This year, MoneySmart Business Summit was held on Friday, April 24 and Saturday, April 25. Due to COVID-19, the Summit was held online. Both days participates heard from subject matter experts on topics important to building a solid business foundation. The Summit kicked off with Marcus Dorsey of Dorsey CPA explaining the pros and cons of business structures. He explained how important it was to understand how taxes affect each structure and why you would want to choose one over the other. Shannon Wilson of Legacy Legal shared the importance of having an estate plan. Many business owners focus on their everyday operations and forget to plan properly for the future of their business and their family. The day ended with Michele Wright with Wright Choice Business Consultants discussing the importance of having your bookkeeping in order. She broke down the top 10 Accounting Tips for Optimal Recordkeeping.
On Saturday, Austin Thompson with Thompson Management Consulting LLC began the Summit explaining the importance of having a business plan. He broke down the different components that your plan should have and how it should be organized. After learning how to build a successful business plan, participants learned the power of having business credit. Orland Nelson with Info LLC broke down the benefits of utilizing your business credit vs maxing out your personal credit. He explained how many people utilize their business credit to purchase buildings, equipment, cars, and much more. Reggie Holliday with 2 Kings Investment Group followed Nelson and explained how to get funding for your business. He broke down key SBA loans that business owners often overlook that could potentially help move their businesses forward.
The Summit wrapped up with an Insurance Panel with Cindy Horton (Keeping it Simple Insurance), Bryan Heyward ( Heyward Group LLC), Shelby Green ( Northwestern Mutual), and Carl Callendar ( In the Black Firm LLC). Horton informed everyone on how COVID-19 has affected the current health insurance market and ways business owners could get covered. Heyward discussed why you should have business insurance for your company and how it provides you protection when you find yourself in difficult situations. Green broke down why business owners should have life insurance and the importance of sitting down with a financial advisor. Callendar shared how identity theft has become rapid during these current economic times and ways you can help yourself as a business owner.
The event was sponsored by Matthew Coleman with Vi Capital Funding and Cindy Horton with Keeping it Simple Insurance. Sheena Robinson the Chair of the Financial Services Committee was the host. Participates were able to get the tips and tools they need to upgrade their mind, their business, and their money.