Small business entrepreneurs often find themselves being non-financial managers but are responsible and accountable for the revenues, expenses and profits of a business. For them, it is important to understand financial reports and their purposes, as well as, the fundamentals that drive the accounting process. They must acquire information and skills to assess the economic health of a business, and must appreciate the importance of comprehensive budgets in business planning. Seminar Objectives: To explain the types of financial statements, their purposes, and the fundamental components of each statement. Participants will examine financial ratios and gain an overall understanding of how to incorporate all the information into financial analysis and management decisions.

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For owners and managers of a small business, proper financial management is critical to business success. An intelligent reading and analysis of timely financial statements can aid a business owner in making decisions that affect the performance of a business. Basically, financial statements are the tools used in business to keep score. Financial analysis can point out strengths and weaknesses of a business, as well as, any recurring trends that will help manage resources better from a strategic planning viewpoint. Seminar Objectives: To provide the next step to understanding financial statements beyond assets and liabilities. Participants will analyze the components and terminology of financial statements, and will understand the steps involved in preparing a financial statement. Applying this knowledge in extracting the management information from their own returns will ensure that their business efforts produce maximum profitability.

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Every business, large or small, needs to have a financial plan to guide it. In today's volatile markets, success depends on the ability to forecast the business' financial requirements. Forecasting is an important goal-setting and decision-making tool; it enables the owner/manager to determine if cash flow is sufficient to meeting monthly expenses, if repayment ability can support term financing, and if additional cash investments are required. Seminar Objectives: To provide an overview of the financial planning process applicable to specific, individual entrepreneurial needs. Participants will discuss the importance of creating a capital plan, an operating plan and a pro forma balance sheet in order to project a month-to-month income, expenses, profit and cash flow.

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Several factors affect the management of a business' cash flow, including accounts receivable, inventory and accounts payable. In each industry, cash flow problems vary and present unique concerns, and it is imperative that business owners understand patterns of cash received and cash paid out for their particular industry. Seminar Objectives: To analyze the cash resources necessary to take charge of business; to discuss components of an action plan cash flow forecast. Participants will learn the importance of understanding and managing cash flow, and will examine methods for altering projected plans as needed, by developing a month-by-month operating forecast and a month-by-month cash forecast.

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Understanding customers' wants and needs as they pertain to a business' inventory is critical to retaining a successful operation. In today's marketplace, the discriminating customer demands customized, quality products and expedient service. This means that a business owner has to glean current and correct information to supply what is in demand, at a competitive price that customers want to pay. In order to stay competitive, small business owners must develop efficient inventory control and management techniques for determining when to order and how much to order. Seminar Objectives: To demonstrate how small retailers can parallel the strengths of large companies by using inventory control tools to compete profitably in the marketplace. Participants will examine methods for systematic inventory control and discuss the pitfalls of poor inventory control.

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"An account well-opened is an account already collected"...... Virtually all business relies heavily on credit for its success. Extending credit to customers will usually result in increased sales, but will affect cash flow severely if credit terms are not monitored and managed effectively. Today's small business owners must evaluate the risks and costs of extending credit, and determine if the benefits of extending credit offset these costs. Seminar Objectives: To examine credit management procedures, including cash inflows and collection plans. Participants will discuss advantages and disadvantages of selling on credit, procedures for granting credit, and practical ways to collect receivables.

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For today's entrepreneur, understanding and practicing the fundamental concepts of bookkeeping will allow permanent, accurate and complete records of the business operation. Records are not only required by law, but provide useful information about the financial health of the business. Setting up a good record-keeping system need only be done once; maintaining it makes business management easier on a day-to-day basis. Seminar Objectives: To discuss the importance of accurate records for a business operation, and to present the basics of bookkeeping methods. Participants will examine basic accounting methods and record-keeping systems, and will learn how to record initial transactions and prepare a trial balance.

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Understanding criteria for loan granting, lending policies of banks, and the need to prepare for a loan application are only the first steps in borrowing money. Equally important are understanding and negotiating the terms of the loan with the banker. Owners/managers must know what aspects are negotiable, what criteria lenders use to evaluate business applications, and what support documents should be brought to the bank to aid in the loan evaluation process. Seminar Objectives: To strengthen the owner's ability to negotiate the company finances. Participants will examine procedures for negotiating a loan and will analyze methods for raising funds needed to launch or expand the business at the right time and at the lowest possible cost. Participants will also complete an actual loan application and examine a challenging case study to illustrate the course material.

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