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BUSINESS BOOTCAMP. March 3, 2014. ORGANIZING TO MAKE A PROFIT. OBJECTIVES. By the end of the session, participants should be able to: Appreciate the need for planning before embarking on a new business. Describe the steps involved in starting a business successfully. Overview.

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business bootcamp

BUSINESS BOOTCAMP

March 3, 2014

objectives
OBJECTIVES

By the end of the session, participants should be able to:

  • Appreciate the need for planning before embarking on a new business.
  • Describe the steps involved in starting a business successfully.
overview
Overview
  • Introduction
  • What is a Small Business?
  • Characteristics of a Successful Small Business
  • Characteristics of Successful Entrepreneurs
  • Steps to Starting a Successful Small Business
  • Summary & Conclusions
introduction
INTRODUCTION
  • Small Businesses are said to be the driving force of the economy.
  • Statistics state that over 80% of small entrepreneurs fail within the first 3 years due to the lack of proper planning, inexpérience, poor location, and lack of cashflow.
definitions
Definitions
  • Entrepreneur- A personwho has a vision and a plan ready to take the risksassociatedwith setting up a business.
  • SWOT- Strengths, Weaknesses, Opportunities, and Threats. Tool for analyzing aspects of a business.
what is a small business
What is a Small Business?
  • A business whichemploys 10 or less people.
  • All businesses typicallyfallinto one of the following 4 categories:
    • Retailing
    • Wholesaling
    • Manufacturing
    • Service Providers
self assessment
Self Assessment

Questions to askyourself…………

  • Have I evaluatedmyown aptitude for small business ownership and understand the responsibilities?
    • What’sinvolved?
    • What roleswill I play if I own a business?
    • Have I set my goals?
      • What do I want out of the business?
    • Do I have whatittakes?
      • Estimate the impact on youreveryday life.
      • Do I need to invest more in myself?
summarize your idea
SummarizeYourIdea
  • Always be on the lookout for ideas. Clearlydefineyour business idea.
  • Identify a niche.
  • Learneverythingyoucan about the business youwant to start and the marketplacethatyouwill be operating in.
  • Conduct a competitiveanalysis in yourmarket.
  • Seek help fromothersmall businesses, professionals, governmentagencies, etc.
characteristics of a successful small business
Characteristics of a Successful Small Business

A successful business is one that is based on:

  • A product or service thatcustomerswant.
  • A product or service youcansellat a pricethatcustomerscanafford and whichwillgiveyou a profit.
  • The knowledge or skillthatyou have or canget.
  • The resources or money thatyoucanobtain or able to invest.
characteristics of successful entrepreneurs
Characteristics of Successful Entrepreneurs
  • Willingness to Sacrifice
  • StrongInterpersonalSkills
  • Strong Leadership Skills
  • StrongOrganizationalSkills
  • Intelligence (AnticipateProblems)
  • Management Abilities
  • Business Experience
  • Optimism
slide12

The better you prepare yourself and understand the challenges ahead of you, the more likely it is that your business will succeed!

prepare a business plan
Prepare a Business Plan
  • Contents of the Business Plan include the following:
    • ExecutiveSummary
    • The Business Concept
    • Industry & Competition
    • Management and Personnel
    • Financials
focus on funding
Focus on Funding
  • What is yourfinancial plan?
    • What willyouneed for start-up costs?
    • What willyouneed for ongoingworking capital?
    • Equipment and otherfixedassets?
    • Inventoryand supplies
    • SustainedGrowth
  • Managing Cash and Securing Capital are the TwoBiggest Challenges.
    • Business CreditCard
    • Bank Account
    • Business Credit Line
focus on funding cont
Focus on FundingCont.
  • Managing Cash and Securing Capital are the TwoBiggest Challenges.
    • Business CreditCard
    • Bank Account
    • Business Credit Line
    • Bank Loans, Venture Capital, or SBA Loans
    • Plug into a local network, including the following:
      • U.S. Small Business Administration
      • Nearest Small Business Development Center
      • Chamber of Commerce
take your company s pulse
TakeYourCompany’s Pulse
  • Whichnumbersshouldyoukeep an eye on to monitor yourbusiness’sfinancialhealth?
    • Weekly Updates
      • Current cash position (how much cash wasreceived, when and fromwhom?)
      • Cash disbursements (e.g. payroll, materials, supplies, inventory, etc.)
      • New sales
      • AccountsReceivable
      • Accounts Payable (Obtain W-9s on all vendors)
      • OrderBacklog
      • Number of Employees (needmetrics-sales per employee)
take your company s pulse1
TakeYourCompany’s Pulse
  • Whichnumbersshouldyoukeep an eye on to monitor yourbusiness’sfinancialhealth?
    • Monthly Updates
      • Inventory (withaccounting or physical tests of accuracy)
      • Age yourreceivables
        • Calculateyour collection period (30 days, 40 days)
        • Identify slow-payingcustomers
        • Pursuedelinquentaccounts.
        • Identifyfast-payingaccounts and try to increasetheirnumber.
      • Accounts payable obligations (withaging breakdown)
take your company s pulse2
TakeYourCompany’s Pulse
  • Manage and control your sales and inventory.
  • Project your cashflow.
  • Review and preparemonthlyfinancialstatements
record keeping
Record Keeping

See Record RetentionHandout:

  • Permanent
    • Contracts
    • Corporate stock records
    • Financial Statements
    • Minutes (Life of Business)
    • Journal & General Ledger (Life of Business Plus 7)
  • Temporary
    • 7 Years
never give up

NEVER GIVE UP!

Thank you!

936-205-5811

carla@carlammorgancpa.com