Welcome to the fourth of our Business Planning video workshops – Financial Planning!
This course is based on a workshop first delivered as part of the Time for a Change Program developed by Community Futures Capital Region to promote business ownership in rural Alberta. The original live workshop has been redesigned as a video course in the light of COVID-19. It may be offered again as an in person workshop in Stony Plain in the future.
The Business Planning series has been developed for first time business owners. This fourth workshop – Financial Planning – explores how your finances will work for your business on a day to day basis. It correlates to the fourth section of any standard Business Plan document, such as the Financial Plan or Financial Approach.
At the end of this workshop, you’ll find a downloadable Business Plan template and Help Guide. More about those later.
Let’s look at the contents of the workshop in more detail.
Here’s what we’ll be looking at today:
To set the scene, we’ll take a quick look at what business planning is about:
- We’ll look at the difference between the business planning activities and the Business Plan document itself.
- Just a quick note here, if you’ve already completed previous Business Planning workshop – either From Idea to Action, Marketing Basics or Operations Planning – you may want to skip this part as it was initially discussed there.
- Then we’ll dig into the detail of your Financial Planning. Things like:
- We’ll take a look at what it means to prepare your financial business case, how marketing fits into and overall strategy for our business, and where it goes into our Business Plans.
- We’ll look at what it takes to build a successful financial strategy step by step – and start to put the bones together for your particular business.
- Finally, we’ll look at the most common mistakes first time business owners tend to make when developing their financial strategy or preparing the financial section of their Business Plan, and how to avoid them.
So, let’s get started.