by: Women in Business NB
8:30 a.m. to 10:30 (ADT)
On line

1- Understanding Financial Statements:

November 3, 2020 – 8:30 a.m. -10:30 am

Understanding financial statements is the ability to use financial information to make solid informed decisions. For many, understanding financial statements is a confusing and complex process.

This webinar is all about getting a better understanding of what financial statements are telling you and why it is important to keep good records.

This session is designed to assist entrepreneurs on how to read and understand what their financial statements are telling them.

Topics to be covered include:

• How to use the financial statements to make solid informed decisions

• Defining the key components of the balance sheet, income statement, and cash flow statements

• Understanding and improving working capital and cash flow ratios

• Recognizing and properly applying the types of depreciation

• Realizing the importance of establishing a capital account

• The key things you need to know in monitoring financial statements

• What strategies can be invoked to achieve the desired financial goals

• How to structure an accounting system to provide the information needed to make informed decisions

2- Costing and Pricing Strategies:

November 10, 2020 – 8:30 a.m. -10:30 a.m.

We will effortlessly guide participants in visualizing the growth potential and power of a percentage point. We will also provide tools, formulas and processes on how to properly cost out and price products and services to achieve your desired financial goals.

This session is designed to assist entrepreneurs on how to determine their actual costs and establish proper pricing formulas and procedures.

Topics to be covered include:

• How to keep track of different types of revenues

• How to calculate the time of owners in this process

• How to keep track of the costs of producing products or offering a service (direct costs) • How to keep track of other operating cost and why is this important

• Understanding how to convert expense into percentages

• A review of different pricing methods and strategies

• A keep it simple pricing formula for any product or service

• The key things you need to carefully monitor in your pricing formula

• How to structure your accounting system to provide the information you need at your finger tips

• How to stay on track

3- Credit Policies and Collecting Receivables:

November 17, 2020 – 8:30 a.m. -10:30 a.m.

Whenever you sell on Credit you will never, never, never collect 100% of your receivables. There are two reasons for this: one is that some people won’t pay and secondly, others can’t pay. There are many factors that need to be taken into consideration when selling on credit. Making sure you collect as much of your receivables in a timely manner is critical to survival and cash flow. This session is designed to understand the implications of selling on credit. Most importantly, if you are going to sell on credit there needs to be a well-thought-out Credit Policy and Collection process to minimize those doubtful accounts. Topics to be covered include:

• What is a Credit Policy and how to enact such a policy?

• Policy vs Procedures

• Steps in Establishing a Credit Policy

• Credit Sales vs Cash Sales

• Credit Approval

• Credit Checks

• Terms of Sale Personal vision

• Compounded Interest

• Invoicing

• Statements

• Collection

4- Maximizing the Profit Potential:

November 24, 2020 – 8:30 a.m. -10:30 a.m.

Without operating profits, a business will not survive. Yet surprisingly to us, many small business owners seem willing to accept very modest net profits (often less than 1%). Money is just one of the motivators for an entrepreneur, but it is necessary to understand the importance of net profits to the business itself. For example, how much after-tax profit would the company need to ensure that they are able to reinvest in the business? This would include funds to buy new equipment, pursue new business opportunities, reward existing employees and hire and train new staff and pay down debt.

Net profits also provide contingency funds for unexpected events such as an economic downturn, such as we are living right now with Covid-19, or a new competitor or the loss of a key customer or supplier. And of course, net profits can also provide additional income (above and beyond a fair wage) for the business owner. As a general rule of thumb, we believe any small business should seek to achieve a net profit margin of at least 10%.

Topics to be covered include:

• Think like an investors

• How to establish a net profit margin goal

• How to use a unique bottom-up approach to achieve the desired net profit margin

• How to develop sector specific controls in costing formulas that ensures the desirable gross profit margin

• Understanding how to convert expense into percentages

• Apply a keep it simple performance scorecard to measure results for any product or service

• How to make necessary adjustments and stay on track