R2,499.00

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12 September – 18 November, 2022
10 – weeks sprint
+ 1 Additional Month

R3,500.00

Many entrepreneurs battle with managing their business’s finances. Of all the areas of business, this is the one that most business owners simply skip, avoid or abdicate. Why? Because there is a lot of fear around analysing our financial position. We feel ill-equipped and terrified of making a mistake that could have legal or financial ramifications. But, as we all know, ignoring the problem – if there is one – doesn’t make it go away. In fact, the longer we ignore it, the bigger it is likely to get. As entrepreneurs, if we do not understand our finances, how do we know if we are making money? How do we know if our business is sustainable?

Modules

Module 1 Talking Money – The first module delves into our beliefs as business owners about wealth, finance and money, and explores the psychological drivers that unconsciously influence our relationships with money. Recognising your own underlying beliefs, fears and attitudes towards money will empower you to unlearn old thoughts, behaviours and patterns that stand in the way of you embracing your business finances.
Module 2 Pricing and Breaking Even – This module unpacks two critical components of financial management – pricing and breaking even. We explore how you can add value to the pricing mix, and arm you with the knowledge you need to calculate the margin and mark-up percentages of your current products and services. You also learn the breakeven point calculation to determine the number of sales you need for your business to break even.
Module 3 The Budget – Module 3 unpacks the value of the budget as a financial-planning tool to manage the spending in your business. Using a budget allows you to set “SWEETER” targets, and to analyse the successes and variances in your fiscal spending. As a bonus, this module also introduces you to the “Golden Income Ratio”, a Raizcorp tool designed to accurately calculate the salary you should be earning as the business owner.
Module 4 The Income Statement – Module 4 explores the income statement. This is critical in showing you whether your business is making a profit or a loss based on your invoicing practices. Not only will you learn how the income statement works, you will also analyse what it reveals about the financial health of your business. Finally, you will be introduced to three different methodologies aimed at improving the profitability of your business.
Module 5 Cash Flow – This module delves into the value and importance of cash flow in the business.  Together, we will apply the “Defensive Interval Ratio” calculation to your business to determine how long it could survive if no income were being generated. Armed with this knowledge, we will work on cash-flow-management strategies to mitigate difficult financial times and to leverage and grow when there is a healthy cash flow.
Module 6 The Balance Sheet – The aim of module 6 is to get you comfortable with what is often the entrepreneur’s nemesis – the balance sheet. Not only will you come to understand how the balance sheet works and apply it to your business, you will also complete an analysis to gain a clear picture of your business’s financial health.
Module 7 Debtors and Creditors – As a business owner, you cannot mitigate the finances of your business without considering the payment of creditors and the management of debtors. This module lays out the debt-collection process, and helps you to build and implement your own strategy for debt collection.
Module 8 Navigating Your Finances – In the final module, we apply the concepts and tools we covered in the previous modules. We will base our financial knowledge on three common scenarios any business owner could potentially face: seeking funding; paying back investors; and tightening the belt during an economic recession. This module not only applies the theory and the assets but also builds out a strategy to manage these possible scenarios with the minimum risk and maximum benefit to the business.

Meet your facilitator

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Jo-Anne Fick

A qualified chartered accountant and registered tax practitioner, Jo-Anne Fick is a Raizcorp guide (or mentor) specialising in finance. She is also an experienced learning facilitator.

About our courses

We know that business is about the numbers. Banks turn us down for loans, saying that the “numbers don’t add up”. We assume that either they are right or that they simply don’t understand the context of small businesses. But the truth is that we often don’t understand our own numbers and can’t explain why they don’t work out. We simply don’t know what we are looking for. If we did, the decisions would be predictable.
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Welcome to “How does Business work?” Raizcorp’s foundational finance course designed to demystify the world of finances for you, the entrepreneur. We know how daunting it is to look at your financial statements so we’ll take it one step at a time.In this course we will analyse our current misconceptions around money in our business and work on reframing our attitude towards finances. We’ll show you that your finances are not something to be afraid of. Rather, by the end of this course, you’ll realise that finances are simply a result of our actions and decisions. They show us the good or bad consequences, giving us an opportunity to take different actions which may lead to different results.

Each module will systematically unpack the financial management accounts that you need to run your business. We will look at the income statement, the budget, the balance sheet and the cash-flow statement. We’ll guide you through reading and understanding what each statement reveals about your business. We’ll introduce you to various financial ratios that can be used to quickly analyse the financial position and status of your business. We will look at how to manage your debt payments and debt collection better. We’ll arm you with a collection of templates and tools to use in your business long after attending this course. By having the right knowledge and skills, means that financial management will no longer be something to fear but rather something to be embraced as an integral component of our entrepreneurial journey.

How will this help you in your business?

You will leave this course with better-developed financial skills. You will be able to look at your financials and understand the story that they tell. You will be able to do a basic analysis of the financial mistakes that you have made in order to correct your strategies and actions. You will be able to see the positive aspects of your financial decisions to assess what you need to replicate in order for your business to succeed.

You’ll come away with a comprehensive financial tool arsenal to use in your business repeatedly. These tools have built-in “cheat codes” that will make it easier for you to quickly find the information you need. You will have a fresh perspective on your pricing, based not only on an in-depth understanding of your break-even point, but also on the role that pricing plays in your business’s strategy. This will help you make better decisions about pricing, discounts, payment terms and even the types of customers you want for your business. You will be a more professional business that has financial policies in place. This will allow you to delegate some of the day-to-day basic bookkeeping and financial administration functions. You can do this with confidence, knowing that these tasks will be done as you would do them, and that your business’s overall financial health will not be at risk while you concentrate on growing your business.

You’ll no longer view your financials with fear and apprehension but rather see them as an integrated part of your business. This will give you vital information to run and grow your business so you can build the business you want in the future, not just one that will survive today

Other courses

Description

R2,499.00

Many small businesses find it difficult to raise funding because their business case is not clearly articulated and their model will not scale well. Business Case Developer will help you to think through all the elements needed to build a successful business, and ensure that these are integrated and aligned. It is ideal for entrepreneurs who wish to build a thorough business case before seeking funding or investment, or before going to market.

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Description

Module 1 Talking money
The first module delves into our beliefs as business owners about wealth, finance and money, and explores the psychological drivers that unconsciously influence our relationships with money. Recognising your own underlying beliefs, fears and attitudes towards money will empower you to unlearn old thoughts, behaviours and patterns that stand in the way of you embracing your business finances.

Module 2 Pricing and breaking even
This module unpacks two critical components of financial management – pricing and breaking even. We explore how you can add value to the pricing mix, and arm you with the knowledge you need to calculate the margin and mark-up percentages of your current products and services. You also learn the breakeven point calculation to determine the number of sales you need for your business to break even.

Module 3 The budget
Module 3 unpacks the value of the budget as a financial-planning tool to manage the spending in your business. Using a budget allows you to set “SWEETER” targets, and to analyse the successes and variances in your fiscal spending. As a bonus, this module also introduces you to the “Golden Income Ratio”, a Raizcorp tool designed to accurately calculate the salary you should be earning as the business owner.

Module 4 The income statement
Module 4 explores the income statement. This is critical in showing you whether your business is making a profit or a loss based on your invoicing practices. Not only will you learn how the income statement works, you will also analyse what it reveals about the financial health of your business. Finally, you will be introduced to three different methodologies aimed at improving the profitability of your business.

Module 5 Cash flow
This module delves into the value and importance of cash flow in the business. Together, we will apply the “Defensive Interval Ratio” calculation to your business to determine how long it could survive if no income were being generated. Armed with this knowledge, we will work on cash-flow-management strategies to mitigate difficult financial times and to leverage and grow when there is a healthy cash flow.

Module 6 The balance sheet
The aim of module 6 is to get you comfortable with what is often the entrepreneur’s nemesis – the balance sheet. Not only will you come to understand how the balance sheet works and apply it to your business, you will also complete an analysis to gain a clear picture of your business’s financial health.

Module 7 Debtors and creditors
As a business owner, you cannot mitigate the finances of your business without considering the payment of creditors and the management of debtors. This module lays out the debt-collection process, and helps you to build and implement your own strategy for debt collection.

Module 8 Navigating your finances
In the final module, we apply the concepts and tools we covered in the previous modules. We will base our financial knowledge on three common scenarios any business owner could potentially face: seeking funding; paying back investors; and tightening the belt during an economic recession. This module not only applies the theory and the assets but also builds out a strategy to manage these possible scenarios with the minimum risk and maximum benefit to the business.

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