1. Community Affairs Specialist
South Metro
SCORE Chapter
August 10, 2017
Kay Gregg
Community Affairs Specialist

2. What It Is Collaboratively developed by the FDIC & SBA
A business education tool
Collaboratively developed by the FDIC & SBA
13 modules
Covers a wide range of business topics

3. Why It Was Created
To assist financial institutions and community organizations to deliver small business workshops
To provide small business owners with a basic understanding of the financial aspects of running a business
To help start-ups become more viable
To encourage stronger bank-entrepreneur relationships
To spur economic growth and job creation

4. Curriculum Components
Instructor’s Guide
Participant’s Guide/Workbook
PowerPoint Slides
Train the Trainer Curriculum
Available in English & Spanish
13 Modules

5. Understanding the Value for Small Businesses
Banking Services
Gain a solid understanding of the banking products and services available to small business owners
Understand the importance of building effective long-term relationships with a banker or lender
Recognize the role of a personal credit score in the lending process
Understanding the Value for Small Businesses

6. Credit Reporting Demystified
Understanding the full scope of credit reporting and the impact of credit reports on the operation or growth of a small business
Discover strategies for building or improving business credit
Appreciate how personal credit scores impact the ability of a business to obtain credit
Demystified

7. Appropriate Allocation of Resources
Financial Management
Basics of small business financial management including:
Startup financing
Financing for a growing business
Financing working capital
Financing fixed assets
Appropriate Allocation of Resources

8. Planning for the Unexpected
Insurance
Recognize the importance of small business insurance
Understand the full range of insurance products and services
Required coverage
Other coverage
Planning for the Unexpected

9. Advantages and Disadvantages of Business Structures
Organizational Types
Know that the legal structure of a business determines how a company operates and is taxed
Distinguish the general characteristics, advantages and disadvantages of organizational types:
Sole proprietorship
Partnerships
Limited liability company
C-corporation
S-corporation
Advantages and Disadvantages of Business Structures

10. Record Keeping Critical Managerial Tool
Comprehend the necessity for good record keeping
Learn about the practices and rules of record keeping for small businesses
Discover record keeping software tools.
Critical Managerial Tool

11. Be Prepared for Negative Outcomes
Risk Management
Understand the common risks associated with a small business
Identify the external and internal factors which can cause risks for a small business
Implement, monitor and evaluate a risk management plan for a small business
Be Prepared for Negative Outcomes

12. Selling a Business & Succession Planning
Learn how to change the ownership of a business through selling, closing or transferring the business to successors
Know how to establish an exit strategy for retirement which includes a succession plan, transferring ownership of the business and paying taxes
Exit Strategies

13. Understanding the Details
Tax Planning
Understand the range of state, local and federal tax reporting requirements of a small business and its owner
Be able to research general tax reporting requirements
Understand the importance of establishing a plan to pay taxes
Understanding the Details

14. Steps on Effective Use of Time
Time Management
Understand the importance of time management
Discover commonly used time management practices like
Pareto analysis
ABC method
Eisenhower method
POSEC method
Pareto analysis – 20% of tasks or efforts produce 80% of results
ABC method – Ranking by a, b, c in order of importance
Eisenhower method – “What is important is seldom urgent and what is urgent is seldom important.”
Urgent & import do first
Important but not urgent put on a calendar for a later time
Urgent but not important – delegate
Not important and not urgent – may never get done
POSEC method – Prioritize, Organize, Streamline, Economize, Contribute (give back)
Steps on Effective Use of Time

15. Is Small Business Ownership a Good Fit for You?
Discern between the myths and realities of small business ownership
Start a self-assessment to determine their readiness to become a small business owner
Gain insight about their readiness to start a business
Strength Assessments

16. Planning for a Healthy Business
Discover a 4-Step Business Planning process, via a case study, that will help them create a long-term healthy business
Back-of-Napkin Plan
Resource Plan
Business Plan
Action Plan
When you are just getting started, it is normal that your ideas are vague and perhaps a bit disorganized. Some ideas might just be in your head and not written down at all. You might have lists on the back of envelopes, on table napkins, or on scraps of paper.
A resource plan is a shopping list for space, equipment, and supplies. It also lists estimated costs for skill development, staff, and other expenses necessary to open and run a business for about six months.
A business plan is a story that you share with potential lenders. A well-written plan is not just a document. It is a living idea that clarifies your ideas and motivates stakeholders to support your business. Most business plans project three years into the future.
Action Plan – plan for the future, for change, mitigate risk & be strategic
Startup Costs and Beyond

17. Managing Cash Flow Practical Problem-Solving
Learn how critically important cash flow management is for a small business
Act as advisors to Bob and The Wired Cup
Understand the need for expert assistance and advice
Bob & Wired cup is a case study of a coffee shop
Practical Problem-Solving

18. Next Steps Sign up to become an Alliance Member:
To download any Money Smart curriculum and collateral material:

19. Resources Quarterly MSSB Town Hall Webinars
MSSB Alliance Town Hall Meeting recordings
MSSB Train-the-Trainer Curriculum
List of Money Smart Alliance Members updated periodically
Money Smart News
Money Smart Success Stories

20. Contact Info:
Kay Gregg
Community Affairs Specialist, FDIC
, ext. 4930
For more information on
FDIC Community Affairs go to: