On Wednesday, November 10th, we hosted #StartupChats to talk about Getting Up to Speed on Financial Literacy with Scotiabank.
We were joined by four great experts;
Zahra Qureshi, Social Venture Circuit
Tracey Bissett, Bissett Financial Fitness Inc.
Jason Charlebois, Scotiabank
Kayla Isabelle, Startup Canada
What is financial literacy and why is it important?
A1. 2/2 Financial fitness Aka financial literacy is so important. It impacts every area of our lives – relationships, mental health, physical health etc. When we have it we can focus on what we do best in our businesses. @Scotiabank #StartupChats #flm2021
— Tracey Bissett (she/her/hers) (@bissettfinfit) November 10, 2021
A1: Business comes with numbers, it’s inevitable.
Whether it is pricing your products/services, staff wages, revenue and profit margins. Entrepreneurs need to understand financial literacy so that they can understand their business. #StartupChats @scotiabank
— Kayla Isabelle (@Kaylamisabelle) November 10, 2021
A1 #startupchats financial literacy is education on how to be smart with money, it is important because having goals, priorities & money smarts is important to a happy life
— Tim Postma (@TimPatAlPostma) November 10, 2021
Where do you start when building a financially fit business?
✔️Startup Costs – have a plan or savings when it comes time to make purchases
✔️Know Your Cash Flow – it’s what keeps your business going!
✔️Review Your Numbers – Set aside time to review and know them, a great accountant can support with this!#StartupChats @scotiabank
— Kayla Isabelle (@Kaylamisabelle) November 10, 2021
A3: Are there customers willing to pay enough for what you have to offer? And what is the gross profit?
Favourite questions in #dragonsden that are the first stepping stone for a business#startupchats— Social Venture Circuit (@thesvcircuit) November 10, 2021
A3: Prioritize creating an emergency fund. Anything can happen when you’re in business and it’s important to prep resources to meet cash flow needs accordingly. #StartupChats
— MyCorporation (@MyCorporation) November 10, 2021
Where can entrepreneurs learn about financial literacy?
There are a ton of resources out there, check out https://t.co/tYKxOR5ejP and https://t.co/QM4bv5MzaV under Funding! #StartupChats @scotiabank
— Kayla Isabelle (@Kaylamisabelle) November 10, 2021
Incubators, local business centres and entrepreneurship resources will all contain support on this for you to get lessons, mentorship and initial setup. I host workshops on these locally for entrepreneurs.https://t.co/p2RaRYLRYW#startupchats
— Social Venture Circuit (@thesvcircuit) November 10, 2021
A5 (1/2): Start by asking questions and speak with local business owners, business advisors, family, friends and COI’s. Ask for referrals for support including reaching out to our Small Business Advisors. #StartupChats https://t.co/9yB1tli0A9
— Scotiabank (@scotiabank) November 10, 2021
Want to learn more? We captured this entire conversation, continue learning here.