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GEORGIA SBDC

GEORGIA SBDC. Hello, my name is ... Mark Whipkey Business Consultant 706.542.4302 / mwhipkey@georgiasbdc.org www.georgiasbdc.org. Agenda. Small Business Development Center (SBDC) Business Plan Overview and Common M istakes Financial Statement Review

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GEORGIA SBDC

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  1. GEORGIA SBDC Hello, my name is ... Mark Whipkey Business Consultant 706.542.4302 / mwhipkey@georgiasbdc.org www.georgiasbdc.org

  2. Agenda • Small Business Development Center (SBDC) • Business Plan Overview and Common Mistakes • Financial Statement Review • Financial Template for the Business Plan

  3. Georgia SBDC Network • But first…..a fun opportunity….

  4. Georgia SBDC Network • FINISHED FILES ARE THE RESULT OF YEARS OF SCIENTIFIC STUDY COMBINED WITH THE EXPERIENCE OF MANY YEARS

  5. Georgia SBDC Network:What We Do for Georgia’s Businesses!www.georgiasbdc.org In Partnership with the U.S. Small Business Administration

  6. GEORGIA SBDC NETWORKTo enhance the economic well-being of Georgians by providing a wide range of educational services for small business owners and aspiring entrepreneurs. University of Georgia SBDC Georgia State University SBDC University of West Georgia SBDC Kennesaw State University SBDC Clayton State University SBDC Georgia Southern University SBDC Valdosta State University SBDC

  7. GEORGIA SBDC NETWORK • What we do • Consulting • Free, Confidential one-on one • Continuing Education • 2013 over 323 programs with 3,592 attendees • Client Success over past 5 years (2008-2013) • $299 million through loans and equity financing • $7.2 billion in sales • 1,427 new businesses starts • 9,777 new jobs created

  8. GEORGIA SBDC NETWORK • What Services we Offer? • -Capital Assistance • Business Planning, Financial Projections, Equity Analysis • -Marketing Assistance • Marketing Plans, Research, Strategic Analysis • -Accounting and Financial Management • Record Keeping and Accounting Systems • Ratio Comparison and Financial Analysis • QuickBooks Assistance • -HR & Business Management • -International Trade

  9. The Business Plan • But first…..another fun opportunity….

  10. The Business Plan

  11. What is a Business Plan? A business plan is any plan that works for a business to help them….. • Look ahead • Allocate resources • Focus on key points • Prepare for problems and opportunities

  12. Why do you need a business plan? • It forces you to focus. • It tests your commitment. • It brings you down to reality. • It gives you a benchmark. • Required by lenders and investors.

  13. The Business PlanElements of a Good Plan • Cover Page • Executive Summary (Do Last) • Mission • Keys to Success • Business Description • Products and Services • Market Analysis (SWOT) • Marketing Strategy • Competition • Management & Personnel • Operations (retail, internet, locations) • Financial Plan • Supporting Documentation

  14. The Business PlanFour Ways to Ruin a Plan • Too much “BLUE SKY” • Failure to consider outside influences – competition, industry trends, economic environment. • Lack of market research and industry analysis • Unsubstantiated financial assumptions • Outdated information • Unprofessional appearance of plan – illogical format, spelling and grammatical errors

  15. Good Business Plan Resource https://www.agplan.umn.edu

  16. Financial Statements • But first…..another fun opportunity….

  17. Financial Statements

  18. Financial Statements • Income Statement • Balance Sheet • Statement of Cash Flow

  19. Financial Statements

  20. Financial Statements indicates how the revenue (also known as the “top line”) is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as Net Profit or the “bottom line”)The important thing to remember about an income statement is that it represents a period of time. This contrasts with the balance sheet, which represents a single moment in time.

  21. Financial Statements The balance sheet is a snapshot of a firm’s financial resources and obligations at a single point in time.governed by the accounting equation: Assets = Liabilities + Owners’ Equity.

  22. Financial Statements “CASH IS KING” The cash flow statement is a cash basis report on three types of financial activities: operating activities, investing activities, and financing activities. It captures both the current operating results and the accompanying changes in the balance sheet.As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills. (bankruptcy)

  23. Financial Statements • Key Take Aways: • Balance Sheet is for a POINT IN TIME • Income Statement and Statement of Cash Flows • Are for a PERIOD OF TIME • PROFIT does NOT equal cash • “CASH IS KING”

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