So Let's Explore What's Included In Your Profit
You must be on top of your numbers if your business stands any chance of reaching its fullest potential but 80% of business owners ignore this and ultimately fail. Will you be one of these failing businesses? Not if we have anything to do with it!
That's why we’ve created this seven-module toolkit portal to help you get up to speed on the seven key finance areas that you need to understand to avoid making many of the common mistakes made in business. Understanding these areas is vital for building a profitable, successful and enduring business.
The seven key modules to this portal are supported by video content for each module (37 videos across all 7 modules) and includes a comprehensive workbook with case studies, worked solutions and in total over 35 downloadable tools and templates to help you in your business. The combined value of the provided tools are more than £1,000 (approx $1,600) alone!
This portal enables you to learn and understand these areas from the comfort of your own home or office without fear of feeling embarrassed or being judged by others. It’s a resource you can refer to time and time again.
Let's run through the modules and what is covered in each:
Module 1 – Understanding Your Balance Sheet
- You will learn exactly what a Balance Sheet is, why it is important and how it is used.
- Explore closely it the components of a balance sheet, cover key terms and take a walk-through each element.
- Three useful balance sheet measures that you can use to benchmark the health of your business and to be able to better manage your business as a result are revealed.
Module 2 – Understanding Your Profit & Loss Statement
- You will learn exactly what a Profit and Loss Statement is, why it is important and how it is used.
- Explore closely the components, take a walk-through an example and look at the difference between gross profit and net profit.
- Three useful profit and loss measures that you can use to benchmark the health of your business and to be able to better manage your business as a result will be covered.
Module 3 – Managing Your Cashflow
- You will learn exactly what managing your cashflow is all about and will look at cash inflows and outflows more closely.
- You will be provided with 7 tips on how to avoid cashflow problems
- Get an additional 10 tips for managing your cashflow in troubled times
- Three useful cash management measures that you can use to manage your cashflow successfully will be revealed.
Module 4 – Profitable Pricing
- Learn exactly what profitable pricing is all about
- Discover the main cost factors to be considered
- Understand the important distinction between fixed and variable costs.
- The Top down approach and the Bottom Up approach for working out the profitability (or not) for each of the products or services you offer will be explained.
- Be introduced to 8 pricing strategies you may choose to use
- Learn the 20 key questions you need to ask for determining your pricing strategy
- Get the top 10 tips to help negate the impact of discounting in your market
Module 5 – Break-even Analysis
- Learn exactly what break-even analysis is all about, why it is important and the benefits of doing it.
- Be introduced to the break-even formula itself where we will explore the components and we will run through the 3 steps for working it out.
- We will look at two case studies so you can see how what we cover can be practically applied.
- We will explore some of the things that can cause the break-even point of your business to rise.
Module 6 – Business Planning
- We will look at exactly what business planning is all about, the benefits of doing it and situations that require a business plan.
- Be taken through the elements required for a business plan
- Understand the importance of understanding business cycles when preparing your business plan.
- Get the 8 steps involved in preparing your plan
- Discover 8 common sources of funding for your business
Module 7 – Budgets
- You will learn exactly what budgeting is all about, why it is important, and how it differs from a business plan.
- We will run through the key benefits of doing it and how to use your budget to measure performance.
- Learn the 5 considerations for drawing up your budget
- Be introduced to the principles of SMART budgeting.
- The process for creating your budget will be covered
- Understand the importance of reviewing you budget regularly
- Get the key seven basic steps for preparing your budget
EVERY SINGLE MODULE includes worked examples to help you better understand exactly how to do it for yourself together with a supporting workbook, module review quiz, fully worked quiz solutions and a suite of applicable downloadable tools and templates that will help you implement what you learn in your business immediately.