, and, then, I have one more question I'm sure everybody, would like to answer to and that, is how else where do I subscribe, to receive more information about MSSP. Absolutely. Thank, you as I, mentioned, earlier and one, of the remainder. Reminders, in slide you, were able to see all of the websites where you can find information about, how to join the MoneySmart, Alliance, and how. To download, their, materials, and for. Which you have two options you have the FDIC, catalog, website, as well as the SBA, website. Both. Of them are easy to remember, www. FDIC. Their golf, /mo. Nice - for www. SVA that, go forward, slash money, smart. At. This point I want to run the last fall to get, some. Feedback. For. Topics. That, might be covered next, year during our time horse thank, you so much for participating.

Center. You can go ahead and read a couple other questions we received while, we wait. To see the responses. How. Can I start teaching in SSD thank. You but anyone can teach em ssv actually, as. We've. Talked, in previous calls, the MoneySmart, Alliance. Is currently designed for, financial. Institutions, and nonprofit. Organizations. So. For-profit. Companies usually do, not go. In the Alliance but anyone, can download the materials, and anyone can teach we do know that. Sometimes. The, business people in the community, like accountants. Or insurance, agents, like, to volunteer in their local chambers of commerce or, as, a score. Counselors. Or, with. Their SBDCs. Or women's business centers and, they like to have materials. That they can they, can, use and there is ready to go so, we encourage anyone to download the, materials, and start, teaching anyone, anytime they want, we. Want to remind you that, there's, a money smart for a small business train-the-trainer, curriculum. That, has been created, so. That organizations. Can keep I can keep a standard, and how they teach the. MoneySmart training, and can. Use it on an. Ongoing basis, because we know that the volunteer, base changes, often and. Organization. Some organizations, like to conduct a train-the-trainer course. At least. Once. A year so. Those are a few ideas well. If. I, have. I would, like to ask a couple of questions, from, from. Savannah, and from. Glamis and, maybe. Savannah. Can answer first, and, the. Question I typically. Have is. How. Do you, get. Organizations. To involve. To get involved with MoneySmart by, potentially. Sponsoring, some of the some. Of the trainings. Then I realized, SBA's. Federal agency, so SB, a does not necessarily, work with, the sponsorship, but. I I. Don't know if it's abandoned, wants to share about ideas, that she or experiences. That she's had with all the organizations. As they realize they, might want to host money. Smart for his model business or they might need to go in-depth, into. The training Savannah do you want to address the question sure. Yeah, so. SBA. Can do events where we have sponsors. But we have to do a co, sponsorship. Agreement. Depending, on how all, the branding efforts are done but. When it comes to the MoneySmart modules, that we do we're. Putting, on the event ourselves. And then, we, solicit, that expertise. From people or sometimes they have come to me after, doing.

Some Of the modules and asks if they could participate so. Some of it was me. Going out there visiting with them telling, them about the MoneySmart series, I would usually bring the. Instructor. Guide for. Whatever module I wanted them to be involved in so that they'd get an idea the presentation, and see how they could help and, that's. Really what I would do and get them excited about it but then we did have some other people like lawyers and other banks approaches, afterwards, and asked if they could be involved as well but, were the ones who are putting on the. Presentation. And I we. Don't really get a sponsor, for our, modules. Thank. You Savannah and I know that for the SBDC at least we heard from, Glamis. That one, financial institution. Provided, sponsoring. For one year so can you tell us about how you were, able to secure that sponsorship. And. Maybe. A, device, about how to go about it thank you Glamis, yeah. Yes. We were very and, we. Were very grateful that, a West Fargo sponsor, day the, MoneySmart for small business, a. Class-four. For, a full year and, this. Year for example we, were we weren't able to secure any funds so. What's. Happening is great when we have an innocent sponsor. Because wicking, all fair, coffee. We. Can offer them a, fancy. A nice colored, printed, handout, and they. This. Last class and basically, the. Handouts were just like. You know white and black printed, so. Yeah. That's what happens when we a we, don't have sponsors and, we need, the banks because this actually helps, a bank. A because. The information is just a, great. Information. And if. Entrepreneurs. A, follow. A, the. Instructions, and do what is recommended it. Is. A, win situation for the bank's. Thank. You so much for that and once. Again I want to thank about. Savannah, and the Glamis. For the time they took to prepare this presentation and, share their experience, and, we. Are a minute, away from the hour we, want to thank everyone for taking time. To participate in, today's event we hope that our alliance. Will, grow, as a result of today's event, and please be reminded this, has, been recorded and it, takes a little time to post, it in our website because everything. We post in our website has to be captioned, so that's what takes a little while but. Everybody, who registered, and, will be receiving, a, hyperlink. With their recording, and at. This point operator, you can end, at, the event, but please. Stay with us so that we can make, sure that we've recorded everybody's, answers thank you. This. Concludes today's conference thank, you for participating you, may disconnect at this time speakers. Please stand by for the post conference.

2017-12-21 01:05

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