How can it be possible to have cash in the bank and yet not make a profit? Conversely, how can it be possible to be making a profit, have orders
How can it be possible to have cash in the bank and yet not make a profit? Conversely, how can it be possible to be making a profit, have orders aplenty and yet still go bust!
It sounds alarming but the truth is that if you can simply add and subtract then you can quickly learn almost everything you need to know to keep your business financially sound.
We’ll assume no prior knowledge in building your understanding of key financial concepts to the point where you’ll feel confident of your ability to manage cash, measure profits, control your finances and use financial information to inform your decision making.
This workshop is built on real-world financial mistakes kindly made by others so you don’t have to!
Through a mixture of case studies and simulations, you will explore;
- the nature of costs; capital and revenue expenditure, fixed and variable costs
- gross profit (GP)
- gross profit percentages
- comparing businesses: high and low GP business types
- the significance of gross profit
- break-even analysis
- impact of discounts/price increases on profitability
- creatively exploiting high margins
- making business decisions with your budget
- cash and profitability
- working capital: the cash cycle and overtrading
- the business plan: the profit & loss account, balance sheet, cash flow forecast
- limited and unlimited liability
- the implications of VAT
- establishing financial criteria for judging an opportunity
This workshops is for creative people living or working in and around Berwick who want to benefit from and contribute to the creative regeneration of the town.
The programme is a key component of Berwick Cultural and Creative Zone (CCZ) – a major cultural regeneration initiative taking place in the town centre. The CCZ aims to establish Berwick as a renowned arts town and celebrated cultural destination that supports its creative communities to develop and thrive.
The workshop is free but places are limited so please book early to avoid disappointment.
Create North & Berwick CCZ
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