Financial Planning
How will it help me?
The main focus for the day is to explore and understand why financial planning is fundamental to business success. By the end of the day you will have covered the different pricing strategies that can be employed and comprehensively explored the impact of discounting on profitability and volume sales. The importance of being able to identify costs and allocate costs appropriately will be explained before you prepare and complete your own sales forecasts and cost budget.
Depending on your financial knowledge, we recommend you attend the Understanding Finance workshop in the first instance before signing up for any of the other modules, as this covers the basics. The other four modules do assume a basic level of financial knowledge, which is imparted during Understanding Finance.
What will I learn?
The key financial content will include sales and overhead forecasting and how this translates into profit and cash and how to understand and appreciate key financial ratios.
The topics that are likely to be covered include:
• Methods of Financial Planning
• Budgets and Forecasts
• Variance Analysis
• Pricing Strategies
• Overhead Allocation and Apportionment
• Overtrading
• Business Simulation Activity
