Camden, NJ- On February 11, 2019, entrepreneurs of class 83 had their Entrepreneurial Development Training Program (EDTP) class on Small Business Financing. The third unit titled, “Money, Banking, And Personal Finances” was presented by Joanna Nicasio, Vice President and Store Manager of TD Bank Camden. In this class, the entrepreneurs learned the importance of banking and money management since their financial choices can affect both their business and personal lives.
It is difficult to work toward a goal without knowing how much time and money one has; therefore, keeping an accurate budgeting system in place is vital to surviving the ups and downs of the business life cycle. Joanna encouraged the class to set goals and keep track of income and expenses by keeping a budget. She stated, “Understand what are your goals are and plan for it so you can put them into action. A budget is a financial road map to success and it helps you to determine where your money is, how much you spend, and how much you have left over.” One must also keep in mind that a budget is flexible and often changes with various life and business stages; thus, once a budget is made it should be reevaluated from time to time determine what is or is not working.
The instructor continued the class by talking about banking services and commingling. One significant aspect to remember when starting a business is to open separate accounts for business and personal use and do not let them mix at any given time because this will set an entrepreneur back and pose challenges that could have otherwise been avoided. Joanna also went over essential aspects of how to get a bank loan and described what banks look for when an entrepreneur is inquiring about commercial lending.
Ms. Nicasio concluded the class with valuable insights “Avoid those common pitfalls by establishing financial goals, using credit wisely, and saving wisely in order to set yourself apart from the other entrepreneurs.” She talked about resources for entrepreneurs such as: Microsoft Excel, You Need a Budget (YNAB), Mvelopes, Quicken, and Mint. She also mentioned the book “Great at Work” by Morten T. Hansen.
LADA offers seminars and short-term course in various counties of South Jersey throughout the year. A long term course is also offered three times per year where entrepreneurs receive 72+ hours of training from industry professionals, business planning, and business counseling. The program is free, but you must qualify. LAEDA welcomes you to join our community of successful entrepreneurs. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.
For more questions on budgeting and/ or banking needs, please contact Joanna Nicasio at 856-635-9002 and or email Joanna.nicasio@td.com.