1 / 46

Simple Steps Workshop

Simple Steps Workshop. Watch Your. Business Grow. Presented by: SCORE – Northern Nevada www.score-reno.org. Revised 05/30/13. About SCORE - Reno. “ 40 +” Experienced Executives Volunteering as Business Mentors Experienced in most Industry Sectors

carmine-baxter
Download Presentation

Simple Steps Workshop

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Simple Steps Workshop Watch Your Business Grow Presented by: SCORE – Northern Nevada www.score-reno.org Revised 05/30/13

  2. About SCORE - Reno • “40+” Experienced Executives Volunteering as Business Mentors • Experienced in most Industry Sectors • Skilled in Marketing, Finance, Management, etc. • Seminars & Workshops: • Simple Steps for Starting Your Business • Webinars • Free Mentoring: • One-on-One • Email • Business Resources: • www.score.org • www.score-reno.org • SCORE–Reno Office: (775) 784-4436

  3. Let’s Get Acquainted! Briefly tell us about you:

  4. Financial Management Workshop

  5. Confidentiality

  6. Our Schedule

  7. Your Commitment

  8. Financial Management

  9. Trusted Advisors They help you manage your business

  10. Workshop is designed to help Create Measure Understand Manage Utilize

  11. Using Financial Information Your Accounting System must:

  12. Bookkeeping Methods

  13. 3 Key Financial Statements 3 You Need to Know: 2 1 Balance Sheet (Business Overview) Income Statement (Profit or Loss) Cash Flow Statement (The Money)

  14. Other Financial Statements (Important for Daily Controls)

  15. Utilizing information

  16. Cash Flow Model (Projections) Cash Flow

  17. How to Use Probabilities To determine realistic projections for Cash Flow

  18. How to Estimate Sales (Alternate Method)

  19. Cash Flow Revenue Projections

  20. Cash Flow Operating Expense Projections

  21. Cash Flow Financial Projections

  22. Cash Flow Example of Projections

  23. Cash Flow Template

  24. Income Statement Incoming Revenue: • Less Adjustments • Minus Cost of Goods Sold • Equals Gross Profits • Various Expense Categories • Equals Net Operating Income Minus Outgoing Expenses:

  25. Income Statement Template

  26. Balance Sheet • Total Assets = Total Liabilities + Total Equity CurrentAssets + Long Term = Total Assets Current Liabilities + Long Term = Total Liabilities Equity Total Assets - Total Liabilities = Total Equity

  27. Balance Sheet Template

  28. Profit or <Loss> from Business

  29. Utilizing information

  30. Simple Steps Workshop 15 Minute BREAK Work with your SCORE Mentor

  31. Financial Ratios Common Ratios

  32. Clarify Definitions Current Ratio Current Assets Current Liabilities Current Ratio The higher the Ratio the better

  33. Profitability Ratios Key areas where your actions will make change

  34. Gross Profit Margins Consider Margins for Specific Products or Services! Gross Sales - Cost of Goods Sold Gross Sales Gross Profit Margin % What is a realistic Gross Profit Margin for your business?

  35. Efficiency Ratios Tie directly to Profitability of Your Business Effect of these on your Business and your Cash Flow

  36. Key Cost Accounting Terms Key Cost Accounting Terms

  37. Making Changes To Improve Your Business Profitability & Success

  38. Simple Steps Workshop 15 Minute BREAK Work with your SCORE Mentor

  39. Assignment Develop Your Action Plan

  40. Action Plan Tracking will be Daily? Weekly? or Monthly?

  41. Action Plan Example Tracking will be Daily? Weekly? or Monthly?

  42. Review Week 1 Let’s Review

  43. Any Questions? Do you have necessary forms? Come prepared with Goals, Data and filled out forms

  44. Next Session in 2 Weeks Basic review of terminology Review your work – 3 Specific goals Develop forward Projections / Tracking Develop an Action Plan for your business Final meeting is 90 days from 2nd session to review progress.

  45. Follow Up Session To Review Your Plan Identify Success Stories Take Action on other items Redefine Goals and forward Projections Develop your Action Plan for the future

  46. Thank You for Attending SCORE – Reno Financial Management Workshop www.score.org www.score-reno.org (775) 784-4436

More Related