Cash banks finance and Dealing with Banks

T: @eMotivator W: http://david.bozward.com E: david@bozward.com

Finance, Funding & Dealing with Banks

Dr. David Bozward

What do you want from your bank?

What does your bank want from you?

Banks are....

The are:• Safe Place to leave

cash• Local Networking• Sounding Board• Electronic Payments

Business Model• Transactions• Interest Payments• Extra charges• Extra products

– Insurance

Your Offer

• You and your skills/talent/capabilities

• The “What’s in it for your customers” factor

Your Sales

• What skills and attributes make a good sales person?

• People buy from people.• Emotion and Logic• Good Feelings or Solutions to problems

Your Sales

• Outstanding Service.

• Appalling service.

• What aspects of great service can you use for your own business ideas?

Your Finance

• Where do we start?

• Why are you in business?

• You need to make money.

• How much?

• Enough to cover your costs.

Working your Finances Out

Example 1

• You have household bills of £1000 per month.

• All earnings are profit.• Need to earn £12000 to survive per

Example 2

• Half earnings are profit.• Need to earn £24000 to survive per

Example 3

• 75% earnings are profit.• Need to earn £16000 to survive per

Example 3

• For every £1 you earn keep 75p to put to bills

• Bills total £12000 for the year.• Therefore how many 75p’s do you

need to earn?• £12000/0.75= £16000

More useful info

• What is the expected average sale value?

• What proportion of customers will buy from you?

Survival.

Profit.

Turnover.

Average sales value.

Number of sales.

Number of customers to see to get 1 sale.

Number of people need to speak to, to survive.

(£12000)

(£0.75p)

(£400)

(£16000)

(1 in 10)

Your Finance

Your FinanceNo of people need to speak to = 400.

No of customers to see to get 1 sale (1 in 10).

Number of sales = 40.

Av sales value = 400.

Turnover = £16000.

Profit = 75p in £.

Survival = £12000.

CREATE YOUR FINANCESNow..

Your Finance

• Making money is good however cash is king.

• What do you really need to set up your business?

Cash Flow

Used to acquire

resources(stock)

Resources used to produce goods or

services

Goods/Services exchanged for

£Funding

TIME, TAX, DEBT, BANKS, ..ETC TO DEAL WITH... HELP!

But...

Accessing Accounts

• Online / Telephone• Payments

– What, when

• Current transfers

Funding your sales

“Run Rate”

• Living Costs• Marketing• Telephones• Travel

Receiving Payments

“Timings+Costs”

• 30 Day Invoice• Paypal• Bank Transfers• Bad Debt

Managing Money

• Money in• Money Out

• When to spend• When not to spend• Why spend

Making Payments

• Yourself• Government

– VAT– Tax (Corp)– Tax (PAYE)

• Adverts• Insurance• Repairs/Maintenance• Telephone/Rent/..

Funding Purchases

• Credit Card• Overdraft• Loan• Factoring• Shareholders

• In - On Order

• Out – Planned work

• On Hold

Create your own

Living ExpensesCash in Bank

1 to 30 Days

1 to 30 days

Credit, Debt, ...

Stock Balance

Summary

Cash banks finance and Dealing with Banks

Business

Transcript of Cash banks finance and Dealing with Banks

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