No matter the size of your business or the industry you intend to enter, there’s no doubt that it will be a challenge to pursue your dream of starting your own venture in entrepreneurship. The United States Bureau of Labor Statistics estimates a failure rate of as much as 20 percent for new businesses within their first two years.
There’s no doubt that it takes courage and determination to overcome the odds of failing in entrepreneurship, but grit and hard work can only take you so far. Another thing you should nurture in yourself if you decide to take this road is your financial knowledge, which should include risk management, basic budgeting, and online business banking solutions.
Since it’s your bottom line that mostly defines your business success, you have to have enough knowledge to make sound financial decisions toward improving your cash flow and increasing your capital.
To successfully navigate the intricate world of business finance, and to succeed at contemporary financial practices like doing your business banking online, consider these practical and actionable ways to expand your financial knowledge:
1. Subscribe to Finance News and Magazines from Reliable Sources
Staying informed about financial trends and market dynamics is crucial when it comes to steering your business in the right direction. Entrepreneurs of past ages might have perused a newspaper’s business section or subscribed to entrepreneurship and business magazines. But these days, it’s so much easier to simply wait for a newsletter to drop in your email inbox or to subscribe to online apps that feature the latest financial news.
However, you also have to make sure that you subscribe to trusted sources in the financial industry. With so many casual bloggers and “influencers” posing as experts in finance, there’s a risk that you could be getting information from the wrong people.
Some examples of trusted sources for business and finance news are companies with a long history in the field of journalism, such as The Wall Street Journal, Forbes, or Bloomberg. For alternative sources of information, check the profiles of your chosen content creators or authors. Make sure that they have the credentials and experience to back their statements and points of view.
Regularly consuming insights from these sources will give you a broader understanding of economic shifts and industry-specific developments. These, in turn, will help you make informed choices for your business finances.
2. Listen to Trusted Finance-Related Podcasts
Take advantage of the ability to learn about finance on the go by tuning in to finance-related podcasts. The most reputable small business and finance-related podcasts will provide valuable insights into financial strategies and investment tips that you can use for your own small- or medium-sized enterprise (SME) or startup. They can also let you in on real-life entrepreneurial stories that will be easy for you to relate to during the earliest stages of your journey—especially when you’re learning the ins and outs of small business banking and using an SME business banking solution like that of Maya Business Deposit to manage your funds.
Consider adding podcasts like “Planet Money,” “The Dave Ramsey Show,” or “How I Built This” to your playlist for engaging and informative content that can broaden your financial perspective. Aside from being sources of inspiration and valuable financial information, these podcasts are also entertaining and easy to digest. This makes even complex financial topics easier to understand and relatable to your daily challenges in managing your business.
3. Follow Bona Fide Finance Experts on Social Media
If you know where to look and how to curate your feed, you’ll find a wealth of useful financial information on social media. To stay abreast of the latest financial news and trends, identify and follow influential finance experts on platforms like LinkedIn and X (formerly Twitter).
From their content, you’ll be able to collect daily nuggets of wisdom, industry updates, and perhaps even opportunities to network. This continuous exposure to the online financial community can give you the insight you need to grow your business and make the best financial decisions.
4. Consult a Reputable Finance Professional
You should also recognize the importance of seeking professional advice when you’re navigating complex financial situations. Reputable finance professionals, such as certified public accountants (CPAs) or financial advisors, can provide personalized guidance tailored to your business’s size, circumstances, and financial situation. Their expertise can be valuable in ensuring your financial strategies align with your business goals.
For issues like tax compliance and financial planning, a seasoned professional can be that ace up your sleeve when you’re faced with difficult financial dilemmas. Their wealth of expertise can help you cross hurdles that would otherwise take a lot of time and effort to overcome on your own.
5. Attend Online Courses that Center on Finance
It’s also an option to attend an online course for business finance, as many of these are highly accessible or even free to enroll in. There’s no excuse not to use these resources to deepen your financial knowledge.
Platforms like Coursera, EDX, and LinkedIn Learning offer several courses on finance, accounting, and business strategy. That said, not all courses are created equal, so before starting on one, read the reviews to determine if they are worth your time and if they match your current learning level.
Ultimately, investing time in structured online learning can equip you with the skills needed to handle various financial aspects of your business successfully.
6. Seek Mentors Who Willing to Teach You
Mentorship is a powerful tool for personal and professional growth, especially in an area like business. Look for mentors who have also walked the entrepreneurial path and have a strong financial background. Your next mentor could be an existing friend, a former boss, or an industry expert you met at a conference.
Whoever they may be, try to cultivate a relationship with your mentor based on open communication, trust, and mutual respect. Be active about seeking their guidance, be transparent about your current challenges, and be receptive to constructive feedback. This attitude will maximize the benefits of mentorship and help you grow through your fledgling entrepreneur stage.
As an entrepreneur who’s just starting, you need to take proactive steps toward expanding your financial knowledge. The approaches mentioned above should put you in the best position to learn about business finance and, as a driven learner, lead your business toward growth and success.