TCRBF's Vice Chair Roy Agustinus Gunara revealed that the new programs have been certified by the University of the Thai Chamber of Commerce's School of Accountancy. TCRBF has upgraded basic financial literacy into an in-depth program, which is intensive and comprehensive for small business owners. In addition, the program provides a tool that offers practical application to enhance business potential for stable growth.
TCRBF mainly focuses on the trained small business owners from the Tang To Know-how basic program and those who are both ready and determined to develop their businesses for stable and sustainable growth in the future. Initially, the Foundation through Thai Credit Retail Bank will organize an on-site training program for 500 pilot participants.
The "Financial Literacy and Skills for Salary Earners" program, meanwhile, has been designed to build financial security and will cover expenses, emergencies, and retirement. The program is open to all salary earners or people who have a regular income in both the public and private sectors. It will provide a path to personal financial planning covering an examination of financial goals, financial status, both assets and debts, expense management, debt management, savings, tax calculation, and financial risk management.
Roy said that in addition to individuals, any organizations recognizing the importance of providing financial knowledge and skills to their staff can contact Thai Credit Contact Center at 02 697 5454. TCRBF will then arrange the training at the organizations at no cost. The foundation also provides the training on Facebook Live: ตังค์โต Know-how twice a month on every second and fourth Thursday, allowing participants to chat with speakers in real time.
Asst. Prof. Linda Pattanavittayakul, a lecturer at the School of Accountancy, the University of the Thai Chamber of Commerce, and the advisory chairman of Tang To Know-how financial literacy program certification project, added that the Business and Financial Preparation for Small Business Owners program will underline how to make businesses successful through 4 key skills as follows:
Marketing: to address weaknesses and strengths, obstacles, and opportunities, expand sales channels, and develop quality and variety of products to increase revenue and profit.
Finance: to teach how to calculate cost structure and cash flow management. Notably, most small business owners often forget to pay themselves a wage or salary. This thus becomes a hidden cost that does not reflect actual cost nor the correct break-even point. Moreover, the merchants can learn how to prepare for future growth including business expansion planning and tips to get a loan for additional investment.
Accounting: this requires merchants to keep daily records of basic accounts and maintain pertinent documents to show income and expenses. Not only will they learn about profit and loss, but business owners will be able to track expenses enabling them to cut non-essential costs and consider how to save more of their budget.
Tax: to educate merchants about tax calculation and how to apply tax incentives, both in terms of value-added tax and personal income tax.
The Financial Literacy and Skills for Salary Earners program will help the target group to prepare a financial plan from the start of working until retirement. The participants can learn a personal financial planning path that includes setting lifetime financial goals, savings, and emergency reserve to prepare for possible
crisis, deferred income and prepaid expense accounts, and evaluation of financial risks.
The two programs have been carefully examined by the School of Accountancy's working group, which is made up of lecturers from the schools of accounting, economics, and business management at the University of the Thai Chamber of Commerce as well as experts in logistics and lean supply chain, and tax. This ensures the programs are effective for the target groups.
"Based on the 'Everyone Matters' philosophy, the TCRBF is determined to improve quality of life and EMpower small business owners and especially merchants who don't have access to a source of financial literacy, which is crucial to building financial immunity and running a business for sustainable growth," Roy concluded.
Source: Maxima Consultants