Financing As many small business owners already know, there are a lot of different aspects to consider and manage while running a successful business in the current market economy. For business owners without a financial background, the challenge of business ownership is an even more difficult undertaking. They experience missed opportunities caused by a lack of information, minimizing their potential business success. Also, in light of the Equifax data breach in 2017, establishing information security has become a priority for small business owners as well. This fully virtual clinic presents small business owners with the chance to interactively learn about a variety of tools to help foster growth and safeguard their businesses.
This four day online “boot camp” is comprised of 3 modules focused on managing finances, forecasting sales projections, and understanding and improving business credit. It also addresses the importance of understanding and modeling financial information, which can support non-financial business owners as they strive for new levels of success.
During each 90-minute module, the included learning objectives will target actionable and achievable outcomes. Handouts will be provided to assist in implementing the tactics reviewed during each presentation. Interactive components will be included during the computer sessions to provide participants with hands-on experience using Excel and navigating the Federal Trade Commission website.
Module 1 – “Managing Your Small Business Finances”
Financials can be intimidating, even for seasoned entrepreneurs and understanding how to use them when setting up your business for success is achievable with the right tools.
Understand the financial planning cycle framework for your business Understand the basics of financial statements and profitability measures Understand financial statements used to analyze your company’s financial health Know your recordkeeping requirements for the new year
Module 2 – “Forecasting Your Sales Projections”
Financial modeling can help you predict up to three years of sales figures, which may be of interest to bankers and other investors . Throughout this module, you will learn how to make accurate projections and necessary adjustments.
Understand financial modeling in order to predict your sales How to forecast your sales
Module 3 – “Building & Improving Your Business Credit”
Establishing personal credit is the foundation for building business credit. With the recent Equifax breach, it is more important than ever to understand your personal credit so that you can develop a business credit file.
- Identify products, tools, and services available for a small business Strategies to build or improve credit
- Explain how personal finances impacts a business’ ability to get credit
- Understand how credit reporting affects the growth of a small business
- Identify credit reports and reporting systems used to assess credit risk
- Explain how credit reports work
Instructor: Christene Fergusson