Many SME owners can find themselves running a business without any formal business qualification and subsequently lack the skills and confidence to make important business decisions. Good financial literacy is essential in any organisation and especially for SMEs that are looking to expand and compete in this increasingly complex commercial world.
Business owners who are knowledgeable and understand their finances will be able to make informed decisions about the future of their business and prepare for any challenges or opportunities that may arise.
Having good financial literacy and the skills and confidence to make important business decisions will impact your ability to raise finance, forecast accurately, scale and prevent practices which often lead to failure.
Local Enterprise Office Dún Laoghaire-Rathdown are running a morning workshop on Thursday 13th February to equip and empower owner managers of businesses at beginners level, with a greater understanding of what their business numbers can really tell them. The workshop enables participants to become more informed and strategic across all business functions based on a greater level of awareness of the outcomes of every decision from a financial perspective.
The workshop will be split into two areas:
1. Financial management, budgeting and setting KPI's
Develop management accounts specific to your business that allows effective financial management
Identify the KPIs you need to monitor performance
Budget for the future
Cashflow forecast
Understanding P&L
Setting your marketing budget based on what the business can afford
Setting targets in advance
Measuring outcomes and learning lessons for future campaigns
Access to funding and how to be ready
2. Developing a costing model that can be used to price jobs
Materials
Labour
Overheads
Profit per job before agreeing to undertake the work
Benchmarking against competitors
Delivered by Luke Robinson, Entrepreneurs Academy - a Chartered Accountant specialising in financial planning and strategy advice and training for start-ups and SME’s.
