DANVILLE, Va. (WFXR) – Danville is offering a free six-week financial class for small businesses called Money Made Simple. Going into its third year, it was started after grant applications filed during the pandemic showed some small businesses weren’t keeping track of their finances correctly.
“Truly being financially sound and financially aware is number one,” said Samantha Bagbey, Danville Office of Economic Development Project Manager, “Just like a house, you have to have a roof, or you don’t have a house. If you don’t have sound financials as a small business, you don’t have a small business for very long.”
Owners will learn about key indicators that show how well their business is doing. Officials say while it isn’t “accounting school,” it does cover many important topics small business owners need to know.
“How to read a profit and loss sheet, how to manage your cash flow, how to pay yourself, how to get through your taxes, how to make sure that you’re documenting everything properly for taxes,” said Bagbey. “We dive into a little bit more of the price points and how you ensure that your price makes sense for your needs.”
Since it started, more than 40 businesses have participated in the program. Officials wanted to make this class accessible to all. So all you need is a business license with the city and your time.
“People that are still working full-time jobs, people who have kids, people who are juggling a million things and own a small business. Nine times out of ten, they’re not only the owner of the small business, but they’re H.R. They’re waiting the tables, they’re running the register, they’re on the back end,” said Bagbey.
After the classes are over, each business will have a three-hour one-on-one with the instructor to get any other questions they may have answered. Classes are on Tuesdays from six until eight, starting January 20th. You can apply here, application are due by 5 p.m. on January 14th.