Financial Literacy for Entrepreneurs - 3 Sessions

by Urban League of Greater New Orleans (ULGNO)


Date and Time

Monday October 7th 2019
Starting @ 5:30 pm

Location

Urban League of Louisiana, Patrick Taylor Room 4640 South Carrollton Avenue Suite 110 New Orleans, LA 70119

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Description

Financial Literacy for Entrepreneurs – Session 1: How Much Money Does It Really Take to Start and Grow a Business | Monday, October 7 | 5:30p-8:30p Understand how much money it REALLY takes to start a business: Unbridled enthusiasm for a new company’s prospects shouldn’t overshadow the realities of startup costs. Most startup projections for revenue growth are too optimistic, expenses are underestimated and anticipated break-even time frames are too short. Take your projections and double the cost to get to break-even and triple the time frame. Preparing for a possible worst-case scenario offers good insurance against running out of money and time on the cusp of success. Understand what startup expenses are crucial versus questionable: Plans for revenue growth and quick break-even can fool an entrepreneur into believing all startup costs can be quickly recouped, but such is rarely the case. Focusing on expenses directly related to generating revenue generation is one of the keys to financially managing a startup. Incurring large costs for new or fancy equipment, fixtures or facilities where used options at a fraction of the price will do can use up cash that could be used for marketing, promotion, inventory and other crucial business needs. Financial Literacy for Entrepreneurs – Session 2: Recording, Tracking, and Analyzing Your Business Financials | Monday, October 14 | 5:30p-8:30p Learn how to record and track business income and expenses: While entrepreneurs don’t need to be accountants, they do need to know how to accurately record revenues and expenses. Accountants can only work with what they see. If it’s not recorded, it didn’t happen. Accurate records enable an owner to gauge the financial health of the business through the use of ratios and other measurements. Having at least a basic computer-based financial system and keeping up with regular data input is a must for any business owner when financial indicators aren’t trending well. Learn how to read, interpret and use business financial statements: Three major financial statements comprise a financial “report card” — the income statement, balance sheet and cash flow statement. Each one tells a different part of the story about a company’s financial condition. Together, they can be used to find weaknesses and strengths. Ratios derived from financial statements provide clues to where an owner needs to implement corrective actions before a situation becomes serious. Financial Literacy for Entrepreneurs – Session 3: Sustaining Your Business While Growing | Monday, October 21 | 5:30p-8:30p Understand how cash flow keeps a business alive: Cash is king. A business can be profitable on paper, yet fail from a lack of cash flow. Important aspects of cash flow include the timing of accounts payables and receivables, inventory turnover, fixed expense loads and other areas. Without a solid foundational knowledge of such areas and the effects they have on cash flows, a business owner is handicapped in managing cash. In order to attend, all participants must be a Certified Small and Emerging Business via Louisiana Economic Development’s Small and Emerging Business Development Program. Please note that most startups meet the eligibility requirements. To become a Certified SEBD, click here. If you should have any questions, please email us at wbrc@urbanleaguela.org. Registration is non-refundable.


About Urban League of Greater New Orleans (ULGNO)