Being financially savvy does not necessarily come naturally to every business owner. It can be a process of trial and error in order figure out best practices for fiscal responsibility. This can be especially true for everyday City of Mission residents who have not put their accounting skills to use in a very long time.
When starting a business in the McAllen-Edinburg-Mission metro area, aptitude with finances can be a pivotal point of success or failure. A simple mistake in the books can set off a chain of events that can spell disaster for your venture, or at the very least, be a setback that will require time to correct.
The Mission Economic Development Corporation has recognized the importance of providing quality educational opportunities to both local residents and business owners to foster a stronger understanding of finance.
Recently, the Small Business Administration Lower Rio Grande Valley District Office (LRGVDO) and Mission EDC signed a Strategic Alliance Memorandum (SAM) to aid in the increase of economic empowerment and entrepreneurship through an increase in collaboration on financial education for not only small business owners, but residents as well.
SBA District Director, Angela Burton stated, “The benefit of the partnership is clear – the SAM is intended to spur economic development through entrepreneurial education and programs that advances greater access to capital, expanded technical assistance and access to procurement programs,”.Spur economic development through financial education #gomission #rgv #business #success #mission… Click To Tweet
There are three key areas that the SBA focuses on to assist prospective small business owners: capital, contracts, and counseling.
- Capital: This includes options in financing to start or grow new businesses.
- Contracts: Many small business benefit from federal agencies awarding contracts and the regional SBA office helps to promote these contracts by effectively representing local small businesses.
- Counseling: The SBA will offer a variety of counseling sessions including seminars, assistance in writing business plans, market studies, sales projections, eligibility determination and certifications.
Obtaining support and training in all of these areas is sure to benefit many local business owners and those interested in developing start ups. This is especially true with business plans, as the blueprints are an integral part of determining future success, but can be quite complicated to develop without the proper guidance or experience.
In a study conducted by Intuit Inc., alongside Decipher Market Research, a number of key findings emerged that suggested common challenges small business owners face including:
- 40% of small business owners identifying as financially illiterate.
- 66% wishing they knew more about finances.
- 39% not following financial news
- 81% of owners handling business’ finances themselves.
Notably, it is imperative for business owners to educate themselves in areas dealing with loans, budgets, debts, and related financial fields.
The Greater Mission Chamber of Commerce encourages all entrepreneurs to take the time to study best practices and to research information regarding their business. Chamber members benefit from numerous opportunities to improve their skill set with Chamber sponsored events and discounted prices to attend educational seminars.
If you are interested in these financial educational opportunities, please contact Mission EDC at (956) 585-0040.
The Mission area is rapidly growing and community members are creating opportunities to help develop a better quality of life for all. More businesses means more jobs, which leads to a healthy and prosperous economy.