Stop ‘volunteering’ for your own business
That’s a key message small business owners will hear during the Business Financials Bootcamp, offered by the Kootenay Rockies Innovation Council (KRIC) next week.
Business advisor Krista Mallory will visit three East Kootenay communities to run small business owners through the basics of reading business financial statements, managing cash flow, doing break-even analyses and lots more.
“We are going to demystify financial statements,” Mallory said. “You will learn how to make your business more profitable, because, at the end of the day, you shouldn’t be volunteering in your business!”
The Bootcamps are half-day workshops and take place in Elkford (Oct. 7), Cranbrook (Oct. 8), and Invermere (Oct. 9). Each starts at 8:30 AM and runs until 12:30.
“This is not an accounting course,” Mallory said. “The goal is to get comfortable with your financial statements and learn how to use the information on those statements to improve your business.
“We will add, subtract, multiply and divide numbers then talk about what the equations mean so you’re better prepared next time you sit down with your accountant or when you want to know what is going on in the finances of your company.”
Mallory is a Kelowna-based Business Advisor with Women’s Enterprise Centre. She holds a BA in Economics from UBC Okanagan. She comes from an entrepreneurial background and brings an engaging energy along with practical business knowledge.
“The material is definitely simpler than most people assume,” Mallory said. “Most business owners already have a lot of the knowledge, even if they don’t realize it. The key is to learn the language of financial statements.”
The workshops cost $40 and the cost includes a continental breakfast and all the course materials. Register online at kric.ca/financial-bootcamp.
“Attendees will receive a Financial Management Workbook,” Mallory said. “We’ll work through some of the material together and leave some for attendees to do at home.
“We’ll be using lots of real-life examples and hear real stories about how actual businesses learned to manage their finances.”
Mallory had some words of advice for those seeking to master their businesses.
“The best way to get a grip on financials is to take an ‘eyes wide open’ approach and get curious about what they are telling you.
“The worst thing a business owner can do is bury their head in the sand.”
All small business owners are welcome to attend from single entrepreneurs to employers, services businesses and those who want to sell their businesses.
“The workshop is very exercise based,” Mallory said. “Attendees will have the opportunity to apply lessons to their businesses right away.”
Register online at kric.ca/financial-bootcamp.