Most small business owners have been hyper-aware of their financial position and bottom line during the pandemic. Some are looking for places to cut back with the least impact on their long-term growth. Others are looking for areas to invest in that will give the best return. Still, others are working on putting together a budget for their next fiscal year amidst all of this uncertainty. This session gives participants the tools to think through their business’s finances and the path forward.
- Building a financial plan – set goals for sales and profit and measure success against those goals
- Creating a cash forecast that predicts future cash balances – knowing when cash shortfalls are predicted gives the business owner more time to adjust. Examine your spending with an eye on fixed expenses versus discretionary ones.
- Creating a dashboard of your important Key Performance Indicators – Even in good times, having a view of your business performance will help you address issues as early as possible.
Presented by the Alexandria SBDC and Mason SBDC