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![Page 1: Simple Steps Workshop](https://reader038.fdocuments.in/reader038/viewer/2022103100/5681310a550346895d973f73/html5/thumbnails/1.jpg)
Presented by:SCORE – Northern Nevada
www.score-reno.org Revised 05/30/13
Simple Steps Workshop
Watch Your
Business Grow
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About SCORE - Reno
“40+” Experienced Executives Volunteering as Business Mentors
Experienced in most Industry Sectors
Skilled in Marketing, Finance, Management, etc.
Seminars & Workshops: Simple Steps for Starting Your
Business Webinars
Free Mentoring: One-on-One Email
Business Resources: www.score.org www.score-reno.org SCORE–Reno Office: (775) 784-4436
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Let’s Get Acquainted!
Your Name & Your Business
Name
Describe Your Business
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Financial Management Workshop
This workshop design to help YOU and YOUR business
It will require your active participation during 3 formal sessions plus significant additional
outside work
You will be required to work with your SCORE Mentor in the workshop sessions and in
completing the necessary homework
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Confidentiality
To make the workshop more effective you will be utilizing your
own business information with your SCORE Mentor
Keep this in mind as you participate in the session
discussions and when you make presentations during the workshop
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Our Schedule
Reading and planning preparation prior to 1st session. 1st session 4 to 6 hours.
Schedule homework with your SCORE Mentor
2nd Session 4 to 6 hours to create and implement a formal plan for your business.
Follow up counseling with your SCORE Mentor. 3rd session 60 to 90 days later to review and test how
will YOUR plan is working.
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Your Commitment
• Make sure you are willing to Commit to the entire workshop
• Your SCORE Mentor is there to assist you in understanding and interpreting the information presented
• However, you are the one who will actually do the homework
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Financial Management
The benefit is to help you
learn to better
manage your business
To provide tools and
information to both grow and enhance
the profitability of your business
To understand
where money comes from and how it is
utilized in your business
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Trusted Advisors
Accountant / CPA
Attorney
Banker
Insurance Broker
SCORE Mentor
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Workshop is designed to help
Create effective relationships with
your trusted advisors
Measure your company’s
financial health (and yours)
Understand basics of Cost
Accounting
Manage Business Risks and Cash
How to utilize Cash Flow
Forecasting and Budgeting
CreateMeasureUnderstandManageUtilize
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Using Financial Information
Conform to generally accepted accounting principles.
Provide information needed in dealing with outsiders – Banks, IRS, etc.
Understanding why standard accounting methodology is important.
Your Accounting System must:
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Bookkeeping Methods
Cash• Recognizes income
and expenses at time received or paid
Accrual• Recognizes income
and expenses at other times
Combination
• Use of both Cash and Accrual
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Income Statement(Profit or Loss)Cash Flow
Statement(The Money)
3 Key Financial StatementsYou Need to Know:
1 23
Balance Sheet(Business Overview)
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Other Financial Statements
(Important for Daily Controls)
Incoming• Accounts Receivable – Daily Sales• Age Analysis, Delinquent Accounts• Accounts Collection Policy
Outgoing• Accounts Payable – Cash Requirements• Payables Days Outstanding – Purchasing Terms• Allocation of Expenses
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Utilizing information
Balance Sheet – A snapshot of where you are
Cash Flow Projections – Where you need to be
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Cash Flow Model
(Projections)Show inflow and outflow of
cash for a period of time
Indicates increase or decrease in available cash
Most Important – Allows for planning cash needs
Cash Flow
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How to Use Probabilities
To determine realistic projections for Cash Flow
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How to Estimate Sales
(Alternate Method)
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Cash Flow
Revenue Projections
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Cash Flow
Operating Expense Projections
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Cash Flow
Financial ProjectionsFINANCING (Description) Month 1 Month 2
(s) Loan Principal Payment(t) Capital Purchases [Specify](u) Other Start-up Costs(v) Reserve and/or Escrow [Specify](w) Owner's Withdrawal 3,000$ 3,000$
6. TOTAL CASH PAID OUT
[Total 5a thru 5w] 30,223$ 34,314$ 7. CASH POSITION
[End of month] (4 minus 6) 9,272$ 10,055$
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Cash Flow
Example of ProjectionsMonthly Cash Flow Projection
Enter Company Name Here
Enter Date Here
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 TOTAL1. CASH ON HAND[Beginning of month]
$10,000 $ 9,272 $10,055 $ 9,298 $ 8,879 $ 5,830 $ 2,151 $ (912) $ (1,710) $ (63) $ 4,357 $ 8,005 2. CASH RECEIPTS
(a)Sales (45% of Sales) $12,500 $13,875 $14,290 $15,750 $ 16,785 $ 17,525 $ 18,525 $ 17,650 $ 17,325 $ 16,350 $ 15,675 $ 13,250 189,500 (b) Collections from Credit Accounts (55% of Previous Mo Sales) $16,995 $16,222 $19,303 $19,851 $ 21,231 $ 20,909 $ 21,139 $ 21,815 $ 21,706 $ 21,467 $ 22,174 $ 20,817 243,629 (c) Loan or Other Cash Injection $ - $ 5,000 $ 2,500 $ 3,000 $ - $ - $ - $ - $ - $ 2,500 13,000
3. TOTAL CASH RECEIPTS [2a + 2b + 2c=3] $29,495 $35,097 $36,093 $38,601 $ 38,016 $ 38,434 $ 39,664 $ 39,465 $ 39,031 $ 40,317 $ 37,849 $ 34,067 446,129
4. TOTAL CASH AVAILABLE [Before cash out] (1 + 3) $39,495 $44,369 $46,149 $47,900 $ 46,895 $ 44,263 $ 41,815 $ 38,553 $ 37,321 $ 40,254 $ 42,206 $ 42,072 5. CASH PAID OUT
(a) Purchases (Merchandise, Inventory, Raw Materials) $11,798 $14,039 $16,242 $17,371 $ 19,008 $ 19,217 $ 19,832 $ 18,943 $ 17,564 $ 16,127 $ 15,140 $ 15,330 200,610 (b) Gross Wages (excludes withdrawals) $ 7,500 $ 8,500 $ 8,500 $ 9,000 $ 9,250 $ 9,500 $ 9,500 $ 8,000 $ 8,000 $ 8,000 $ 7,500 $ 7,500 100,750 (c) Payroll Expenses (Taxes, Benefits, etc.) $ 2,625 $ 2,975 $ 2,975 $ 3,150 $ 3,238 $ 3,325 $ 3,325 $ 2,800 $ 2,800 $ 2,800 $ 2,625 $ 2,625 35,263 (d) Outside Services $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 1,200 (e) Supplies (Office and operating) $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 1,200 (f) Repairs and Maintenance $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 6,000 (g) Advertising $ 1,500 $ 2,000 $ 2,250 $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,000 $ 2,000 $ 2,000 $ 1,500 25,750 (h) Auto, Delivery, and Travel $ 150 $ 150 $ 200 $ 300 $ 350 $ 350 $ 350 $ 300 $ 300 $ 250 $ 200 $ 150 3,050 (i) Accounting and Legal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (j) Rent $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 18,000 (k) Telephone $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 $ 250 3,000 (l) Utilities $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 6,000 (m) Insurance $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 $ 200 2,400 (n) Taxes (Real Estate, etc.) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (o) Interest on LOC $ - $ - $ 33.33 $ 50.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 70.00 $ 86.67 $ 86.67 677 (p) Other Expenses [Specify each] $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 $ 500 6,000
-
(q) Miscellaneous [Unspecified] - (r) Subtotal $27,223 $31,314 $33,850 $36,021 $ 38,065 $ 38,612 $ 39,227 $ 36,263 $ 34,384 $ 32,897 $ 31,201 $ 30,842 409,899 (s) Loan Principal Payment - (t) Capital Purchases [Specify] - (u) Other Start-up Costs - (v) Reserve and/or Escrow [Specify] - (w) Owner's Withdrawal $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,500 $ 3,500 $ 4,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000 38,000
6. TOTAL CASH PAID OUT [Total 5a thru 5w] $30,223 $34,314 $36,850 $39,021 $ 41,065 $ 42,112 $ 42,727 $ 40,263 $ 37,384 $ 35,897 $ 34,201 $ 33,842 447,899
7. CASH POSITION [End of month] (4 minus 6) $ 9,272 $10,055 $ 9,298 $ 8,879 $ 5,830 $ 2,151 $ (912) $ (1,710) $ (63) $ 4,357 $ 8,005 $ 8,230
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Cash Flow
TemplateMonthly Cash Flow Projection
Enter Company Name Here
Enter Date Here
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 TOTAL1. CASH ON HAND[Beginning of month]
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 2. CASH RECEIPTS
(a)Sales (45% of Sales) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (b) Collections from Credit Accounts (55% of Previous Mo Sales) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (c) Loan or Other Cash Injection $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - -
3. TOTAL CASH RECEIPTS [2a + 2b + 2c=3] $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - -
4. TOTAL CASH AVAILABLE [Before cash out] (1 + 3) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 5. CASH PAID OUT
(a) Purchases (Merchandise, Inventory, Raw Materials) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (b) Gross Wages (excludes withdrawals) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (c) Payroll Expenses (Taxes, Benefits, etc.) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (d) Outside Services $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (e) Supplies (Office and operating) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (f) Repairs and Maintenance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (g) Advertising $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (h) Auto, Delivery, and Travel $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (i) Accounting and Legal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (j) Rent $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (k) Telephone $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (l) Utilities $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (m) Insurance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (n) Taxes (Real Estate, etc.) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (o) Interest on LOC $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (p) Other Expenses [Specify each] $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - -
-
(q) Miscellaneous [Unspecified] - (r) Subtotal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - - (s) Loan Principal Payment - (t) Capital Purchases [Specify] - (u) Other Start-up Costs - (v) Reserve and/or Escrow [Specify] - (w) Owner's Withdrawal $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - -
6. TOTAL CASH PAID OUT [Total 5a thru 5w] $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - -
7. CASH POSITION [End of month] (4 minus 6) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
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Income Statement
Less Adjustments Minus Cost of Goods Sold Equals Gross Profits
Various Expense Categories Equals Net Operating Income
Incoming Revenue:
Minus Outgoing Expenses:
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Income Statement
INCOME STATEMENT (in thousands) 2010 2011 2012
Sales Revenue
Less: Cost of Goods Sold
Gross Profits
Less: Operating Expenses:
Selling Expense
General / Admin. Exp.
Lease Expense
Depreciation Expense
Total Operating Expenses
Operating Profits
Less: Interest Expense
Net Profits Before Taxes
Less: Taxes
Net Profit After Taxes
Template
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Balance Sheet
Total Assets = Total Liabilities + Total Equity
Current Assets + Long Term = Total Assets
Current Liabilities + Long Term = Total Liabilities
EquityTotal Assets - Total Liabilities = Total Equity
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Balance Sheet
BALANCE SHEET ($000)
Current Assets: 2010 2011 2012 2013 2014 2015
Cash
Accounts Receivable
Inventories
Total Current Assets $0 $0 $0 $0 $0 $0
Gross Fixed Assets (at cost):
Land & Buildings
Machinery and Equipment
Furniture & Fixtures
Vehicles
Other (Inc. Fin. Leases)
Total Gross Fixed Assets $0 $0 $0 $0 $0 $0
Less: Accumulated Depreciation
Net Fixed Assets $0 $0 $0 $0 $0 $0
Other Assets $0 $0 $0 $0 $0 $0
Total Assets $0 $0 $0 $0 $0 $0
Current Liabilities: 2010 2011 2012 2013 2014 2015
Accounts Payable
Notes Payable
Taxes Payable
Other Current Liabilities
Total Current Liabilities $0 $0 $0 $0 $0 $0
L / T Debt (Inc. Financial Leases)
Total Liabilities $0 $0 $0 $0 $0 $0
Common Stock
Paid-In Capital In Excess of Par
Retained Earnings
Total Stockholders' Equity $0 $0 $0 $0 $0 $0 Total Liabs. & Stockhldrs' Equity $0 $0 $0 $0 $0 $0
Template
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Profit or <Loss> from Business
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Utilizing information
Balance Sheet – A snapshot of where you are
Cash Flow Projections – Where you need to be
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Simple Steps Workshop
Work with your SCORE Mentor
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Financial Ratios
RATIO ANALYSIS 2010 2011 2012
Current Ratio 1.06 1.16 1.40
Quick Ratio 0.64 0.63 0.77
Inventory Turnover 6.90 5.39 5.20Average Collection Period 24.96 35.30 33.88
Fixed Asset Turnover 11.72 11.74 12.59
Total Asset Turnover 3.06 2.80 2.93
Debt Ratio 0.78 0.73 0.57
Debt-to-Equity 0.37 0.25 0.05
Times Interest Earned 3.70 3.07 7.20
Gross Profit Margin 33.33% 33.55% 38.82%
Operating Profit Margin 5.67% 5.74% 12.71%
Net Profit Margin 3.47% 3.10% 10.06%
Return on Total Assets (ROA) 10.61% 8.68% 29.43%
Return on Equity (ROE) 47.71% 31.58% 68.40%
Earnings Per Share $0.10 $0.10 $0.34
Price/Earnings Ratio 29.41 52.08 16.08
Various ratios are
available to help you compare
where you stand with your plan
Common Ratios
You can compare your plan
with others in similar
businesses
Your SCORE Mentor can
help you understand
where comparative
data is available
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Clarify Definitions
Current Assets
Current RatioCurrent Liabilities Current Ratio
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Profitability Ratios
Gross Profit
Margin
Return on
Assets
Return on
Equity
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Gross Profit Margins
Gross Sales - Cost of Goods Sold
Gross Sales
Gross Profit Margin %
What is a realistic Gross Profit Margin for your business?
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Efficiency Ratios
Effect of these on your Business and your Cash Flow
A/R Days Outstanding
Days of Inventory
A/P Days Outstanding
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Key Cost Accounting Terms
Breakeven analysis
General and Administrative
expenses
Depreciation
Key Cost Accounting
Terms
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Making Changes
Increase Revenue - Profitability
Reduce Costs - Profitability
Increase Productivity - Efficiencies
Forecasting Models - Projections
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Simple Steps Workshop
Work with your SCORE Mentor
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Assignment
Develop Your Action Plan
Review 1-3 years of business history
Set specific items to track. Bring a 12 month budget. Plan to share your work
with the group
Schedule a tracking mechanism and use it.
Example reports, Dashboards
Meet with your SCORE Mentor to discuss plans and come prepared to discuss at next session
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Action Plan
ITEM 1
ITEM 2
ITEM 3
ITEM 4
ITEM 5
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Action Plan Example
• Develop Cash Flow Projections for 12 months1• Possibly reduce inventory over 9 months2• Model Employee Productivity3• Determine Actual Profit Margins of (X) products4• Have Fun5
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Review Week 1
Do you understand assignment?
Do you understand where needed information is?
Do you have forms to fill out?
Do you have an assigned SCORE Mentor?
Have you worked out a schedule with your SCORE Mentor?
Let’s Review
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Any Questions?
Do you have necessary forms?
Come prepared with Goals, Data and filled out forms
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Next Session in 2 Weeks
Basic review of terminologyReview your work – 3 Specific
goalsDevelop forward Projections /
TrackingDevelop an Action Plan for your
businessFinal meeting is 90 days from 2nd
session to review progress.
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Follow Up Session
To Review Your Plan Identify Success Stories Take Action on other items Redefine Goals and forward
Projections Develop your Action Plan for the
future
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Thank You for Attending
www.score.orgwww.score-reno.org
(775) 784-4436
SCORE – Reno Financial Management
Workshop