IWF Education: What are your business’s financial goals?

26. May 2020 17:53
 

 Presented by:

 

 

Sponsored by: 

 

By: Tim Northrup, CFO: Stiles Machinery

Why are you in business? What do you want to accomplish? If you already know what you want to achieve…..great. If not, here is where to start: You want to be profitable. Am I right?

Did know that 85% of small businesses fail within 10 years of operation?

Common mistakes by owners include:

  • Don’t understand growth’s impact on the business
  • Fail at anticipating cash needs
  • Improperly finance asset purchases (match funding with asset life)
  • Don’t understand how to read/interpret financials
  • Don’t understand, monitor, or control costs (actively)
  • Fail to price properly (don’t charge enough)
  • Don’t effectively communicate with bankers

So what can you do to avoid these mistakes? Learn how to gain control of your business’s finances during IWF 2020 by attending “Financing 101 - The Basics”.

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