Your business plan will need a set of detailed financial projections; potential lenders or investors will insist upon it. This workshop provides the financial grounding you need to later develop the financial projections required in your business plan. 

In this workshop you will learn about the three key financial statements:

The Balance Sheet

The balance sheet measures the long term health of the organization. Is your business getting stronger over time, or weaker? Are you monitoring your balance sheet for developing cash flow problems? Are you alert to indications of customer dissatisfaction? If not, you could be missing early signs of potential trouble.

The Income Statement (P&L, operating statement, earnings report, etc.) 

The income statement monitors your business’s profitability and operating performance period over period. The income statement helps you determine if you are operating efficiently, relying on too much or too little on general and administrative support (overhead) or potentially underpricing the market. In effect, the P&L helps you measure your overall effectiveness as a manager.

The Statement of Cash Flows

 The statement of cash flows can be the most important of the financial statements, particularly at start up, expansion or market contraction. The cash flow statement reconciles the balance sheet and the income statement to project available cash going forward. Cash–not profits–pays the bills. Do your company a favor, monitor your cash on a recurring basis. 

Your Presenter

Whit Ford

Whit has offered software development, computer skills training, and math tutoring services to Maine clients for 25 years after gaining previous experience in corporate strategic planning, consulting, marketing and product development at an industrial bar code reader manufacturer. He also took on teaching and Board roles at various schools. Whit earned a B.Sc. from Harvard University, and an MBA from the University of Chicago. Whit became a SCORE Mentor in 2017. He resides in Yarmouth. 

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