Getting Started with Financial Skills for Your Business - FULL

Host: D2N2 Growth Hub

Location: Action Planning Workshop

Date: Friday, 15th January 2021 at 10.00am - 1.00pm

Cost: FREE


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Your accountant hands you your profit and loss statement and all you see is a wall of numbers. You make business decisions on intuition and hope everything works out financially somehow. You don’t really get the ‘financial jargon’ and so avoid it. Sounds familiar? If so, then this workshop is perfect for you.

During this interactive workshop we will cover what every successful business owner needs to know about their finances. We will look at practical, down-to-earth matters – not the theoretical and academic stuff. We will also focus on strategic financial information, not the day-to-day detail. To get the most benefit, bring your own profit and loss and use it in a range of exercises (we won’t ask you to share with anyone).

As the workshop progresses, we will complete a worksheet with key financial information and an action plan for your business – all designed to ensure you are equipped to take your business to the next level.

Who should attend this workshop?

Business owners who want to sharpen their financial skills and get a grasp of the key strategic financial information for their business. This is a highly interactive workshop, not a webinar, so participants should be prepared to engage in discussion. To get the best outcome, participants should bring a recent profit and loss statement from their business (annual accounts are ok), although we will provide a ‘sample’ company data for those who do not bring their own.

This workshop is aimed at SMEs. Please note that preference will be given to businesses based in Derby, Derbyshire, Nottingham and Nottinghamshire.

What will we cover?

  • What financial skills every business owner needs to have to ensure business survival

  • What drives profit – and it is not just sales!

  • The difference between gross and net margin and how to calculate them

  • Break down of your own financial model

  • Calculate your own breakeven

  • Difference between margin and mark-up and overview of main pricing methods

  • Impact of the product mix on your margin

  • How to shorten your cash collection cycle

  • Key tips on managing cash, including calculating how big your buffer cash needs to be

  • Q & A

What outcomes can you expect from joining us?

After attending this workshop, you will:

  • Clarity on what drives profit in your business

  • Breaking down your own financial model and understanding the moving parts

  • Calculating the breakeven for your own business

  • A completed worksheet with the key financial information for your business

  • Clear actions to take the financial control of your business to the next level

This is an interactive, Action Planning Online Workshop. You will leave this session with handouts and a practical action plan which can be implemented within your business. Where possible, we would like to encourage you to join this session with your video camera turned on and when instructed by the facilitator, you may un-mute your microphone to take full advantage of the interactive nature of the workshop. For the best user experience, we recommend joining the workshop using Chrome or Firefox as your web browser

Agenda

  • 10.00am - 10.50am - Workshop presentation

  • 10.50am - 11.00am - Break

  • 11.00am - 11.50am - Workshop presentation

  • 11.50am - 12.00pm - Break

  • 12.00pm - 12.45pm - Workshop presentation

  • 12.45pm - 1.00pm - Q&A

Who’ll be presenting this workshop?

This business-essential session is presented by Alice Davidchack, an experienced Chartered Management Accountant and a Business Coach. She works with business owners throughout the UK, helping them to develop robust financial strategies and create business models that work.

Alice coaches on all aspects of business finance planning and accounting, including cash flow management, budgeting and forecasting.

 

 

 

This workshop is hosted by the D2N2 Growth Hub, East Midlands Chamber and part-funded by the European Regional Development Fund.



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Tracey Hylton Burrows
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