Finance Success | Make-money-in-your-business

How to Make Money in Your Business

Overview

Learn how to differentiate and apply financial terminology, set up your financial structure and know who to appoint to assist you, calculate the costs involved and the selling prices of your products/services, and learn how to formulate different types of budgets and forecasts.

Modules covered:

•    Module 7: Understand financial terminology and how it relates to your daily operations

•    Module 8: How to set up the finance function, including the different roles

•    Module 9: How to cost and price your products and services

•    Module 10: How to do budgets and projections

Learning Objectives

•    Differentiate, understand and translate financial concepts in daily operations

•    Calculate the costs and price the products or services

•    Develop a realistic budget based on assumptions

•    Manage cash flow in your business

Module 7: Understand financial terminology and how it relates to your daily operations

•    Differentiate between finance, corporate finance, financial management, accounting and bookkeeping and how they are interrelated;

•    Identify the macro-economic factors that affect your industry, whether it is direct or indirect;

•    Determine how to make informed decisions on Corporate Business Finance; either investing, financing or dividends decisions and what do you need to consider;

•    Differentiate different types of accountancy (how accounts are constructed in each instance

•    Relate business language to daily operations;

•    Trace transactions from entry point to Financial Statements (with and without VAT)

Module 8: How to cost and price your products and services

•    Understand the reasons to cost your products/services correctly

•    Identify input (labour, material, overheads); costs that are direct or indirect

•    Calculate all costs per unit on the product/service that you offer

•    Identify and apply the costing approaches for products or services

•    Create your own costing sheet for your products

•    Select the appropriate pricing strategy for your product/service

Module 9: How to do budgets and projections

•    Understand why you need a budget

•    Define the budgeting concept and why is it used to manage money

•    Identify the differences between budgets, forecasts and projections

•    List activities that need to be performed to achieve your goals

•    Discuss and select the budgeting techniques

•    List and apply assumptions on activities, based on macroeconomic factors

•    Provide or estimate the costs for activities, and capture budgets including sales forecasts for each product

•    Identify elements or type of budgets and group the costs

Module 10: How to manage cash flow in your business

•    State the reasons why cash flow is important in a business

•    Define processes, principles and systems that will improve your cash flow

•    Compute cash flow projections for any specific period

•    Monitor your cash flow

•    Determine your working capital

Who should attend?

•    Business Owners

•    Entrepreneurs

•    Directors

•    Finance Managers

•    Accountants and Bookkeepers

Tools and Templates

•    Budget templates including chart of accounts

•    Cash flow projections

•    Job descriptions of financial staff

Additional Resources

•    Rich Dad Poor Dad – Robert Kiyosaki

•    The Millionaire Mindset – Gerry Robert

•    Link for chart of accounts based on each industry/expert

•    Management Account templates in Excel and hard copy