Latino Business Owners Don’t Do Financial Planning

A recent survey in San Antonio, Texas found that only 46% of Latino business owners had any sort of financial plan in place. The survey also found that, the higher the business’ revenue, the higher the likelihood business owners are interested in financial planning.

We’ve written previously about the fact that Latinas open businesses at six times the national average, which is great, but also the fact that both the banks and Small Business Administration are less likely to lend money to Latino business owners. The survey also took place in San Antonio, and is probably not wholly representative of Latino business owners around the country.

A few things to take away from this news. One, financial planning is an integral part of owning any business and there’s a huge market for financial services companies to really go after Latino business owners. This is obviously not happening in San Antonio and I’d venture to say in other places, too, an oversight that likely comes from a lack of information. Secondly, seems from the survey that financial planning is the bread and butter of institutional businesses — which may mean that newer business owners like Latinas are either not being integrated/education or are being kept out.

Any small business owners out there? What do you think?