By Moody’s –
Small businesses are the backbone of the US economy. However, with recent uncertainty caused by COVID-19, many are struggling to stay afloat. Even in less turbulent times, entrepreneurs often lack insight into what their finances look like from day to day, how much cash they have on hand or whether they will be able to pay their bills on time. In fact, according to a March 2018 Preferred CFO study, 82% of business failures are a result of poor cash flow management.
One of Moody’s key CSR focus areas is empowering people with financial knowledge, which is why we made cash flow management the focus of a 2019 initiative for US entrepreneurs. This financial empowerment initiative was created in partnership with the Foundation for Small Business Development (FFSBD), the philanthropic arm of America’s Small Business Development Centers (SBDCs). It is the first initiative under Moody’s new Pathway to Prosperity program, which is part of our larger Reshape Tomorrow™ initiative. “Our ultimate goal is to help thousands of small business owners and employees to better manage their finances and secure their operations,” says Charles “Tee” Rowe, President and CEO of America’s SBDC. Click To Tweet (more…)