Elevate Educational Series Ep. 2: Know Your Financials!
- Author
- Presented by Kandiyohi County Economic Development and supported by MN Department of Employment and Eonomic Development and Southwest Initiative Foundation
- Published
- Tue 16 Jul 2024
- Episode Link
- https://elevatemn.simplecast.com/episodes/elevate-educational-series-ep-2-know-your-financials-KZbVqcR1
Hosts:
- Sarah - Business Development Manager, Economic Development Commission, Kandiyohi County
- Michelle - Economic Development Professional, Mid-Minnesota Development Commission
Key Topics Discussed:
- Startup Budget - Identifying initial costs such as equipment, space, and marketing. Tips on researching and making informed financial decisions.
- Financial Projections - Importance of forecasting and the fluidity of projections. Building working capital and preparing for unexpected expenses.
- Balance Sheets - Understanding assets, liabilities, and overall financial health. Assessing whether the business is financially stable.
- Profit and Loss (P&L) Statements - Tracking monthly revenue and expenses, comparing projections to actual results, and identifying financial trends.
- Cash Flow Management - Differentiating between monthly cash flow and ending cash balance. Importance of having a financial cushion.
- Communication with Financial Advisors - Building a trusted relationship with accountants or bookkeepers. Knowing when and how to ask questions about your financials.
Summary: In this episode of the Elevate Podcast, Sarah and Michelle explore the critical aspects of business financials. They emphasize the importance of creating a detailed startup budget and making accurate financial projections. The discussion includes understanding balance sheets and P&L statements, managing cash flow, and effectively communicating with financial advisors. This episode is packed with practical advice for new and existing business owners to ensure financial stability and success.
Hosts: Sarah and Michelle
Production: Economic Development Commission, Kandiyohi County; Mid-Minnesota Development Commission
Stay connected, stay inspired, and keep elevating your business!
Elevate Program: To learn more about or participate in the Elevate Program please head to elevatesba.com!
SWIF: To learn more about or support the Southwest Initiative Foundation please head to https://swifoundation.org!
