Understanding Your Business Financials. Tuesday, 11 August 2015 Perth, Bankwest Place
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1 Understanding Your Business Financials Tuesday, 11 August 2015 Perth, Bankwest Place
2 Understanding your business financials To get more for you Matthew Winter on behalf of Small Business Development Corporation CEO & Owner, Ningaloo Whaleshark Swim Director, Growing Australia
3 We ve been lied to! It s easy to be busy. Being successful is harder
4 Success requires understanding 1. Past business performance? 2. Current business health? 3. Future access to cash to pay your bills? It s not the strongest or the fittest that survive, but the ones who best respond to change. - Charles Darwin Your financials give you these score cards for your business.
5 Profit & loss statement 5 key parts: 1. Income from Sales 2. Costs to make what was sold 3. Gross Profit from Sales 4. Costs of running the business 5. Net Profit (pre tax)
6 Your P&L answers 3 key questions: 1. Who s getting what from all of our effort? 2. Is the business getting better or worse? 3. How to get more for you from being in business?
7 Who s getting what? How many cents in each dollar? 1. Do we give away to make what we sell? 2. Does the business get from each sale? 3. Does the business spend to be ready to do business? 4. Do the owners get back from being in business? 52% 48% 43% 6%
8 Is our business getting better or worse? 2. Cost of Sales 3. Gross Profit 4. Business costs 1. % Sales up vs Net Profit
9 More for you from being in business
10 1%-ers in action: keeping more SALES FROM EACH TOUR $7,000 COST PER TOUR: WAS IS $4,000 (57%) $3,200 (46%) Fuel $500 If buy bulk $350 Wages (5 staff) $1200 Trainee $1000 Catering ($25/pax) $450 Change menu $350 Spotter plane $1250 If own plane $900 Other $600 Other $600 GROSS PROFIT $3,000 (43%) $3,800 (54%) *Figures have been changed to protect the guilty!
11 WISDOM OF THE WORLD IN FIVE WORDS!
12 Building your strategy Bruce Sinclair Partner, KPMG
13 Strategy The financial reports from your business show the RESULTS of your strategic decisions; they are score cards If you want different outcomes - change tactics To assist in changing tactics successfully you need to deeply understand your business model and what stage your business is at Type Distribution Manufacturing Service Style Commission income Sales Leveraged business Stage Self employed Small business Developed business
14 Strategy From deep understanding comes the ability to change key business drivers Strategy is a verb, it s about what you do rather than what you think you ll do (that s a plan!) Consciously doing things differently to achieve goals
15 The Strategy Maximise the income Self Employed <5 employees 1 vehicle Increase business profitability (and therefore owner income) Build personal assets
16 Characteristics of a small business Small Business 5-15 employees 1-5 vehicles Strain zone Maximum costs Minimum profit Maximum stress
17 The Strategy Developed Business 5-15 employees 1-5 vehicles Building and reinvesting business wealth Reinvesting in the business Developing the business into an asset
18 The decision Do you go back to being self-employed or do you build a developed business? Self employed Small business Developed business Strain zone MAXIMIMUM STRESS
19 How will you get there? Data Knowledge Application
20 Data Management information Sales reports Profit and loss reports Balance sheet Cash flow reports Data
21 Knowledge Management reports Profit and Loss reports Cash flow management Business valuations Key performance indicators Knowledge
22 Application Use of knowledge to develop Simple strategic plan Operational improvement programs Marketing plans Application
23 Hard work is not enough
24 Useful resources The E-Myth by Michael Gerber canvas/bmc
25 Contact our experts Matthew Winter CEO, Ningaloo Whaleshark Swim Bruce Sinclair Partner, KPMG Call: Web: smallbusiness.wa.gov.au
26 Thank you IMPORTANT INFORMATION AND DISCLAIMER The information contained in this presentation is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this presentation without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN AFSL/Australian credit licence , its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this presentation.
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