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WillowOlder
Level 5
posted
‎April 01, 2018 09:00 AM
last updated ‎October 01, 2020 1:16 PM

Question: As a Business Owner, How Do You Stay Financially “Literate”?

When you run your own business, being financially “literate” means knowing exactly what you own and what you owe, setting and sticking to a realistic budget and saving every month for your retirement – and a whole lot more besides. Whew.

 

It’s not easy keeping up with all the learning and decision-making around countless money matters. Tell us:

 

What tools or strategies do you rely on to boost your financial literacy so you can run your business as efficiently and effectively as possible?

 

Do you rely on an accountant with superpowers? Webinars from your favorite financial guru? A Magic Eight Ball (we hope not!)?  Please share your secrets to boosting your financial literacy.

 

Want to learn more about financial literacy? Here are three posts you might enjoy.

Bookmark this page so you can find all our financial literacy articles in one convenient place.

 

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2 Comments
EmilyCowan
Level 7
‎April 02, 2018 04:03 AM

Question: As a Business Owner, How Do You Stay Financially “Literate”?

These articles are great - thanks @WillowOlder! In addition, QB Community members can be a very helpful resource for on-the-ground finance and accounting questions. Got a thorny bookkeeping issue specific to your industry? Thinking about the smartest way to finance your new venture? Feeling a bit overwhelmed by it all? QB Community members who have "been there, done that" can provide support. In addition, many QB Community members are themselves accountants who consult for small businesses. This is a great place to crowdsource ideas - even if I am a tiny bit biased :smileyhappy:

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Anonymous
Not applicable
‎April 05, 2018 08:49 AM

Question: As a Business Owner, How Do You Stay Financially “Literate”?

I think it's really important to be very deliberate and specific when dealing with financial terminology. There are tons of great resources out there on the internet (always go with a reputable source!).

 

While simple, straight-forward answers are great for getting the gist of a concept, it's also important to do due diligence and deal with the technical aspects as well. This is especially true when handling different types of liabilities.

 

Bottom line, do lots of research, read lots of sources!

 

 

 

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