:: Instructor-led Classes

Debt Management: A Building Block of Your Business

Course Details

Debt Management requires a strategy. If a business has debt, there must be a strategy to manage it. Simply put, that strategy can either be developed and implemented by the business owners – or it will be imposed by the business’ creditors (often at great cost and turmoil). The use of debt can be a tool for a prudent business owner but, likewise, can easily become a pitfall to those who are not. Getting out of debt requires a systematic plan that is both reasonable and achievable (and hitting the lottery is not one of the strategies we will discuss). Upon completion of the course, participants will be able to understand how to control and eliminate debt.

Course Objectives

Upon completion, every participant should know the following:

  1. The distinction between good and bad debt.
  2. Understand and implement key components of a successful budget.
  3. How to create a working debt management plan based on personal spending habits.
  4. The true cost of credit.

Small Business Success Skills Certificate Program

This class is eligible for the Small Business Success Certificate Program. Participants who complete six classes will receive a framed gold seal Small Business Success Certificate jointly from both The University of Texas at Austin Professional Development Center and City of Austin Small Business Development Program.

Rationale

In today’s economic state, it is vital to all business owners to create and maintain a working budget, along with a solid debt management plan. This course will give participants the tools and knowledge for developing a strong debt management plan and budget for implementation.

“Proper debt management is for all…, whether heavily burdened with debt or not. It is meant not only to hold further deterioration or to facilitate rescue of those already deep in debt but also to ensure that those with a light debt burden use financial resources prudently and do not needlessly fall into the trap. History should not repeat itself in this regard.” — Governor A. Maruping

Course Outline

Part 1 — Understanding Debt

  • Good Debt
  • Bad Debt

Part 2 — Key Components of a Successful Budget

  • Meeting Specific Needs
  • Accurate Income Projections
  • Painting the Picture — What Could Go Right or Wrong
  • Review Budget Regularly
  • Properly Recording All Expenditures
  • Line Item Savings

Part 3 — Debt Management Plan

  • Debt Reduction
  • Total Cost of Ownership
  • Using Financial Resources Correctly

Part 4 — True Cost of Credit

  • Warning Signs
  • Strategies and Worksheets

Summary and Guide to Resources for Continued Development

City of Austin Small Business Development Center

Instructor(s)

Coordinator(s)

Questions about this course?

    512-471-9971
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