A new financial program from Visa, Practical Business Skills, has been launched. It’s designed to help small businesses with a variety of resources and tools.
Small Business Trends contacted Visa Senior Director of Social Impact Hugh Norton to learn more.
“Financial and business literacy are two of the most critical skills a small business owner can have,” he wrote.
Visa Practical Business Skills Program
Entrepreneurs and Expansion
“Our new program is designed to help entrepreneurs with expansion. It offers small businesses financial and business knowledge to manage their money and make confident business decisions.”
This new program is an offshoot of Practical Money Skills which focused on educating consumers about money.
The new site has almost 50 lessons for small businesses. They start with the basics in a Getting Started Section. Other areas cover things like Managing A Business and tips on Building and Growing. There’s a Resource section too.
“The content takes the form of top tips, important strategies to know, calculator options and much more. For example, when clicking on our “Getting Started” tab, a user can navigate through sub-sections.
These include keys to success when starting a business, creating the right business plan, registering a business, and financial basics.”
It’s a modern tool.
“The program supports a wide range of modern business needs across numerous disciplines. We wanted to develop a bank of information that will be equally effective for a first-time founder and an experienced business owner.”
There are insights and tips on important areas like business plan development, financial basics, planning for emergencies and recordkeeping to name a few. The information covers both start-ups and established SMBs.
“Practical Business Skills serves the needs of many with information for those at every stage of their journey,” Norton writes.
The program also has videos, infographics, templates, business calculators and more.
It strives to keep up with modern times too. For example, there are links to tax credits for going green. And even some in depth info on payment types small businesses will find useful.
Practical Business Skills also provides a big nod to changing markets and diversity.
“The new program focuses on helping entrepreneurs thrive via a variety of resources in both English and Spanish,” Norton writes. “There are plans for translation into more languages and customization for other countries in the future.”
“Visa’s social impact mission is to be a force for good, enabling sustainable and inclusive growth for everyone, everywhere. Part of this mission is helping lay the groundwork for success.”
The program is comprehensive. For example, The Stages of the Business Lifecycle Section walks entrepreneurs through every aspect. All the way from ideas on writing a business plan to how to secure funding.
There are even growth, maturity, transition and succession areas.
Finally, Norton says Visa is looking to interact with SMBs that use the resource.
“It’s a robust resource for making a small business owner’s life easier with 24/7 access to critical information,” he writes. “We are eager to meet, speak with and listen to those already taking advantage of the resource.”
He added there was a special focus on the unique needs of micro businesses struggling through their early years.
You really cannot create a business unless you have the necessary skills. For that, you will need some form of training.