Wednesday, Apr 26th

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You are here: Business Small Business Fiscal Literacy Builds Better Business
Nearly half of new businesses fail within the first year, not for lack of owner dedication, but because many entrepreneurs and small business owners simply don’t have the fiscal savvy to navigate the many financial decisions that come with building a business.

“There are so many small business owners who are great at what they do – creating a product or delivering a service – and wanting to sustain their livelihoods, but many of us, because we are not taught fiscal literacy in our personal finances, do not have that skill to translate into our small businesses,” said Sylvia Inks, CEO of SMI Financial Coaching.

Inks, who grew up in a family of entrepreneurs, believes that financial literacy is at the core of successful living for everyone, but it’s especially true for the self-employed and small business owners.

“We are not teaching that skill set in the education system,” Inks said. “Now people are wanting and seeking out those skills in other places.”

As a financial coach, Inks provides the knowledge and tools to educate and motivate her clients to make positive financial changes. More importantly, she acts as an accountability partner to help keep her clients on track with setting monthly budgets, cutting expenses and spending money only where it has been allocated.

“People are increasingly tired of being unhappy and stressed because of their financial situations. They want to get out of debt and obtain financial freedom, but they just don’t know how,” Inks noted.

With over half of the population living paycheck to paycheck, unable to save even $1,000 for emergencies, there’s no wonder why demand for financial coaching is growing. Unlike advisors, Inks says coaches don’t sell investment products. Instead, they help clients learn how to make wise fiscal choices and find alternatives to debt.

“Business debt does not have to be the norm,” Inks added. In fact, she explained how one client reported saving $50,000 in the first year of business by following her advice, creating a more profitable and self-sustaining business model.

According to Inks, her primary goal is to “help small business owners find practical, low-stress financial solutions to building a business and making it a success.”  Her new book, Small Business Finance for the Busy Entrepreneur, is a practical, step-by-step guide that shares the key components that have the biggest impact on creating and maintaining a solid, profitable business. 

Doe more information visit: www.smifinancialcoaching.com
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