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Becoming Best Friends with your Financials, Class Two: Budget – Cost of Goods
Apr 23, 2019 @ 3:00 pm - 4:30 pm
Becoming Best Friends with your Financials Series
This six-part series on finance will be highly interactive and requires participants to be willing to share their numbers, as the class will include some time to work on budgets. Participants will bring in the numbers they used to determine a retail price on their service or item and a history of their monthly sales and expenses for the Cost of Goods class. This way, we can validate the numbers or create changes.
By the end of this series, participants will have a completed budget with validated and realistic numbers as well as the knowledge to read and use their financial statements in their business.
Please bring the following to each session:
• Ability to use Excel
• And other items per the workshop topic
Class Two: Budget – Cost of Goods
This class will focus on costing out the items and services that you offer by determining the expenses that go into the cost of goods line and why it is important to separate these costs from the expense line. Participants will also learn Gross Profit $ and the 3 ways to determine the pricing of a product/service.
– Participants should bring the cost break down of 1 item or service that they offer. All of the costs that go into producing the item or doing the service
– Determine COGS
– How to price out products and services
– Determine the expenses that go into the cost of goods line
– Gross Margin % and Gross Profit $
– Why are these numbers important?
– How to determine a GM% and GP$ by month
View the other sessions in this series:
About the Instructor:
Ann Connor is an award-winning business adviser. She has assisted businesses and organizations throughout the U.S. to create action plans for strategic growth. With over 25 years of experience in the retail industry, she’s helped more than 200 entrepreneurs and non-profit organizations identify their goals, steer them around a multitude of obstacles, and tackle their long-term challenges with a series of manageable steps. She sees her coaching as empowering people to be successful.