Scott Turner
In Motion Staff Writer
The Small Business Development Center at Daytona State in conjunction with SCORE continue their series of free seminars to aid students and community in starting or expanding their own business.
Edward Treveno Sr. informs the crowd about the importance of financial projections in their business.
Treveño began by going over the various different aspects of successful business plans, illustrating that while there are many
different facets of it, including business description, market competition analysis, products or services needed, marketing and selling plan, owner, management, and personal, it is often the financial forecast and projections that can cause the biggest problems for a business.
He then proceeded to show precisely how after accounting for projected earnings, the initial start-up and operating costs can eat away steadily at profit and the principles behind them. He then showed how even though a business might lose money the first year, the yearly growth projections can demonstrate how profit will eventually be made, even with accounting for new variables. He went through a step by step analysis of the numbers and their distribution over a series of model balance sheets, showing how much difference a 10% difference in profit can make in the long run.
“You need to run these tests to make sure that the business can survive in the long run, and survive unexpected problems. They also help show investors and bankers that they will get their money back.” Treveño said.
After the conclusion of the presentation, Elspeth Young and Cathy Young shared their perspective on the event, which
provided a bevy of information over the course of it’s two hour run time.
Edward Treveno Sr. informs the crowd about the importance of financial projections in their business.
“I’ve taken a lot of finance classes, so a lot of this was very familiar. I definitely took away the importance of keeping track of finances in a business, though it was much more technical than I expected.” Elspeth Young said.
“My husband and I own a business and this was a good start in terms of opening our eyes to the importance of finances, since we know all too well how easy it can be to lose track. I would probably do well to take some courses, it was definitely a lot to cover in just two hours.” Cathy Young said.
Bill Roy, another volunteer at the event, ended the even by thanking Treveño and the attendees for coming, and once more stressing the importance of proper care of finances.
“I know that this is a lot to take in in a couple of hours, and that it’s not as easy or entertaining as social media, but this stuff is critical to the success of a business, and those of us with SCORE and the SBDC are here to help you.
The Small Business Development Center at Daytona State College offers a variety of different seminars free of charge over the course of the year. For more information and a schedule of events, visit www.sbdcdaytona.com, give them a call at (386) 506-4732, or visit them at the Daytona State College Main Campus in Building 110, Room 236.
Financial Requirements of a Successful Business was held on Nov 6 on the Daytona State Campus.