How to ensure financial stability going forward and make sound business decisions
It is imperative for any SME to understand Financial Management in their business as it is critical for survival and for growth. This workshop will enable, business owners who are knowledgeable and understand their finances, to make the best decisions available and be prepared for the challenges and opportunities that continue to exist during the pandemic.
Furthermore, to remain successful in any business, customers must be attracted and retained – part of this is achieved through pricing your product/service correctly to meet customers’ expectations. However, a business has to also make a profit and it essential to incorporate pricing for profit as part of a business strategy. The workshop will examine the key drivers to pricing your product or service.
Finally, this workshop will delve into key concepts that are integral to all SME’s especially during the current economic climate. You will gain an insight into raising finance, what options are available to you, how to apply, what is being evaluated and the common pitfalls. By the end of this workshop, the aim is that you are more confident in addressing matters of a financial nature.
Topics Include
Management Accounting tools
- Fixed v Variable costs
- Break-even analysis
- Understanding budgeted Profit and Loss and Variance Analysis
- Examining a Balance Sheet further
- How to manage cash flow
- Cash and liquidity challenges in your business
- Budgeting for financial success
- How to gather information for the use of Budgeting
Pricing for profit
- Pricing your product or service
- Understanding real costs and cost control
- Assessing your current pricing strategy
- Considering the expectations of customers
Funding options
- Understand the types of financing available
- What suits your business best
- Be aware of the common pitfalls
- Awareness of what grants and funding are available
- How are applications evaluated