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.
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 read an interesting article in the New York Times the other day. It discussed a new survival tactic that independent bookstores have started using this year in their battle against the likes of Amazon.com and Barnes & Noble. To ensure that their doors keep open, owners of independent shops have turned to their customers.
Read the full article here
– Robert Usher, Inland Empire SBDC
Ready to start your own business? Find out how you can become a franchisee through this workshop offered by the Chambers of Commerce for Lake Elsinore Valley, Murreita and Menifee Valley.
This Thursday, August 15 in Lake Elsinore, Cal.
To register go to Lake Elsinore Chamber of Commerce website.
See the detailed brochure here
It is to the advantage of business owners to know their obligations and understand the Federal and State payroll reporting requirements.
The IESBDC will offer a “Federal and State Basic Payroll Tax” seminar on Wednesday, Aug. 21, 9 a.m. – 3:30 p.m. at the Hesperia Branch Library, 9650 7th Ave., Library Community Room in Hesperia.
This free seminar is sponsored by the City of Hesperia Enterprise Zone. Register online at www.iesmallbusiness.com – click on Training and view all our upcoming events!
We received an interesting article this morning that according to a report published this quarter by Pepperdine University, 28% of small businesses are planning to raise new financing in the coming six months. The report also states that 68% of respondents characterize the current environment as difficult for raising new financing. Only 33% of those who applied for business loans with a bank have been successful, compared with 40% in the first quarter. The application-to-loan ratio is alarmingly low.
What many of these businesses may not realize is that the financing options available to them have actually been steadily increasing with products that offer new levels of flexibility.
If you have ever wondered if you are bankable, capable of getting a bank loan, Inland Empire Small Business Development Center in cooperation with Gene Valdez of Pacific Mercantile Bank bring the opportunity to have that question answered.
Each second Wednesday of the month in the Ontario office, Mr. Valdez will meet with SBDC clients to review funding options. To find out more, call the Inland Empire SBDC at 951-781-2345