Nationally Acclaimed Business Seminar Comes To Santa Clarita
Thursday and Friday, April 6th and 7th marks the dates of a two-day program to help owners and managers of small business better understand financial management and increase their chances of success in today's difficult economic times. Offered by Mission Valley Bank, the nationally acclaimed seminar, Managing and Financing Your Business, presented by Steve Abercrombie of Business Resource Services will teach business owners how to get back to the basics and grow their businesses. The seminar is designed for entrepreneurs, business owners, business advisors, chief executive officers, controllers and chief financial officers.
“Statistics show that over half of all businesses that fail each year do so despite reporting profits and record sales,” said Mark DeMik, senior vice president and regional manager of Mission Valley Bank located in Santa Clarita. “The most successful businesses have found that the key to long-term success revolves around effective financial management.”
This two-day program will include presentations on financial statement analysis, cash flow planning, planning for growth, cost, volume and pricing issues, and determining the right kind of financing for your business. Participants will practice teaching points by using case studies and discussing real-life examples. Additionally participants will be given a financial physical for their own business to find out how financially sound their business is.
According to Steve Abercrombie, small business owners are generally good at what they do, but they often lack certain business skills. Besides being good at what they do, they need to learn how to raise capital, run daily operations, meet payroll and worry about the long-range challenges of business.
“The ability to continually learn and minimize mistakes is essential to running any business, Abercrombie said. “The number one asset found in a company is intellectual capital. Unfortunately, it doesn’t show up in a balance sheet. The balance sheet is something bankers and other lenders scrutinize to determine the health of a company. It lists the dollar value of the company’s assets, liabilities and net worth. An income statement is also essential reading for judging a company’s strengths and weaknesses. Income statements detail such items as dollar value of sales, gross profits, expenses, operating profit, and net income before and after taxes. Working capital is cash available to pay for operations. It is calculated by subtracting current liabilities, or short-term debt, from current assets such as cash, inventory, and accounts receivable.”
Abercrombie says that 80 percent of all small businesses close their doors within 10 years for various reasons. One common mistake many small business owners make that leads to failure, is not tracking financial details on regular basis. Instead they take a box of receipts and other records to an accountant and dump it on their desk, once a year.
According to Abercrombie, a critical weakness of many start-up companies is not paying enough attention to collecting accounts receivables. In fact it’s the Achilles heal of small most businesses. Collecting the money is the most critical job in the company.
“Those choosing to attend the two-day seminar will learn to diagnose and monitor their company’s financial performance clearly and accurately; use break even analysis to make better decisions relating to cost, price and profits; avoid cash crunches and increase cash flow; plan for and manage growth, and communicate more effectively with bankers and other financial professionals,” said DeMik. “Additionally the seminar meets state requirements for 16 units of Continuing Education Credits for CPA’s
For further information about the April 6th and 7th Managing and Financing Your Business Seminar, one may contact Mark DeMik at (661) 775-4100. The cost of the two-day seminar is $375 for the first enrollment and $250 for each additional enrollee.