European Bank for Reconstruction and Development (EBRD) launched the second module on its Know How Academy, an online learning platform to support micro, small and medium-sized enterprises (MSMEs), the EBRD said in a press release.
The second module “Crisis management: Financial Management Essentials” aims to develop essential financial skills and knowledge specifically tailored to helping small businesses survive and respond proactively in a crisis and to provide practical tools to help them plan and implement what they have learned.
The content of the module will be centered around three key management blocks:
- How to understand the financial position of the organization;
- Financial planning and making decisions integrated with operational planning including risk management;
- Doing the actions that will improve financial performance (specific actions around cost, income and cash flow improvement).
According to the EBRD, at the end of this module, participants will be able to:
- Identify core cash flows in and out of a business and those impacted during a crisis;
- Make assessments of the financial position of the business before, during and after a crisis;
- Stress test to assess the vulnerability of their business to potential adverse impacts that may be faced in a crisis;
- Use financial, operational planning and risk management tools and information together to make better business decisions;
- Identify where savings can be made and costs cut in a crisis situation;
- Engage the company accountant to help support the business in a crisis situation.
Education on the EBRD's Know How Academy is free for everyone. In Turkmenistan, the initiative is funded by the European Union.
