Do You Know Your Numbers?
The City of Chino, through its continued sponsorship of the Inland Empire Small Business Development Center, offered a workshop on “Understanding Your Financials” on Tuesday, March 4th. The workshop was offered at the Chino Business Resource Center, located within the Carolyn Owens Community Center. The SBDC has offered workshops and one-on-one business consulting at this location since the Business Resource Center was opened over ten years ago.
Taught by Business Consultant Robert Usher, the workshop focused on the three main financial documents crucial to any business: income statements, balance sheets, and cash flow statements. The component parts of each document were detailed, and sample completed financial statements were reviewed. After a question and answer period, attendees were asked to roll up their sleeves and put into practice what they had learned. They were provided blank versions of these three important documents, along with a data sheet containing financial information for a fictitious business. Attendees then had to complete an income statement, balance sheet, and cash flow statement on their own from scratch.
In addition, various financial ratios, such as debt-to-equity and the acid test, were outlined. Often these ratios are compared to industry-standard figures to help a business owner determine the overall health of their business.
If you feel your business would be benefited by a “check-up” of its financial performance, or you have any other business consulting needs, please set up an appointment with one of the Inland Empire Small Business Development Center’s Business Consultants by calling (909) 983-5005.
Introduction to Government and Private Sector Contracting aims to provide basic information about contracting and how you can expand your business in the areas of government and private sector contracting. This event will be held this Wednesday, Aug. 28, 2013 from 8:30 a.m. – 3 p.m. at the Carolyn Owens Community Center in Chino. There is no cost to attend this event. Register today at http://rccpac.ecenterdirect.com
As business owners and individuals involved in marketing we are always talking about leveraging our marketing/advertising dollars to get the most bang for our buck. I recently read a blog by Sandra Forrest of 4BN that provides some great tips on how to “LEVERAGE” Social Media for success: Listen, Educate, Video-fiy, Entertain, Rally, Amplify, Get Real, Excerbate. Click here to learn the details for each of these eight tips.
To meet with Louisa Miller, IESBDC Business Consultant, contact her at 760-951-1592 or email@example.com
As more customers find, compare and evaluate where they want to shop, stay, and eat it becomes increasingly more important for the small businesses to be aware of their online image. For example, while shopping for a oil change I found the closest shop had only one review on Yelp! and it was extremely negative and old. If the company had be on top of its game they would have attempted to counter.
The Los Angeles Times has a recent article about this subject that provides a perspective. The SBDC can help you find out what others are saying about your business.
The LA Times article is found here.
We are excited to present “QuickBooks for Beginners” in the Temecula Valley, Tuesday Oct. 8 from 9 a.m. to Noon at the Temecula Valley Entrepreneur’s Exchange. This introductory workshop will demonstrate how to use QuickBooks Accounting Software for the daily operations of a small business, including Organizing Chart of Accounts, Creating Customer Invoices, and Payment of Invoices. This free workshop is sponsored by the City of Temecula. Registration is now open at www.iesmallbusiness.com; register soon as seating is limited.
I have been reading a lot lately about the newest trend in business . . . the “Cloud”. There are several companies that provide cloud accounting options, however, a recent article in CNN Money indicated that there might be some challenges with it . . . not with the programs but with how the companies package and sell them.
To read more about these challenges click here.
If you would like to meet with Louisa Miller, IESBDC business consultant, regarding your business, call 760-951-1592.