Are you afraid of what you don’t know when it comes to your company’s finances? 

If so, you’re not alone: a whopping 67 percent of adults worldwide are considered “financially illiterate.” Achieving financial literacy is a new frontier—and a great goal— for many small business owners and entrepreneurs. 

What does it mean to be financially literate?

In short, financial literacy means understanding where you stand financially, and how to use that knowledge to make sound financial decisions.

In business, financial literacy also refers to your ability to engage with accountants on a deeper level so you can effectively strategize and improve your financial positioning. Financial literacy is a key component to business growth. 

Beyond traditional financial training

Traditional concepts of finance and accounting can be intimidating, and for many small business owners, this results in deeply rooted and persistent fears that prevent them from taking control of financial matters related to their business. And many entrepreneurs struggle to find resources and training programs that meet them where they are at, with many programs starting way over their heads. 

 

This is a problem. Why? Well, simply put, developing an effective business strategy requires small business owners to understand their accountant’s financial reports, and their overall financial positioning. 

Financial literacy leads to business success 

A lack of financial literacy can hinder a business’s chances of succeeding. This is why RISBDC now offers small businesses access to Financial Qbits, a new program that teaches the fundamentals of accounting and finance. 

Financial Qbits helps small businesses conquer fears around basic business financial topics, so they can remain competitive in their respective markets.  

Why Financial Qbits

With a fully visual approach, Financial Qbits highlights the fundamental building blocks of finance and accounting, helping small business owners to understand them quickly and easily, even if they don’t have any previous financial training. 

Making the invisible visible, Financial Qbits training results in an essential savings of time and effort as learners gain clarity on many basic financial concepts. Moreover the Financial Qbits methodology empowers individuals to learn a year’s worth of information in ten hours, while creating a mindset of wealth creation. 

Financial Qbits is comprehensive and offers actionable tools that you can immediately apply to your business. Program objectives include:

• Learning to speak the language of accountants
• Understanding the philosophy behind systems like QuickBooks
• Building financial statements from scratch to truly understand their numbers 
• Performing basic financial analysis to assess a company’s financial position

Given the impact of financial literacy on business success, Financial Qbits is a game-changing resource that is expected to dramatically improve and advance the small business landscape. RISBDC Providence Region Director Manuel Batlle describes the program as “teaching the language of accountants in record time.”

The Financial Qbits program is available as an app for free to all entrepreneurs and small business owners who register as a client with the RISBDC. 

Ready to improve your financial literacy? Register with the RISBDC to gain access to Financial Qbits and many other valuable resources for small business success.