Get a handle on your small business financials

"Financial Bootcamp for Small Business” is a half-day, don’t miss workshop.

Do you feel nervous talking to your banker? Do you understand the difference between a cash flow and a profit and loss statement? Are you thinking about selling your business?

If these questions spark something in you, you should check out an upcoming workshop offered by the Kootenay Rockies Innovation Council (KRIC) and Community Futures East Kootenay (CFEK) in your area.

“This ‘Financial Bootcamp for Small Business’ is a half-day, don’t miss workshop for small business owners who want to better understand key business concepts and financial statements,” said Tara Penner, Project Manager with KRIC.

“We’re bringing in a stellar business expert, Krista Mallory, to explain the key financial principles that underlie good business decisions.”

The Bootcamp workshops are offered in Elkford (Oct. 7), Cranbrook (Oct. 8) and Invermere (Oct. 9.) Each runs from 8:30 am to 12:30 pm and includes a continental breakfast and all workshop materials. The fee is $40.

Penner said the workshop will hone in on some key sticking points for many small business owners, including succession planning, cash flow and business metrics.

By the end of the workshop, you’ll be able to:

• speak more comfortably to your accountant or banker
• assess the financial health of your business
• understand key business ratios
• proactively manage your cash flow
• choose the best accountant
• develop credit and collections policies
• do a break-even analysis
• find sources of local, provincial and federal support
• plan for business succession

“It’s easy to register online,” Penner said. “Just visit kric.ca and click on ‘Financial Bootcamp.’” (kric.ca/financial-bootcamp) “There you’ll find links to the registration page for each of the communities.

The facilitator, Krista Mallory (BA), is Business Advisor in the Kelowna office of Women's Enterprise Centre. Mallory has an economics degree from UBC Okanagan and was an Investment Advisor with Odlum Brown Limited prior to joining WEC in 2012.