Since 2004, April has been recognized as “Financial Literacy Month” to promote financial awareness and education. Financial Literacy Month originated from Youth Literacy Day, founded by the National Endowment for Financial Education (NEFE). It was created to raise awareness about financial literacy and promote financial education for youth but has since expanded to all ages. But what is financial literacy?
At its most basic level, financial literacy is understanding and managing one’s personal and/or business finances. For entrepreneurs and small business owners, financial literacy plays a crucial role in creating, managing, and growing a successful business. Fortunately, you don’t need to be a financial expert to have excellent outcomes. Business owners and professionals benefit from giving some thought to their financial literacy, reflecting on their strengths and weaknesses, and targeting new areas for learning and growth. There’s always room for improvement, and the rewards can be great!
There are many ways to improve your financial literacy and increase your economic awareness. Some key areas to focus on are earning, spending, investing, borrowing, and protecting. Take some time to think about how your business is doing in each area. Are you satisfied? What would it take to improve the current situation?
Other questions to consider:
- Do I know the specifics about each financial literacy area and how it affects my business?
- Do I know what resources are available to me to improve my financial literacy?
- Am I utilizing up-to-date technology to maintain efficient, smooth financial operations?
There’s a lot to learn in running a business, and financial literacy and management are essential parts of achieving business success. Luckily, you don’t have to look far to find great resources for financial literacy, education programs, and aid from financial institutions.
At FSC First, our Level Up Program is one of those exceptional resources designed to uplift small and minority-owned businesses in our local communities. Level Up provides small businesses with access to capital, training, and mentorship to elevate opportunity and accelerate post-pandemic recovery.
Other resources for increasing your financial literacy include the Financial Empowerment Center at Prince George’s Community College (FEC@PGCC), the US Small Business Administration, The Maryland Women’s Business Center, and SCORE.
Check out our current program offerings, including our Scale Up Accelerator Program, our free Federal Contracting Program, and our free technical assistance program. Take a step in the right direction to improve your financial literacy with the help of FSC First. We are here to help!
