More sales = more profit. Correct? Not always!
Traditionally, business owners focused on the top line in a bid to grow their business. In reality, higher sales do not always equal higher profit (often the opposite!). To achieve financial success, business owners have to be familiar with all the ‘gears’ which generate profit and know when to ‘turn’ each one.
In this workshop, you will explore your own profit and loss and experiment with changing various parts of it, to fine-tune your business model to deliver a higher level of profit. We will ‘take apart’ the profit and loss and put it back together using a live ‘play’ session, which will demonstrate the financial impact of different strategies and help you decide on the most effective way to improve your bottom line.
Who Should Attend This Workshop?
Business owners who want to deepen their understanding of business finance and improve the financial performance of their business. This is a highly interactive workshop, not a webinar, so participants should be prepared to engage in discussion. To get the best outcome, participants should bring a recent profit and loss statement from their business (annual accounts are ok). We are conscious finances are a sensitive subject, so participants will not be required to share their numbers with the group.
This workshop is all about building your financial success, so be prepared to work hard!
What will we cover?
- A quick overview of how a Profit and Loss model works and the moving parts within it
- An overview of the many ways in which profitability can be improved (many are not obvious!), with a multitude of examples
- Analysis of your current business performance (bring your recent Profit and Loss statement), focussing on the ‘key numbers’ you need to learn and monitor
- A live ‘play’ with changing elements of the profit and loss and seeing what difference that makes to your business model
- Formulating an action plan for you to improve the profitability of your business
What Outcomes can you expect from joining us?
- Thorough understanding of the elements which drive profit
- Appreciation of the variety of strategies to improve profit
- A better understanding of the profitability of your own business
- Appreciation of the financial impact of financial decisions to improve profit and the ability to choose the strategies which have the best chance of maximising your business profit
- An action plan of the specific steps you can take to improve your financial results
This is an interactive, action planning online workshop. You will leave this session with handouts and a practical action plan which can be implemented within your business. Where possible, we would like to encourage you to join this session with your video camera turned on and when instructed by the facilitator, you may un-mute your microphone to take full advantage of the interactive nature of the workshop.
Who’ll be presenting this session?
This business-essential session is presented by Alice Davidchack, an experienced Chartered Management Accountant and a Business Coach. She works with business owners throughout the UK, helping them to develop robust financial strategies and create business models that work. Alice coaches on all aspects of business finance planning and accounting, including cash flow management, budgeting and forecasting.
This presentation is delivered in partnership with Business Gateway Growth Hub and Business Engine Room and is part-funded by the European Regional Development Fund. Places are limited and priority will be given to trading SMEs based in Leicester and Leicestershire.