# A Beginner's Guide to Understanding Business Financials, Veteran Workshops 2022

https://www.youtube.com/watch?v=U6SsqakFlo4

[00:00] so this is the um continuation of the veterans entrepreneurial Workshop Series.
[00:05] veterans entrepreneurial Workshop Series this is not just for veterans but it's a beginner's guide to understanding business financials.
[00:11] business financials and this is brought to you by our sponsor Bank of America which we are thrilled to have someone who supports us and obviously fails very strongly obviously in their support of obviously veterans.
[00:21] as I mentioned I'm Karen Casey I am a certified School Mentor Workshop presenter I also chair our partnership committee I have been in South Carolina I am a transplant as you could tell from my accent I've been here since 2018 from New York New Jersey area I am a CPA and a cfp and I have worked in banking for over 30 years Keisha if you can join me and introduce yourself.
[00:48] foreign.
[00:53] scholar business Mentor um actually in the accounting profession on my own accounting business and I am
[01:01] on my own accounting business and I am uh also a licensed insurance agent.
[01:07] uh also a licensed insurance agent okay thank you Keisha uh so Keisha and I will be going through the presentation.
[01:11] uh and we're going to be covering the review of balance sheet income statement.
[01:15] review of balance sheet income statement and cash flow statements just and again please keep in mind this is a very basic level.
[01:20] we're trying to give you a basic understanding of what these items are.
[01:25] what these accounts are and things that you should be keeping your eye on.
[01:29] if we use any terminology that you do not understand please ask a question so that we can clarify the session is for you.
[01:37] so we're going to go through the three statements.
[01:38] we're going to review certain accounts in each of those statements that you should be looking at as a business owner.
[01:43] we're going to be discussing briefly the service the pricing of both your service and product.
[01:48] and again a brief overview presentation of hiring help of things that we have seen with our clients as well as your responsibilities regarding your financials.
[01:57] financials financials are generally the last thing unfortunately people like to
[02:02] last thing unfortunately people like to do because they love to do what they're talented and skilled at.
[02:06] and whether that's running a store or whether it's an online service or like Keisha who has her own accounting business.
[02:12] we understand sometimes the financial side goes to the side and is the last thing you want to do.
[02:19] is we're here to help you.
[02:20] and with that I'm going to hand it over to Keisha to talk about the balance sheet.
[02:25] and Keisha you let me know when you want me to move the slides forward.
[02:29] okay.
[02:30] so what is a balance sheet.
[02:33] so balance sheet is basically just a snapshot of your assets and liabilities of your business on a specific date.
[02:40] um along with the income statement and cash flow statement if you've heard of those.
[02:44] a balance sheet can help a business help business owners evaluate the company's Financial standing.
[02:51] um so in regards to the assets.
[02:53] um they reflect the value of the business what the business owns.
[02:58] that's like your bank accounts your inventory equipment and things of um to that.
[03:03] equipment and things of um to that matter it could be any property your.
[03:05] matter it could be any property your vehicles.
[03:07] vehicles um your liabilities will consist of what.
[03:10] um your liabilities will consist of what the business owes so that's any accounts.
[03:14] the business owes so that's any accounts payables money is due to vendors loans.
[03:17] payables money is due to vendors loans credit cards and Etc.
[03:20] credit cards and Etc owners Equity is just a difference in.
[03:24] owners Equity is just a difference in the assets versus liabilities and.
[03:26] the assets versus liabilities and effectively.
[03:28] effectively um the funds that you have invested in.
[03:30] um the funds that you have invested in the business over time and this may not.
[03:32] the business over time and this may not be cash in the business.
[03:35] be cash in the business um it could be owner's contribution of.
[03:38] um it could be owner's contribution of property or land.
[03:41] property or land um so the next one.
[03:46] so what we have here is an example of a.
[03:48] so what we have here is an example of a business I mean of a balance sheet.
[03:50] business I mean of a balance sheet um it shows you this is just a.
[03:52] um it shows you this is just a simplified one um some could be very.
[03:54] simplified one um some could be very extensive um and show a lot more detail.
[03:56] extensive um and show a lot more detail than this but this um to the left shows.
[04:01] than this but this um to the left shows your assets that's your cash on hands um
[04:03] your assets that's your cash on hands um these are just made up numbers in here.
[04:05] these are just made up numbers in here fictitious numbers so um but it shows.
[04:09] fictitious numbers so um but it shows your cash on hand.
[04:10] your cash on hand and bank accounts generally.
[04:13] and bank accounts generally um on this side you will probably see in.
[04:15] um on this side you will probably see in your checking account uh maybe a savings.
[04:19] your checking account uh maybe a savings account and these are business accounts.
[04:21] account and these are business accounts of course.
[04:22] of course um your payroll account if you have.
[04:23] um your payroll account if you have payroll you may have a separate account.
[04:25] payroll you may have a separate account for that that would all be listed there.
[04:28] for that that would all be listed there um under the bank accounts you may also.
[04:30] um under the bank accounts you may also have accounts receivables.
[04:33] have accounts receivables um.
[04:34] um and your fixed assets.
[04:37] and your fixed assets um generally that's probably separated.
[04:38] um generally that's probably separated also you will probably see your vehicles.
[04:41] also you will probably see your vehicles your sorry your vehicles You're Building.
[04:46] your sorry your vehicles You're Building any equipment.
[04:48] any equipment um which is usually referred to as PP e.
[04:50] um which is usually referred to as PP e plant property and Equipment will be.
[04:52] plant property and Equipment will be listed in that section.
[04:54] listed in that section and then you will also see real estate.
[04:56] and then you will also see real estate owned.
[04:57] owned um which is could be land.
[04:59] um which is could be land that will equal your total assets on the.
[05:03] that will equal your total assets on the other side of the balance sheet you.
[05:05] other side of the balance sheet you would generally see your liabilities and owner's equity.
[05:11] so under the liabilities section it's generally accounts payable um your line of credit or credit cards may be listed here any notes payable.
[05:21] um that could be vehicle loans or loans um through the bank would be listed generally next.
[05:28] um and that would all add up to your total liabilities and owner's equity is generally listed under there.
[05:36] um on that but your total liabilities and your owner's equity as you notice here on the sample um would also equal to your total assets on a balance sheet.
[05:49] all right next slide.
[05:53] so key asset accounts um your bank accounts how much money do you need or have in reserve.
[06:02] um generally you would probably typically need three to six months depending on your business.
[06:07] depending on your business um um your accounts receivable this is the your accounts receivable this is the money that people money that people um owe you and do you how often do you um owe you and do you how often do you review this review this um this is very important because you um this is very important because you need to typically know when your funds need to typically know when your funds are coming in so you can pay your are coming in so you can pay your current bills for your business current bills for your business um if you're using a accounting software um if you're using a accounting software or anything to that matter you could run or anything to that matter you could run a general report every week to see a general report every week to see um if your invoices were paid um if your invoices were paid and you would probably need to keep up and you would probably need to keep up with this or whatever so you can see how with this or whatever so you can see how your customers generally pay you and you your customers generally pay you and you can see which customers are lagging can see which customers are lagging customers do you want to continue with customers do you want to continue with that customer or not that customer or not um um if they're keep remaining and passive if they're keep remaining and passive status or you may want to offer them status or you may want to offer them um um a different payment arrangement um so a different payment arrangement um so you can at least receive partial payment you can at least receive partial payment towards your invoice towards your invoice um um versus waiting a Whole 30 60 days before
[07:09] versus waiting a whole 30 60 days before you receive your funds.
[07:11] you receive your funds okay next slide.
[07:13] okay next slide foreign.
[07:18] so these are items that you own such as.
[07:21] so these are items that you own such as your tables your chairs your desks your equipment.
[07:26] equipment um these also could be items that you can sell at any time to generate cash.
[07:31] can sell at any time to generate cash um so you may let's say for example.
[07:35] um so you may let's say for example um we have McDonald's.
[07:37] um we have McDonald's um there we know they're in the business of selling hamburgers and french fries.
[07:41] of selling hamburgers and french fries fast food but they may have a piece of equipment.
[07:43] fast food but they may have a piece of equipment.
[07:44] equipment um an old piece of equipment such as a refrigerator or freezer.
[07:46] um an old piece of equipment such as a refrigerator or freezer.
[07:48] refrigerator or freezer um that they already had three on hand.
[07:51] um that they already had three on hand and they can sell off the third one sell.
[07:54] and they can sell off the third one sell off one of them so.
[07:56] off one of them so um now because they aren't in the business of selling equipment.
[07:58] um now because they aren't in the business of selling equipment.
[08:00] business of selling equipment um.
[08:01] um but this is just a way of them to gain some extra income or extra cash flow for the business.
[08:04] but this is just a way of them to gain some extra income or extra cash flow for the business.
[08:07] some extra income or extra cash flow for the business so you may want to sell off.
[08:09] the business so you may want to sell off uh office desk or or something like that.
[08:12] uh office desk or or something like that in your business that you're no longer
[08:13] in your business that you're no longer using
[08:15] using um or if you're downsizing to generate
[08:17] um or if you're downsizing to generate some additional cash for your business
[08:19] some additional cash for your business of course if you see that you also need
[08:23] of course if you see that you also need equipment or need something you don't
[08:27] equipment or need something you don't want to actually purchase
[08:29] want to actually purchase um that brand new desk or if you can
[08:32] um that brand new desk or if you can kind of make do with the old desk that
[08:34] kind of make do with the old desk that you have for a time being if you don't
[08:35] you have for a time being if you don't have the current funds available to
[08:37] have the current funds available to purchase something new
[08:39] purchase something new um I had a client at one point in time
[08:41] um I had a client at one point in time they they needed a paint booth or they
[08:44] they they needed a paint booth or they more so wanted a paint booth
[08:46] more so wanted a paint booth um we didn't actually have the funds to
[08:49] um we didn't actually have the funds to purchase a paint booth
[08:51] purchase a paint booth um so if you don't have the pun funds at
[08:54] um so if you don't have the pun funds at that time to actually purchase what you
[08:56] that time to actually purchase what you need you could use a third-party company
[08:58] need you could use a third-party company or third-party vendor to handle what you
[09:01] or third-party vendor to handle what you need at a time until you you're able to
[09:04] need at a time until you you're able to have the funds to purchase a new fix
[09:06] have the funds to purchase a new fix asset
[09:07] asset so that's how you can postpone any
[09:09] so that's how you can postpone any purchases in the future
[09:12] purchases in the future um you also have your real estate
[09:14] um you also have your real estate um that you own this could be land that you own.
[09:16] this could be land that you own a building that you own on the property.
[09:19] you own a building that you own on the property um you can check out from time to time.
[09:22] um you can check out from time to time has a value increase.
[09:23] has a value increase because if it has um or even if it hasn't but you can check the value on it.
[09:26] because if it has um or even if it hasn't but you can check the value on it.
[09:28] hasn't but you can check the value on it and see if you can possibly use that as collateral or a loan if you need.
[09:29] and see if you can possibly use that as collateral or a loan if you need additional funds.
[09:32] collateral or a loan if you need additional funds um or are there any sections in a building that you have perhaps that you could actually use or rent out that could be additional cash flow for you at the time.
[09:34] additional funds um or are there any sections in a building that you have perhaps that you could actually use or rent out that could be additional cash flow for you at the time.
[09:37] um or are there any sections in a building that you have perhaps that you could actually use or rent out that could be additional cash flow for you at the time.
[09:40] building that you have perhaps that you could actually use or rent out that could be additional cash flow for you at the time.
[09:43] could actually use or rent out that could be additional cash flow for you at the time.
[09:46] could be additional cash flow for you at the time.
[09:46] the time all right next slide.
[09:49] all right next slide thanks.
[09:51] thanks so your key liability accounts this is your accounts payable these are generally paid anywhere between 30 to 90 day term periods.
[09:56] so your key liability accounts this is your accounts payable these are generally paid anywhere between 30 to 90 day term periods.
[09:58] your accounts payable these are generally paid anywhere between 30 to 90 day term periods.
[10:01] generally paid anywhere between 30 to 90 day term periods um what terms do you currently have with your vendors uh do you have to pay them back in 30 days are you able to if you're not able to make your monthly payments then ask your vendor if you can.
[10:04] day term periods um what terms do you currently have with your vendors uh do you have to pay them back in 30 days are you able to if you're not able to make your monthly payments then ask your vendor if you can.
[10:07] um what terms do you currently have with your vendors uh do you have to pay them back in 30 days are you able to if you're not able to make your monthly payments then ask your vendor if you can.
[10:09] your vendors uh do you have to pay them back in 30 days are you able to if you're not able to make your monthly payments then ask your vendor if you can.
[10:12] back in 30 days are you able to if you're not able to make your monthly payments then ask your vendor if you can.
[10:14] you're not able to make your monthly payments then ask your vendor if you can.
[10:18] payments then ask your vendor if you can possibly pay them in 60 days instead or possibly pay them in 60 days instead.
[10:20] or if you have 60-day term and you know if you have 60-day term and you know that you're you have an upcoming project that you're you have an upcoming project and your funds wouldn't come in until 90.
[10:27] and your funds wouldn't come in until 90 days and ask them if they'll be willing.
[10:29] days and ask them if they'll be willing to renegotiate your payment terms to a to renegotiate your payment terms to a 90-day payment term.
[10:31] to a 90-day payment term this this will allow.
[10:34] this this will allow you to hold on to your cash flow until you can replenish it.
[10:36] you to hold on to your cash flow until you can replenish it.
[10:38] you can replenish it so with your line of credit or your so with your line of credit or your credit cards everyone has credit cards.
[10:41] so with your line of credit or your credit cards everyone has credit cards.
[10:43] credit cards everyone has credit cards today.
[10:45] today um but these are generally um but these are generally short term less than a year to repay.
[10:49] um but these are generally short term less than a year to repay.
[10:52] short term less than a year to repay back.
[10:53] back um.
[10:54] um these types could be revolving credits.
[10:57] these types could be revolving credits secured or unsecured.
[11:00] secured or unsecured now what you would need to determine.
[11:01] now what you would need to determine also the what type of credit do you have.
[11:04] also the what type of credit do you have so you can establish a lot of a lot of so you can establish a lot of a lot of credit.
[11:07] so you can establish a lot of a lot of credit.
[11:08] credit um do you have bad credit do you have um do you have bad credit do you have good credit.
[11:09] um do you have bad credit do you have good credit.
[11:11] good credit um and what limits do you have and are um and what limits do you have and are you maxed out currently on your credit.
[11:13] um and what limits do you have and are you maxed out currently on your credit.
[11:15] you maxed out currently on your credit cards.
[11:17] cards um you can possibly ask the credit card.
[11:19] um you can possibly ask the credit card company for deferred Network for better rates.
[11:22] um one thing in regards to the a lot of credit.
[11:26] um if you're a small business um uh sole proprietor or whatever you may only have personal credit but you can also build your credit.
[11:35] um build your credit file through Dun & Bradstreet.
[11:41] um this is they do have a free um free service.
[11:43] um if you want immediate credit and stuff you have to pay us pay an amount for that but this is where you receive scores and ratings for your business.
[11:53] can you show there's a question how important it is it to have good credit from a personal standpoint for your business.
[12:01] business uh from if you're a sole Proprietors it's important because you don't really have generally have business credit as of yet.
[12:08] um so if you need to borrow money the banks and stuff are going to look at your personal tax return and your schedule C and so your your personal credit would be very important at that.
[12:21] credit would be very important at that point until you can actually establish business credit but you would definitely want to keep up your personal credit.
[12:26] along with your business credit in order to obtain a loan and I'll just add to that I just had a client who bought a business actually got the loans um actually had very good credit um but the landlord had serious concerns because she was brand new to the business.
[12:46] I mean she managed this particular business for three years and the owner was selling it to her um but the landlord that we had to do some serious negotiations uh for her even but what saved her is that she had good personal credit.
[13:01] so even if it's not a bank that you're looking for a loan you're both your personal credit as well as um you know business credit is important because even if you want to rent or if you want to deal with certain vendors they may pull your credit and it may um obviously have an impact on what you
[13:22] um obviously have an impact on what you need to do.
[13:24] need to do please again I do I decorate everybody.
[13:26] please again I do I decorate everybody if you have a question or chat please.
[13:29] if you have a question or chat please put something in the chat and Q a box as we go forward okay Keisha okay we can go to the next slide.
[13:37] all right so another liability account.
[13:40] all right so another liability account of course is your notes payables or your loans.
[13:44] loans um of course these are generally long term.
[13:46] um of course these are generally long term so these are loans that you have to pay back over a year time frame.
[13:50] pay back over a year time frame if it's less than a year it goes under your accounts payable section.
[13:54] goes under your accounts payable section if it's more than a year they're generally larger loans.
[13:56] if it's more than a year they're generally larger loans um that you can't actually pay back within less than a year.
[14:00] um that you can't actually pay back within less than a year so these you could also negotiate um for better rates or terms if you are not able to make your payments in a timely manner.
[14:11] not able to make your payments in a timely manner um.
[14:12] um if you have any cash flow issues banks are willing to modify your loan to keep your payments current.
[14:16] if you have any cash flow issues banks are willing to modify your loan to keep your payments current.
[14:19] your payments current you could also defer your payments or
[14:24] you could also defer your payments or lower them.
[14:26] lower them um for a certain amount of time uh.
[14:29] um for a certain amount of time uh generally within three to six months um.
[14:31] generally within three to six months um and then a bank may you know increase.
[14:34] and then a bank may you know increase your payments after that time frame.
[14:37] your payments after that time frame and just be honest with your lenders.
[14:39] and just be honest with your lenders um they they should be willing to work.
[14:41] um they they should be willing to work with you if they understand your issues.
[14:43] with you if they understand your issues they understand that everyone goes.
[14:45] they understand that everyone goes through problems at times so if you have.
[14:47] through problems at times so if you have a legit reason why you're behind please.
[14:49] a legit reason why you're behind please let them know because you don't you know.
[14:52] let them know because you don't you know no Bank wants to be wants you to be.
[14:54] no Bank wants to be wants you to be pasted on your loans on the books so as.
[14:57] pasted on your loans on the books so as long as you understand that.
[14:59] long as you understand that um that's the most important thing don't.
[15:00] um that's the most important thing don't be ashamed let them know because you're.
[15:03] be ashamed let them know because you're not the only business who actually have.
[15:05] not the only business who actually have problems and I'll add to that was Keisha.
[15:08] problems and I'll add to that was Keisha just said and I totally you know support.
[15:10] just said and I totally you know support what you just mentioned I've worked in.
[15:12] what you just mentioned I've worked in banking for 30 years.
[15:14] banking for 30 years um is that I truly appreciated a a.
[15:17] um is that I truly appreciated a a customer who came in and said listen you.
[15:21] customer who came in and said listen you know I had medical issues I've had.
[15:23] know I had medical issues I've had whatever issues there are or businesses.
[15:25] whatever issues there are or businesses a little slow you know I'm not going to be able to make my loan next loan payment.
[15:29] but I can make half of it I can make you know a quarter of it.
[15:34] those people we spent over backwards to work with because again as Keisha said a bank does not want to pass through loan and they're willing to work with you.
[15:46] I do encourage you that if you are doing that don't walk into the staff that's sitting on the branch platform desks and and have this conversation.
[15:55] make sure you talk to the lender um and that might be the lender who gave you the loan or whoever in their back office is obviously processing the loan.
[16:03] they are the ones that see this on a past due list and know the consequences.
[16:08] the platform staff may not know that so I totally encourage you to obviously make sure you're talking to the right person at the end of the day for this.
[16:17] okay Keisha all right okay so the next slide is going to be a review of owners um Equity so these are funds that you
[16:28] um Equity so these are funds that you you have invested in your business over time so it can be understated overstated.
[16:34] um but basically um these are your assets minus your liabilities for it for anyone who knows the basic equation um assets minus liabilities equal Equity.
[16:48] um so um General accounting rules um if it could be understated or overstated if your assets are not at current market value um it may not reflect your ability to generate profits.
[16:59] um if you need cash look for a partner to bring funds to the business and provide a share of ownership.
[17:07] um this won't have to be paid back like a loan.
[17:12] um and um investors will expect a return over time of the net profits so you want to be honest about your expectations on profitability and timing.
[17:25] um you may want a profit within the first
[17:29] you may want a profit within the first two years but realistically it may not two years but realistically it may not come until the third year
[17:34] come until the third year um you just need to be um you just need to be um aware of your expectations
[17:39] um aware of your expectations um for your business um for your business uh then next slide
[17:44] okay so there are various options for funding your business
[17:48] funding your business um as we kind of spoke a little on you um as we kind of spoke a little on you can get a bank loan there are SBA Loans
[17:54] can get a bank loan there are SBA Loans with very low interest rates out there with very low interest rates out there that you could possibly get for your that you could possibly get for your business
[18:00] business you can use credit cards this is not desirable because of higher interest rates
[18:06] rates um but you can if there's something that you need that's you know small or if you have a decent credit limit on your card or whatever you can use that
[18:15] or whatever you can use that um and for funding for your business or you can get additional Partners such as family friends or clients
[18:22] family friends or clients um they may ask for a percentage um in your business um or you know some sort of future um or you know some sort of future profit that you might have to give up
[18:32] profit that you might have to give up um for the business when you do this.
[18:33] um for the business when you do this some family and friends would just probably let you pay them back and with a small interest and they'll be okay with that.
[18:42] with that um and then there's also Crow funding.
[18:44] um which is donation investment and reward space.
[18:49] reward space and I think Karen can touch a little bit more on Pro funding for you all.
[18:54] yeah crowdfunding is a way that you go out to your um people who use your services.
[19:01] services um in order to say Hey you know if I am a restaurant and I you know obviously make great sandwiches is that you can actually go out to crowdfunding and there are Services out there that obviously you can um and say I will give you a free sandwich every month if you give me you know 500 you know and I'll give you a free sandwich every month for the next you know six months whatever it is.
[19:30] you know six months whatever it is there's different ways to do this all of
[19:32] there's different ways to do this all of these items are part of our next uh.
[19:35] these items are part of our next uh Workshop uh for the series which will be.
[19:38] Workshop uh for the series which will be in November and you'll see the dates.
[19:39] in November and you'll see the dates when we get to those slides at the end.
[19:41] when we get to those slides at the end so we're not going to go into a lot of.
[19:43] so we're not going to go into a lot of details on these but do keep in mind.
[19:47] details on these but do keep in mind um two things is One credit cards please.
[19:49] um two things is One credit cards please make sure you have established a.
[19:52] make sure you have established a business credit card do not use your.
[19:54] business credit card do not use your personal credit for your business it.
[19:56] personal credit for your business it gets very messy when you're trying to.
[19:58] gets very messy when you're trying to obviously say how much of this was.
[20:01] obviously say how much of this was actually a business versus your own it.
[20:03] actually a business versus your own it does get a little crazy.
[20:05] does get a little crazy um and obviously looking at the end of.
[20:07] um and obviously looking at the end of the day we look at from a partner.
[20:09] the day we look at from a partner standpoint there's pros and cons on.
[20:11] standpoint there's pros and cons on getting Partners in a business.
[20:13] getting Partners in a business if you're interested in any of these.
[20:15] if you're interested in any of these please sign up for the next Workshop.
[20:17] please sign up for the next Workshop which will be in November.
[20:21] okay so are there any questions.
[20:25] okay so are there any questions at this point I don't see anything in.
[20:27] the chat in the Q a at this point please.
[20:31] the chat in the Q a at this point please um again we're here to answer your.
[20:33] um again we're here to answer your questions this is your presentation
[20:34] questions this is your presentation we're going through the topics we
[20:37] we're going through the topics we believe that are important to you so if
[20:39] believe that are important to you so if you have anything at all
[20:41] you have anything at all please ask us
[20:43] please ask us okay that's moving on
[20:45] okay that's moving on um
[20:46] um I'm going to cover our income statements
[20:49] I'm going to cover our income statements um an income statement basically shows
[20:50] um an income statement basically shows your revenue or income as well as your
[20:53] your revenue or income as well as your expenses the net profit for a given time
[20:55] expenses the net profit for a given time period so this is basically for the most
[20:58] period so this is basically for the most part I can't send cash out
[21:00] part I can't send cash out usually you'll see this particular
[21:02] usually you'll see this particular income statement shown over several time
[21:04] income statement shown over several time periods so that shown side by side to
[21:07] periods so that shown side by side to identify Trends and we have an example
[21:09] identify Trends and we have an example when we get to that this statement may
[21:12] when we get to that this statement may also be known as a profit and loss so
[21:13] also be known as a profit and loss so let's look at an example we have this
[21:17] let's look at an example we have this XYZ statement again this is just an
[21:20] XYZ statement again this is just an example who had sales of four thousand
[21:22] example who had sales of four thousand dollars they do not have cost of goods
[21:25] dollars they do not have cost of goods sold what is cost of goods sold if you
[21:28] sold what is cost of goods sold if you buy products you're a retailer and you
[21:31] buy products you're a retailer and you sell t-shirts you buy the t-shirts at
[21:34] sell t-shirts you buy the t-shirts at five dollars and you sell them at 10.
[21:36] five dollars and you sell them at 10. your cost of goods sold would reflect
[21:38] your cost of goods sold would reflect the five your sales would reflect ten
[21:40] the five your sales would reflect ten that's what those two mean
[21:43] that's what those two mean and then we have the operand various
[21:45] and then we have the operand various operating expenses this particular had a
[21:48] operating expenses this particular had a trailer fuel Etc but it would also
[21:51] trailer fuel Etc but it would also include things like your insurance taxes
[21:54] include things like your insurance taxes and other things this particular company
[21:56] and other things this particular company only had four hundred dollars of
[21:57] only had four hundred dollars of expenses so they had three thousand and
[21:59] expenses so they had three thousand and five hundred ninety four dollars and 75
[22:02] five hundred ninety four dollars and 75 cents as a profit now let's look at some
[22:05] cents as a profit now let's look at some of these details your profit and loss
[22:07] of these details your profit and loss more unlikely especially if you are a
[22:09] more unlikely especially if you are a sole proprietor is your schedule C of
[22:12] sole proprietor is your schedule C of your tax return we're not going to go
[22:14] your tax return we're not going to go through this right now we have an entire
[22:15] through this right now we have an entire tax presentation if you're interested
[22:18] tax presentation if you're interested but when you're a tax preparer comes in
[22:21] but when you're a tax preparer comes in at the end of the year and they will be
[22:23] at the end of the year and they will be filling out this form that is your
[22:25] filling out this form that is your profit and loss statement as Keisha
[22:28] profit and loss statement as Keisha mentioned earlier you may be using
[22:30] mentioned earlier you may be using QuickBooks or other accounting software
[22:32] QuickBooks or other accounting software that can push these out but this should
[22:35] that can push these out but this should be a report you should be looking at on
[22:38] be a report you should be looking at on an ongoing basis
[22:40] an ongoing basis so let's talk about the categories here
[22:43] so let's talk about the categories here which you should be looking at your
[22:46] which you should be looking at your income review how do you generate income
[22:48] income review how do you generate income is it online your retail store
[22:50] is it online your retail store delivering a service
[22:52] delivering a service you need to understand where your money
[22:54] you need to understand where your money is coming from maybe you have multiple
[22:57] is coming from maybe you have multiple ones I have a client who has been
[23:00] ones I have a client who has been selling items online and just started
[23:03] selling items online and just started her first retail store we've been
[23:05] her first retail store we've been working through she does use QuickBooks
[23:07] working through she does use QuickBooks we've been working through obviously
[23:09] we've been working through obviously trying to separate it on QuickBooks so
[23:11] trying to separate it on QuickBooks so she has a better understanding that if
[23:13] she has a better understanding that if she used to earn five thousand dollars
[23:15] she used to earn five thousand dollars from her online store what is the retail
[23:17] from her online store what is the retail store obviously generating because now
[23:20] store obviously generating because now she has additional expenses as it
[23:22] she has additional expenses as it relates to the retail store it's
[23:24] relates to the retail store it's important for you to understand how do
[23:26] important for you to understand how do you generate your income
[23:28] you generate your income is your pricing competitive
[23:31] is your pricing competitive if you deliver additional value to your
[23:33] if you deliver additional value to your customers can you charge more example I
[23:36] customers can you charge more example I am sure many of you have gone out to uh
[23:40] am sure many of you have gone out to uh vendors out there saying I need a quote
[23:43] vendors out there saying I need a quote to paint my house paint a room
[23:47] to paint my house paint a room and people do not return your phone
[23:49] and people do not return your phone calls
[23:50] calls how frustrating is that when you're
[23:52] how frustrating is that when you're ready to get something done and you
[23:54] ready to get something done and you can't get someone to return your calls
[23:57] can't get someone to return your calls if you are that person who says I will
[24:00] if you are that person who says I will guarantee a return call within 24 hours
[24:05] guarantee a return call within 24 hours and obviously commit to obviously a
[24:08] and obviously commit to obviously a price quote and a time frame you know
[24:11] price quote and a time frame you know what based in today's environment you
[24:13] what based in today's environment you might be able to charge more so think
[24:15] might be able to charge more so think about that
[24:17] about that if you are already in a business who's
[24:20] if you are already in a business who's your profitable customer there's an 80
[24:22] your profitable customer there's an 80 20 rule 80 of your income generally
[24:25] 20 rule 80 of your income generally comes from 20 of your customers
[24:28] comes from 20 of your customers so what does that translate to twenty
[24:31] so what does that translate to twenty percent if you then duplicate your 20
[24:34] percent if you then duplicate your 20 your income just went up by 80 percent
[24:37] your income just went up by 80 percent think about who your customers are who
[24:41] think about who your customers are who comes back into either your store or
[24:43] comes back into either your store or orders from you or if you're a
[24:45] orders from you or if you're a landscaper who comes back and says oh I
[24:49] landscaper who comes back and says oh I need this tree moved I want to plant
[24:50] need this tree moved I want to plant this because I like your work that's the
[24:53] this because I like your work that's the customer you need to duplicate and look
[24:56] customer you need to duplicate and look at oh I see most of my customers are
[24:59] at oh I see most of my customers are from this particular location or this
[25:02] from this particular location or this particular age group think about that as
[25:04] particular age group think about that as you're going through and reviewing your
[25:06] you're going through and reviewing your income
[25:08] as I mentioned area where do you Source
[25:11] as I mentioned area where do you Source your products so this is where you buy
[25:13] your products so this is where you buy things so whether you're a hair styling
[25:16] things so whether you're a hair styling place if you sell t-shirts if you're a
[25:20] place if you sell t-shirts if you're a cabinet maker you should have multiple
[25:22] cabinet maker you should have multiple vendors to avoid Supply chains issue and
[25:25] vendors to avoid Supply chains issue and compare pricing
[25:27] compare pricing it's become much harder since covet
[25:30] it's become much harder since covet prior to covid you could probably if you
[25:32] prior to covid you could probably if you were a hair stylist you can probably go
[25:35] were a hair stylist you can probably go to a number of wholesalers and say this
[25:37] to a number of wholesalers and say this is the product I want what's your price
[25:39] is the product I want what's your price your price your price and you can
[25:41] your price your price and you can obviously get the best of them all
[25:43] obviously get the best of them all and order from them
[25:45] and order from them not So Much Anymore you have to ask the
[25:48] not So Much Anymore you have to ask the question not only the pricing but can I
[25:51] question not only the pricing but can I get this product within the next 30 days
[25:53] get this product within the next 30 days 60 days how far in advance do you have
[25:56] 60 days how far in advance do you have to order it
[25:58] to order it in order for you to get it when you need
[26:00] in order for you to get it when you need it that has become an issue for many of
[26:02] it that has become an issue for many of my clients because they have to order
[26:04] my clients because they have to order things so far in advance to make sure
[26:07] things so far in advance to make sure they have it when they need it
[26:09] they have it when they need it I mentioned my earlier client just
[26:11] I mentioned my earlier client just opened a retail store
[26:13] opened a retail store she just finished ordering all her
[26:15] she just finished ordering all her Christmas stuff
[26:16] Christmas stuff because she knows it takes 30 60 90 days
[26:20] because she knows it takes 30 60 90 days to get everything she needs in her store
[26:22] to get everything she needs in her store for Christmas well you can only imagine
[26:25] for Christmas well you can only imagine what her credit card bill just turned
[26:27] what her credit card bill just turned into and obviously that she's got a lot
[26:29] into and obviously that she's got a lot of inventory she's going to carry
[26:31] of inventory she's going to carry because she had to pay for some of the
[26:33] because she had to pay for some of the stuff and she won't be selling it for
[26:35] stuff and she won't be selling it for quite a while you need to think about
[26:37] quite a while you need to think about that when you're talking about cash flow
[26:40] that when you're talking about cash flow so when you're dealing with vendors also
[26:43] so when you're dealing with vendors also be honest and negotiate terms
[26:45] be honest and negotiate terms same issue that Keisha just mentioned
[26:48] same issue that Keisha just mentioned vendors prefer a customer paying a
[26:51] vendors prefer a customer paying a smaller amount than not at all you need
[26:53] smaller amount than not at all you need to talk to them so if you're having a
[26:55] to talk to them so if you're having a cash flow issue and you know this bill
[26:59] cash flow issue and you know this bill has gone past due call the vendor be
[27:02] has gone past due call the vendor be honest with that talk to them saying
[27:04] honest with that talk to them saying listen you know I bought this because I
[27:07] listen you know I bought this because I needed it for Christmas but guess what
[27:08] needed it for Christmas but guess what I'm not going to sell it until November
[27:10] I'm not going to sell it until November can you wait I could pay you a little
[27:12] can you wait I could pay you a little bit more but I'll pay you the balance in
[27:13] bit more but I'll pay you the balance in November
[27:14] November it's worth the negotiations and I do
[27:17] it's worth the negotiations and I do think a lot of the vendors will say yes
[27:18] think a lot of the vendors will say yes because they all are in the same
[27:20] because they all are in the same challenge that you have
[27:22] challenge that you have the other interesting thing I think you
[27:24] the other interesting thing I think you need to look at is negotiating a group
[27:26] need to look at is negotiating a group discount I have another client who does
[27:29] discount I have another client who does house cleaning
[27:31] house cleaning and because of that and she does a lot
[27:33] and because of that and she does a lot of the vacation rentals out at Hilton
[27:35] of the vacation rentals out at Hilton Head and there's a number of house
[27:37] Head and there's a number of house cleaning firms out here that do the same
[27:39] cleaning firms out here that do the same thing she started talking with them and
[27:42] thing she started talking with them and the price of a broom used to be ten
[27:44] the price of a broom used to be ten dollars now it's twenty dollars well
[27:46] dollars now it's twenty dollars well they found out if they obviously order
[27:49] they found out if they obviously order collectively and order a hundred brooms
[27:53] collectively and order a hundred brooms and each of them get 20 that they got a
[27:55] and each of them get 20 that they got a group discount
[27:56] group discount so you may want to think outside the box
[27:58] so you may want to think outside the box this happened quite a bit during covid
[28:02] this happened quite a bit during covid in which a number of similar businesses
[28:05] in which a number of similar businesses got together and decided to deal with
[28:08] got together and decided to deal with their discounts
[28:12] let's look at expenses
[28:13] let's look at expenses understand your different expenses
[28:16] understand your different expenses there's fixed expenses and variable
[28:19] there's fixed expenses and variable expenses and how much you spend and
[28:22] expenses and how much you spend and we're going to talk about these in a
[28:23] we're going to talk about these in a minute do not rely on your bookkeeper or
[28:26] minute do not rely on your bookkeeper or your accountant I cannot tell you how
[28:29] your accountant I cannot tell you how many times I've talked to my clients and
[28:31] many times I've talked to my clients and they say oh my bookkeeper does that no
[28:34] they say oh my bookkeeper does that no this is your business you don't know if
[28:37] this is your business you don't know if your bookkeeper is doing it right or
[28:38] your bookkeeper is doing it right or wrong you need to review them same thing
[28:41] wrong you need to review them same thing for your accountant oh my accountant
[28:43] for your accountant oh my accountant files my taxes I don't worry about them
[28:44] files my taxes I don't worry about them but you need to be able to sit down with
[28:47] but you need to be able to sit down with your accountant and they need to be
[28:48] your accountant and they need to be explained to you what your choices are
[28:51] explained to you what your choices are for some of the way you file and there
[28:53] for some of the way you file and there are choices this is your responsibility
[28:56] are choices this is your responsibility it is your business you need to take a
[29:00] it is your business you need to take a hard look at what you pay versus items
[29:03] hard look at what you pay versus items that can wait when you go through your
[29:04] that can wait when you go through your expenses
[29:06] expenses and again as I mentioned don't forget to
[29:09] and again as I mentioned don't forget to pay your vendors when they stop working
[29:10] pay your vendors when they stop working with you
[29:13] [Music]
[29:17] so actually it says
[29:20] so actually it says how often should I review my expenses
[29:24] how often should I review my expenses I honestly would say a minimum quarterly
[29:28] I honestly would say a minimum quarterly I would encourage it monthly because if
[29:31] I would encourage it monthly because if you're looking at these expenses monthly
[29:34] you're looking at these expenses monthly and I know sometimes that's a bit of a
[29:36] and I know sometimes that's a bit of a struggle depending on if you're the sole
[29:38] struggle depending on if you're the sole proprietor Cheese Cook and bottle washer
[29:40] proprietor Cheese Cook and bottle washer of your business but you're going to see
[29:42] of your business but you're going to see things out of whack again let me give
[29:45] things out of whack again let me give you an example I had a client who was
[29:47] you an example I had a client who was totally relying on their bookkeeper I
[29:50] totally relying on their bookkeeper I said well let's take a look at your
[29:51] said well let's take a look at your financials you know pull them off a
[29:53] financials you know pull them off a QuickBooks and let's go through them
[29:54] QuickBooks and let's go through them there were accounts that were overdrawn
[29:58] there were accounts that were overdrawn there were things that were in Long
[30:00] there were things that were in Long locations uh all her inventory was going
[30:03] locations uh all her inventory was going into cost of goods sold which is
[30:05] into cost of goods sold which is incorrect because there should be an
[30:07] incorrect because there should be an inventory category
[30:09] inventory category it was a mess
[30:11] it was a mess needless to say after talking to the
[30:13] needless to say after talking to the bookkeeper and I didn't talk to him
[30:14] bookkeeper and I didn't talk to him obviously the client did
[30:16] obviously the client did um no she fired him
[30:19] um no she fired him um and we she got another bookkeeper who
[30:20] um and we she got another bookkeeper who is now obviously doing that so but the
[30:23] is now obviously doing that so but the only way you're gonna know that those
[30:25] only way you're gonna know that those things are correct is by looking at them
[30:27] things are correct is by looking at them yourself there should be a trend so if
[30:30] yourself there should be a trend so if you're paying rent of a thousand dollars
[30:32] you're paying rent of a thousand dollars a month
[30:33] a month that should be a thousand dollars a
[30:35] that should be a thousand dollars a month if one month it's suddenly two
[30:37] month if one month it's suddenly two thousand dollars well what happened did
[30:40] thousand dollars well what happened did you overpay did you forget to pay the
[30:42] you overpay did you forget to pay the prior month did something get prepaid
[30:44] prior month did something get prepaid just because you know you paid one rent
[30:46] just because you know you paid one rent on the first and the other one on the
[30:48] on the first and the other one on the 31st that happens which then means the
[30:50] 31st that happens which then means the next month you're not going to have one
[30:51] next month you're not going to have one so it really goes back to it should be
[30:54] so it really goes back to it should be monthly at a minimum quarterly
[30:58] anything else Keisha no that's it okay
[31:03] anything else Keisha no that's it okay um let's talk about the difference in
[31:04] um let's talk about the difference in expenses what are your fixed costs fixed
[31:07] expenses what are your fixed costs fixed costs are items you're going to pay on
[31:09] costs are items you're going to pay on your business regardless of income so
[31:11] your business regardless of income so rather you get one dollar of income
[31:14] rather you get one dollar of income versus a hundred dollars of income
[31:16] versus a hundred dollars of income you're going to need to pay this if
[31:18] you're going to need to pay this if you're in business one is your rent so
[31:20] you're in business one is your rent so if you do have a retail space or an
[31:22] if you do have a retail space or an office space then your landlord's going
[31:25] office space then your landlord's going to be expected to be paid regardless
[31:27] to be expected to be paid regardless Insurance every business should have
[31:30] Insurance every business should have some type of insurance
[31:32] some type of insurance if not liability insurance if you have a
[31:35] if not liability insurance if you have a retail store you need to obviously have
[31:37] retail store you need to obviously have insurance on obviously all of the
[31:39] insurance on obviously all of the equipment or displays that you have in
[31:42] equipment or displays that you have in your store as well as your inventory
[31:44] your store as well as your inventory utilities
[31:46] utilities this again can be part of if you have a
[31:49] this again can be part of if you have a space
[31:50] space or if you are dealing or if you're using
[31:54] or if you are dealing or if you're using obviously different services or
[31:56] obviously different services or telephone as the next one every business
[31:58] telephone as the next one every business needs a telephone it might be your own
[32:00] needs a telephone it might be your own cell phone but there must have that's a
[32:02] cell phone but there must have that's a cost that you're going to have to pay
[32:04] cost that you're going to have to pay computer and internet services you need
[32:07] computer and internet services you need some way of sending out bills and
[32:09] some way of sending out bills and whether you do something as simple as
[32:10] whether you do something as simple as word excel Google Sheets whatever it is
[32:13] word excel Google Sheets whatever it is or apple uh products you need that if
[32:17] or apple uh products you need that if you have a loan your interest on your
[32:20] you have a loan your interest on your loan payments must be paid every month
[32:22] loan payments must be paid every month that's a fixed costs leasing payments on
[32:25] that's a fixed costs leasing payments on cars and taxes
[32:27] cars and taxes what that means is let's say all these
[32:29] what that means is let's say all these costs come up to you know 500 a month
[32:33] costs come up to you know 500 a month let's just say you've got a minimum make
[32:35] let's just say you've got a minimum make 500 of income a month in order to
[32:38] 500 of income a month in order to obviously just break even never mind
[32:41] obviously just break even never mind talk about your variable costs
[32:48] let's talk about your variable costs
[32:50] let's talk about your variable costs these are discretionary
[32:52] these are discretionary so these are costs that may be changed
[32:54] so these are costs that may be changed based on the number of products or
[32:55] based on the number of products or services you offer payroll
[32:58] services you offer payroll so payroll if you need someone in a
[33:00] so payroll if you need someone in a retail store well payroll may be a bit
[33:02] retail store well payroll may be a bit of a fixed cost you need someone in the
[33:04] of a fixed cost you need someone in the store beside yourself so I know it can't
[33:06] store beside yourself so I know it can't be there all the time
[33:07] be there all the time you uh but obviously you also may be
[33:10] you uh but obviously you also may be adding staff for Christmas for the
[33:12] adding staff for Christmas for the holidays
[33:14] holidays um if in the summer that you're a
[33:16] um if in the summer that you're a landscaper and you're doing more
[33:18] landscaper and you're doing more Landscaping you may need to hire
[33:20] Landscaping you may need to hire part-time staff just for those months
[33:23] part-time staff just for those months advertising that is a discretionary
[33:25] advertising that is a discretionary course you may or may not need to
[33:27] course you may or may not need to advertise you may need to advertise to
[33:30] advertise you may need to advertise to get more business but the amount of
[33:31] get more business but the amount of advertising is purely at your discretion
[33:36] advertising is purely at your discretion repairs and maintenance as Keisha
[33:39] repairs and maintenance as Keisha mentioned Sometimes using or continuing
[33:41] mentioned Sometimes using or continuing the use of older items obviously uh
[33:44] the use of older items obviously uh could be obviously a way to save money
[33:46] could be obviously a way to save money but if it's critical if you are a
[33:48] but if it's critical if you are a landscaper and your lawn mower dies well
[33:51] landscaper and your lawn mower dies well that's a critical expense that you have
[33:53] that's a critical expense that you have to pay regardless of whether you're
[33:54] to pay regardless of whether you're going to get your next dime of income
[33:56] going to get your next dime of income travel this goes back to gas as we all
[34:00] travel this goes back to gas as we all know gas has gotten very expensive so if
[34:02] know gas has gotten very expensive so if you travel to your clients you need to
[34:04] you travel to your clients you need to be able to get from place to place
[34:06] be able to get from place to place but obviously that gas price will change
[34:10] but obviously that gas price will change based on the number of times you're
[34:11] based on the number of times you're traveling paper and print and social
[34:14] traveling paper and print and social media costs so whether you've got a
[34:16] media costs so whether you've got a Facebook page Instagram page there's
[34:18] Facebook page Instagram page there's obviously of cost of maintaining those
[34:20] obviously of cost of maintaining those and if you're boosting those pages
[34:22] and if you're boosting those pages obviously to your client base there
[34:25] obviously to your client base there could be a cost intended to that but you
[34:28] could be a cost intended to that but you need to understand what your costs are
[34:30] need to understand what your costs are to be open for business and how do you
[34:32] to be open for business and how do you cover those
[34:33] cover those can I add a little input absolutely also
[34:38] can I add a little input absolutely also um just just as a note for any live
[34:40] um just just as a note for any live repairs or maintenance stuff or whatever
[34:41] repairs or maintenance stuff or whatever you you can always do like preventive
[34:44] you you can always do like preventive maintenance services
[34:46] maintenance services um or depending on your business
[34:48] um or depending on your business um just to cut back on those larger
[34:49] um just to cut back on those larger repairs in the future
[34:52] repairs in the future um if you could keep your you know if
[34:54] um if you could keep your you know if you're using your vehicle traveling back
[34:56] you're using your vehicle traveling back and forth so much keep your oil changed
[34:58] and forth so much keep your oil changed um you don't want to lock up your engine
[35:00] um you don't want to lock up your engine later on you just want to keep you know
[35:02] later on you just want to keep you know preventive maintenance going
[35:05] preventive maintenance going um so you can prevent yourself from
[35:07] um so you can prevent yourself from having a larger problem later where you
[35:09] having a larger problem later where you might have to end up purchasing
[35:10] might have to end up purchasing purchasing a new vehicle altogether
[35:14] purchasing a new vehicle altogether um and also
[35:15] um and also um just like I kind of mentioned in
[35:16] um just like I kind of mentioned in regards to making sure you have enough
[35:19] regards to making sure you have enough in your bank accounts um you definitely
[35:22] in your bank accounts um you definitely with rent expenses and stuff you know
[35:24] with rent expenses and stuff you know your rent has to be paid
[35:26] your rent has to be paid um not to jump back to your other side
[35:27] um not to jump back to your other side but your rent has to be paid so you want
[35:29] but your rent has to be paid so you want to make sure that you at least have your
[35:30] to make sure that you at least have your rent you know up for the next three
[35:32] rent you know up for the next three months
[35:33] months um to be able to afford to pay for your
[35:35] um to be able to afford to pay for your expenses um
[35:37] expenses um and those are things that you review if
[35:39] and those are things that you review if you can't make your rent payment your
[35:41] you can't make your rent payment your insurance payment those items that must
[35:43] insurance payment those items that must be paid
[35:45] be paid um then then you definitely need to you
[35:47] um then then you definitely need to you know look at your business and how it's
[35:48] know look at your business and how it's flowing and stuff or whatever and your
[35:50] flowing and stuff or whatever and your income and what you're making and need
[35:52] income and what you're making and need to think about some other ideas to make
[35:55] to think about some other ideas to make sure that you have the funds available
[35:56] sure that you have the funds available for these things that's a good point
[35:59] for these things that's a good point Keisha and and a typical example of what
[36:01] Keisha and and a typical example of what just happened in covid
[36:03] just happened in covid in in many people were obviously shut
[36:06] in in many people were obviously shut down so whether it was a store an office
[36:09] down so whether it was a store an office building or whatever
[36:11] building or whatever some landlords didn't defer those rents
[36:14] some landlords didn't defer those rents they needed to be paid because they were
[36:16] they needed to be paid because they were turning around and saying listen your
[36:18] turning around and saying listen your rent pays for my mortgage payment for
[36:20] rent pays for my mortgage payment for owning this building and I can't be lean
[36:22] owning this building and I can't be lean on my mortgage payment
[36:23] on my mortgage payment so if you didn't have those balances in
[36:26] so if you didn't have those balances in your bank account and covert hit this
[36:29] your bank account and covert hit this goes back to the threes and six months
[36:31] goes back to the threes and six months that Keisha mentioned she's 100 right
[36:33] that Keisha mentioned she's 100 right and covet was a typical example of what
[36:36] and covet was a typical example of what just happened recently
[36:38] just happened recently I see we have a question uh in which do
[36:41] I see we have a question uh in which do you still need insurance if you only
[36:42] you still need insurance if you only sell merchandise through a website well
[36:45] sell merchandise through a website well my question there is
[36:47] my question there is um do you have
[36:50] um do you have the merchandise at hand is it your
[36:52] the merchandise at hand is it your inventory and if it is that you're
[36:54] inventory and if it is that you're selling it then how are you ensuring
[36:57] selling it then how are you ensuring that inventory or whatever you're
[36:59] that inventory or whatever you're selling in its location whether that be
[37:02] selling in its location whether that be your home a warehouse storage you should
[37:05] your home a warehouse storage you should have insurance for that the other thing
[37:07] have insurance for that the other thing is you'd always always have liability
[37:10] is you'd always always have liability insurance for your business because
[37:13] insurance for your business because people may be buying your product
[37:15] people may be buying your product whether it's online or retail and if
[37:18] whether it's online or retail and if it's faulty and our wonderful litigious
[37:21] it's faulty and our wonderful litigious Society people love lawsuits
[37:24] Society people love lawsuits so you may be at risk when that person
[37:28] so you may be at risk when that person says well you sold me this and it didn't
[37:30] says well you sold me this and it didn't work or it scratched me or uh it caused
[37:33] work or it scratched me or uh it caused something happening or whatever you need
[37:36] something happening or whatever you need to talk and get insurance I would highly
[37:38] to talk and get insurance I would highly recommend you talk to insurance agent
[37:40] recommend you talk to insurance agent about business liability insurance
[37:45] okay
[37:46] okay I mentioned earlier about having a side
[37:48] I mentioned earlier about having a side by side and this is just one example
[37:53] in this particular case someone's had a
[37:55] in this particular case someone's had a sales goal is I'm going to make a
[37:56] sales goal is I'm going to make a minimum of four thousand dollars a month
[37:58] minimum of four thousand dollars a month that's what I want to make for my
[37:59] that's what I want to make for my business
[38:01] business what they did is tracked every single
[38:03] what they did is tracked every single month what they actually sold soap in
[38:05] month what they actually sold soap in June they sold to July they sold to
[38:08] June they sold to July they sold to August they sold 2 800. they didn't
[38:10] August they sold 2 800. they didn't reach that 4 000 until October
[38:13] reach that 4 000 until October expenses seem reasonable it you know
[38:16] expenses seem reasonable it you know these were modest expenses as was the
[38:18] these were modest expenses as was the earlier example that I showed on my
[38:19] earlier example that I showed on my income statement if you do this for your
[38:23] income statement if you do this for your business and again a lot of the software
[38:25] business and again a lot of the software including QuickBooks can do this for you
[38:27] including QuickBooks can do this for you what you should be able to look at is
[38:30] what you should be able to look at is say hey what changed from June to
[38:33] say hey what changed from June to October that I doubled my sales
[38:36] October that I doubled my sales did I do some specific advertising that
[38:39] did I do some specific advertising that worked did I suddenly
[38:41] worked did I suddenly do um boosts on Facebook did I send out
[38:46] do um boosts on Facebook did I send out flyers
[38:47] flyers um did I gain a big customer that
[38:50] um did I gain a big customer that suddenly wanted my product more than
[38:52] suddenly wanted my product more than anything and bought a whole bunch
[38:55] anything and bought a whole bunch if expenses start looking at a whack
[38:57] if expenses start looking at a whack like this seems like a nice gradual bro
[39:00] like this seems like a nice gradual bro but let's assume all of a sudden if
[39:02] but let's assume all of a sudden if August that became a thousand dollars
[39:04] August that became a thousand dollars you should look at your expenses to say
[39:07] you should look at your expenses to say hmm why did it drop from 350 to a
[39:09] hmm why did it drop from 350 to a thousand
[39:10] thousand maybe you had that car repair you had to
[39:12] maybe you had that car repair you had to do maybe uh was when the premium for
[39:15] do maybe uh was when the premium for your insurance came due take a look at
[39:18] your insurance came due take a look at all those and that's how you manage your
[39:21] all those and that's how you manage your business from a big picture standpoint
[39:25] do we have any other questions Keisha
[39:29] um nope I don't see any okay and we're
[39:33] um nope I don't see any okay and we're just gonna keep going okay I mentioned
[39:35] just gonna keep going okay I mentioned that we're gonna do a uh pricing product
[39:37] that we're gonna do a uh pricing product versus services so based on everything
[39:40] versus services so based on everything we just talked about first determine
[39:42] we just talked about first determine your costs a lot of people say oh well
[39:46] your costs a lot of people say oh well um I'm doing landscaping and the average
[39:49] um I'm doing landscaping and the average price is fifty dollars to mow a lawn
[39:53] price is fifty dollars to mow a lawn I mean should go backwards first
[39:55] I mean should go backwards first determine your costs
[39:58] determine your costs if you're a service business it's mostly
[40:00] if you're a service business it's mostly labor such as you know Landscaping if
[40:04] labor such as you know Landscaping if you're a professional and do Investment
[40:06] you're a professional and do Investment Services or as Keisha does accounting
[40:09] Services or as Keisha does accounting services it's mostly labor your business
[40:12] services it's mostly labor your business you should take a look at how much it
[40:14] you should take a look at how much it takes is it an hour to do what you
[40:16] takes is it an hour to do what you they're asking you to do or is it 10
[40:18] they're asking you to do or is it 10 hours
[40:20] hours if you're buying wholesale and selling
[40:22] if you're buying wholesale and selling retail then most of your cost is the
[40:25] retail then most of your cost is the cost of the products plus your overhead
[40:26] cost of the products plus your overhead so again the T-shirt person I'm buying
[40:29] so again the T-shirt person I'm buying t-shirts at five I'm thinking I'm going
[40:31] t-shirts at five I'm thinking I'm going to sell them at 10 but if my costs of
[40:35] to sell them at 10 but if my costs of the store and
[40:39] the store and um insurance and
[40:41] um insurance and taxes is six dollars well my cost of the
[40:46] taxes is six dollars well my cost of the product is five my expenses are six
[40:48] product is five my expenses are six that's eleven if I'm selling the t-shirt
[40:50] that's eleven if I'm selling the t-shirt at 10 guess what you're gonna lose money
[40:54] at 10 guess what you're gonna lose money you need to think about those things if
[40:56] you need to think about those things if you're building and creating a product
[40:58] you're building and creating a product you are a carpenter
[41:00] you are a carpenter so what's the cost of materials plus
[41:02] so what's the cost of materials plus labor I'll give you an example on this
[41:04] labor I'll give you an example on this one I had a client who is a private chef
[41:08] one I had a client who is a private chef and he was bemoaning the fact that they
[41:10] and he was bemoaning the fact that they didn't seem to be making a lot of money
[41:12] didn't seem to be making a lot of money when he's doing this and he would come
[41:14] when he's doing this and he would come to your house and make these beautiful
[41:17] to your house and make these beautiful meals or he would obviously deliver
[41:19] meals or he would obviously deliver trays of food obviously to obviously for
[41:22] trays of food obviously to obviously for a function or whatever you wanted to do
[41:24] a function or whatever you wanted to do so I told him to go out and say well
[41:27] so I told him to go out and say well first take a look at what your cost of
[41:30] first take a look at what your cost of their product is particularly seafood
[41:33] their product is particularly seafood and beef both of those have gone through
[41:36] and beef both of those have gone through the roof I said so what you were
[41:38] the roof I said so what you were charging from maybe this making this
[41:41] charging from maybe this making this beautiful beef dish
[41:43] beautiful beef dish um you used to you know obviously charge
[41:45] um you used to you know obviously charge 20 bucks for that meal what was the cost
[41:47] 20 bucks for that meal what was the cost of the beef put into that dish
[41:49] of the beef put into that dish I said as well as go out and do some
[41:53] I said as well as go out and do some secret shopping for some of the other
[41:56] secret shopping for some of the other private chefs in the area call and say
[41:58] private chefs in the area call and say I'm doing a dinner party for 10 people
[42:00] I'm doing a dinner party for 10 people and this is my menu use the menu you
[42:03] and this is my menu use the menu you would use he came back and said you know
[42:05] would use he came back and said you know what you're right I was under charging
[42:08] what you're right I was under charging all of my clients because first my cost
[42:10] all of my clients because first my cost of materials went up second the
[42:13] of materials went up second the competition you know obviously was
[42:15] competition you know obviously was charging much more than me
[42:17] charging much more than me so you need to be conscious of what goes
[42:20] so you need to be conscious of what goes into your product and Service as well as
[42:22] into your product and Service as well as as we just talked about what's the
[42:24] as we just talked about what's the difference between fix and variable
[42:25] difference between fix and variable costs
[42:27] costs so how much do you need to break even
[42:28] so how much do you need to break even then plan your pricing so going back to
[42:31] then plan your pricing so going back to the T-shirt example I just gave you to
[42:34] the T-shirt example I just gave you to break even that person needed to charge
[42:36] break even that person needed to charge eleven dollars for that t-shirt
[42:39] eleven dollars for that t-shirt um well what's that quality of t-shirt
[42:42] um well what's that quality of t-shirt versus somebody else and if your quality
[42:45] versus somebody else and if your quality is a much better cotton a much better
[42:47] is a much better cotton a much better feel uh maybe your uh what does your
[42:51] feel uh maybe your uh what does your competition charge maybe your
[42:52] competition charge maybe your competition charges fifteen dollars for
[42:54] competition charges fifteen dollars for that t-shirt okay but if your quality of
[42:57] that t-shirt okay but if your quality of your t-shirt is much better does it
[43:00] your t-shirt is much better does it allow you to charge more so maybe you
[43:02] allow you to charge more so maybe you can charge 18 for the T-shirt
[43:05] can charge 18 for the T-shirt lastly is this is where many of my
[43:08] lastly is this is where many of my clients sort of forget you need to be
[43:10] clients sort of forget you need to be compensated for your time
[43:12] compensated for your time if you or employee and working X number
[43:15] if you or employee and working X number of hours doing what you do what would
[43:18] of hours doing what you do what would you expect to be paid if you were just
[43:20] you expect to be paid if you were just an employee versus a business owner you
[43:23] an employee versus a business owner you need to be compensated in your time that
[43:25] need to be compensated in your time that needs to be reflected in your product
[43:27] needs to be reflected in your product and your pricing
[43:30] the second item I wanted to cover
[43:32] the second item I wanted to cover quickly is and hiring employees versus
[43:35] quickly is and hiring employees versus contractors
[43:36] contractors this is an ongoing challenge I know with
[43:39] this is an ongoing challenge I know with a with a few of my clients what's the
[43:42] a with a few of my clients what's the difference between the two an employee
[43:44] difference between the two an employee is usually an hourly or salary employee
[43:46] is usually an hourly or salary employee so you have someone who comes in and
[43:49] so you have someone who comes in and works from you and takes phone calls
[43:51] works from you and takes phone calls from 9 to 12 or works in your store from
[43:54] from 9 to 12 or works in your store from four to six or the evening hours
[43:57] four to six or the evening hours you needed to train and supervise that
[43:59] you needed to train and supervise that employee
[44:00] employee employees requirement record keeping you
[44:04] employees requirement record keeping you need to withhold Social Security and
[44:06] need to withhold Social Security and Medicare withholding as well as making
[44:08] Medicare withholding as well as making those deposits to the federal government
[44:10] those deposits to the federal government on their behalf
[44:12] on their behalf that is required by the IRS
[44:15] that is required by the IRS you may be paying benefits such as
[44:19] you may be paying benefits such as workers comp unemployment vacation
[44:21] workers comp unemployment vacation medical dental and retirement that's up
[44:23] medical dental and retirement that's up to you in South Carolina anytime you
[44:26] to you in South Carolina anytime you have more than four employees you are
[44:28] have more than four employees you are required to pay into workers comp and
[44:30] required to pay into workers comp and unemployment
[44:31] unemployment if it's less than four you don't have to
[44:32] if it's less than four you don't have to worry about it but that's an employee a
[44:35] worry about it but that's an employee a contractor is generally has a higher
[44:38] contractor is generally has a higher hourly rate but is already trained in
[44:41] hourly rate but is already trained in skilled example if you're a landscaper
[44:44] skilled example if you're a landscaper and you know how to plant plants and can
[44:48] and you know how to plant plants and can do all that work but you don't do what
[44:50] do all that work but you don't do what they call Hardscape so you can't build
[44:52] they call Hardscape so you can't build that brick wall or that rocky area that
[44:56] that brick wall or that rocky area that the client wants or a pond that they
[44:58] the client wants or a pond that they suddenly want in the back of yours you
[45:00] suddenly want in the back of yours you go out and hire an independent
[45:02] go out and hire an independent contractor who has that expertise and
[45:05] contractor who has that expertise and you negotiate a price saying okay here's
[45:07] you negotiate a price saying okay here's the job I want you to do how much are
[45:10] the job I want you to do how much are you going to charge me for doing it and
[45:11] you going to charge me for doing it and let's say that's a thousand dollars
[45:13] let's say that's a thousand dollars you don't have to uh you don't it's
[45:16] you don't have to uh you don't it's simple record keeping you don't have to
[45:17] simple record keeping you don't have to do anything withholding tax you don't
[45:19] do anything withholding tax you don't have to make any deposits there are no
[45:21] have to make any deposits there are no benefits there are no commitments
[45:22] benefits there are no commitments because that person's coming in and is
[45:24] because that person's coming in and is going to install that pond and you're
[45:26] going to install that pond and you're going to pay a thousand dollars
[45:28] going to pay a thousand dollars you will have to report that payment on
[45:31] you will have to report that payment on a what's called a 1099 miscellaneous you
[45:34] a what's called a 1099 miscellaneous you should talk to your tax accountant on
[45:36] should talk to your tax accountant on that
[45:37] that um but you don't have any ongoing
[45:39] um but you don't have any ongoing requirements for that person
[45:41] requirements for that person unfortunately I have had many clients
[45:44] unfortunately I have had many clients who treat the person who come in and
[45:47] who treat the person who come in and work in their store or their Factory or
[45:49] work in their store or their Factory or their warehouse and they've been
[45:52] their warehouse and they've been treating them as contractors
[45:54] treating them as contractors that is actually illegal and if anyone
[45:57] that is actually illegal and if anyone finds out you could get issued with
[45:59] finds out you could get issued with penalties
[46:01] penalties um as well as obviously additional
[46:04] um as well as obviously additional um problems with your business so be
[46:07] um problems with your business so be very very much aware of the difference
[46:09] very very much aware of the difference between an employee and a contractor
[46:15] so lastly I'm going to run through a
[46:17] so lastly I'm going to run through a cash flow statement
[46:19] cash flow statement cash flow is usually a statement you may
[46:22] cash flow is usually a statement you may not look at but obviously it could come
[46:24] not look at but obviously it could come out of a package that you're using
[46:25] out of a package that you're using whether it's QuickBooks or the otherwise
[46:27] whether it's QuickBooks or the otherwise but a cash flow from most businesses is
[46:29] but a cash flow from most businesses is Cash in a cash out it's basically saying
[46:31] Cash in a cash out it's basically saying okay it's not necessarily income and
[46:34] okay it's not necessarily income and expenses because you may be buying
[46:36] expenses because you may be buying inventory and inventory is a balance
[46:39] inventory and inventory is a balance sheet item so it may be the exact same
[46:42] sheet item so it may be the exact same thing as your income statement
[46:44] thing as your income statement um if it's on a cash basis accounting or
[46:46] um if it's on a cash basis accounting or it may not it depends on your business
[46:48] it may not it depends on your business newer and smaller businesses start on a
[46:51] newer and smaller businesses start on a cash basis and may not need the
[46:54] cash basis and may not need the statement if you're a startup you don't
[46:55] statement if you're a startup you don't see it all that often but I wanted to
[46:57] see it all that often but I wanted to make you aware of what a cash flow
[47:00] make you aware of what a cash flow statement looks like
[47:01] statement looks like and what a cash flow statement basically
[47:03] and what a cash flow statement basically says is okay I have this amount of money
[47:06] says is okay I have this amount of money in my bank account
[47:08] in my bank account 2751.67 I had income of four thousand
[47:11] 2751.67 I had income of four thousand I purchased materials I made my payment
[47:15] I purchased materials I made my payment on my trail alone and all of these other
[47:17] on my trail alone and all of these other items I've listed so I had cash going
[47:20] items I've listed so I had cash going out of
[47:21] out of 1141. honestly this should probably
[47:23] 1141. honestly this should probably match your checking account for the most
[47:26] match your checking account for the most part so I had cash flow of five thousand
[47:29] part so I had cash flow of five thousand six hundred dollars because in this
[47:31] six hundred dollars because in this particular so it's a 27 to 51 you add
[47:34] particular so it's a 27 to 51 you add the four take away the 1100 that's the
[47:37] the four take away the 1100 that's the dollar amount
[47:38] dollar amount when you are a sole proprietor you have
[47:41] when you are a sole proprietor you have various ways to pay yourself you could
[47:43] various ways to pay yourself you could pay yourself a salary or what we call
[47:45] pay yourself a salary or what we call owner's drawer this is the amount of
[47:48] owner's drawer this is the amount of money you may take out of your business
[47:50] money you may take out of your business on a monthly basis quarterly basis every
[47:54] on a monthly basis quarterly basis every other month when you have money so you
[47:57] other month when you have money so you may do this in this particular case the
[47:58] may do this in this particular case the owner took out and wrote himself a check
[48:00] owner took out and wrote himself a check or herself a check for fifteen hundred
[48:03] or herself a check for fifteen hundred dollars and said that's my you know
[48:05] dollars and said that's my you know salary for this month so that left cash
[48:07] salary for this month so that left cash in their bank balance for four thousand
[48:09] in their bank balance for four thousand one hundred and ten dollars the next
[48:10] one hundred and ten dollars the next month that goes to the top and this
[48:13] month that goes to the top and this happens all over again
[48:16] so let me finish in summary understand
[48:20] so let me finish in summary understand your financial statements and Status
[48:22] your financial statements and Status understand what your business is doing I
[48:27] understand what your business is doing I cannot reinforce enough just don't rely
[48:29] cannot reinforce enough just don't rely on your bookkeeper or your accountant
[48:31] on your bookkeeper or your accountant also do not wait till the end of year to
[48:33] also do not wait till the end of year to review your financial status
[48:35] review your financial status you know as I mentioned earlier please
[48:38] you know as I mentioned earlier please review your income and expenses a
[48:41] review your income and expenses a minimum quarterly
[48:43] minimum quarterly and based on your information prepare
[48:45] and based on your information prepare projections
[48:46] projections I mentioned earlier about my client
[48:48] I mentioned earlier about my client buying inventory obviously to get ready
[48:51] buying inventory obviously to get ready for Christmas for the new retail store
[48:53] for Christmas for the new retail store that that she has well part of doing
[48:56] that that she has well part of doing projections is does she have enough
[48:58] projections is does she have enough money in her bank account to do to buy
[49:00] money in her bank account to do to buy the inventory
[49:01] the inventory does she have enough of a credit limit
[49:04] does she have enough of a credit limit on her credit card if she's using that
[49:06] on her credit card if she's using that or a line of credit she might have had
[49:08] or a line of credit she might have had from the bank to do that
[49:09] from the bank to do that if you have a cyclical business in which
[49:13] if you have a cyclical business in which you know you're a landscaper and you're
[49:15] you know you're a landscaper and you're really busy in spring and summer well
[49:19] really busy in spring and summer well how do you manage the income expense how
[49:22] how do you manage the income expense how do you manage your billing your payments
[49:25] do you manage your billing your payments and you know prepare an action plan
[49:27] and you know prepare an action plan don't wait until it's too late and then
[49:30] don't wait until it's too late and then you suddenly can't pay your expenses you
[49:33] you suddenly can't pay your expenses you need to stay on top of these things now
[49:36] need to stay on top of these things now as part of your business
[49:40] so any other questions at this point
[49:48] I don't I don't see any okay okay hold
[49:53] I don't I don't see any okay okay hold on I think we got one okay one question
[49:59] on I think we got one okay one question foreign
[50:06] yeah they have a raised hand so I'm not
[50:09] yeah they have a raised hand so I'm not sure if they're gonna type anything
[50:11] sure if they're gonna type anything again okay and let me see
[50:15] again okay and let me see um Susan can you type your question in
[50:18] um Susan can you type your question in the Q a box or the chat box
[50:23] can you hear me now I
[50:25] can you hear me now I or you can go ahead and talk perfect
[50:27] or you can go ahead and talk perfect answer your question
[50:30] answer your question um what I wanted to know is um my
[50:32] um what I wanted to know is um my husband had a meeting that came up it is
[50:36] husband had a meeting that came up it is can we replay this for him or can I
[50:38] can we replay this for him or can I replay this for him or he just missed it
[50:42] replay this for him or he just missed it no no you're gonna get the recording the
[50:44] no no you're gonna get the recording the presentation
[50:46] presentation um after this this is over so you'll
[50:49] um after this this is over so you'll either probably get it end of today or
[50:51] either probably get it end of today or tomorrow morning and he can watch this
[50:53] tomorrow morning and he can watch this at his leisure oh wonderful thank you so
[50:56] at his leisure oh wonderful thank you so much absolutely all of our workshops we
[51:00] much absolutely all of our workshops we record
[51:01] record um so that if you register because and I
[51:04] um so that if you register because and I mentioned this earlier but uh cannot
[51:06] mentioned this earlier but uh cannot attend please register for a workshop
[51:08] attend please register for a workshop you may be interested in because
[51:11] you may be interested in because um you as I said life is everybody's
[51:13] um you as I said life is everybody's busy you can then look at it at your
[51:15] busy you can then look at it at your leisure and then obviously come back to
[51:17] leisure and then obviously come back to us with any questions because you have
[51:19] us with any questions because you have both myself and Keisha's email at the
[51:21] both myself and Keisha's email at the end of the day okay I I must have missed
[51:24] end of the day okay I I must have missed that I I've been answering phones
[51:26] that I I've been answering phones no understand you're you're trying to
[51:29] no understand you're you're trying to multitask so yes I'm doing taxes phones
[51:32] multitask so yes I'm doing taxes phones and the video okay you go
[51:37] and the video okay you go do we have any other questions at this
[51:39] do we have any other questions at this point
[51:41] okay then we're gonna wrap up at this
[51:44] okay then we're gonna wrap up at this point what I want to do is uh just
[51:47] point what I want to do is uh just mention that we do have a minority Small
[51:49] mention that we do have a minority Small Business program we are smack in the
[51:50] Business program we are smack in the middle of the application period
[51:52] middle of the application period applications are now open uh until
[51:55] applications are now open uh until October 7th if you missed one of the
[51:58] October 7th if you missed one of the requirements is to attend an orientation
[52:00] requirements is to attend an orientation session if you are unable to attend a
[52:04] session if you are unable to attend a workshop go to our website and you'll
[52:06] workshop go to our website and you'll see the information but also you'll see
[52:08] see the information but also you'll see at the bottom here uh we as I mentioned
[52:11] at the bottom here uh we as I mentioned we will you'll receive a copy of this
[52:13] we will you'll receive a copy of this please send an email to score grants
[52:16] please send an email to score grants 0650 we will send you the orientation
[52:19] 0650 we will send you the orientation session you missed please listen to it
[52:22] session you missed please listen to it and then you can obviously file for
[52:24] and then you can obviously file for obviously this this is before minority
[52:27] obviously this this is before minority owned businesses 51 and More in due for
[52:30] owned businesses 51 and More in due for Jasper Hampton and Colin and County and
[52:32] Jasper Hampton and Colin and County and it must be a registered business in
[52:35] it must be a registered business in um our location
[52:37] um our location foreign
[52:39] foreign looks like we have a question
[52:43] I signed up for a class on yesterday and
[52:46] I signed up for a class on yesterday and it didn't open
[52:48] it didn't open okay
[52:49] okay um maybe Ellen you could reach out to
[52:51] um maybe Ellen you could reach out to that person and see what the challenge
[52:53] that person and see what the challenge was for whatever class that was they
[52:55] was for whatever class that was they referring to
[52:57] referring to um we also have this is part of a series
[52:59] um we also have this is part of a series for an entrepreneurial Workshop uh the
[53:03] for an entrepreneurial Workshop uh the next one as I mentioned that is talking
[53:05] next one as I mentioned that is talking about how to get financing for your
[53:06] about how to get financing for your business this is November 17th at noon
[53:09] business this is November 17th at noon as I previously mentioned
[53:11] as I previously mentioned uh we will be talking about how do you
[53:13] uh we will be talking about how do you get a bank loan uh we are having our
[53:16] get a bank loan uh we are having our manager from the SBA also on this
[53:20] manager from the SBA also on this session we will talking a little bit
[53:22] session we will talking a little bit more about crowdfunding and other
[53:24] more about crowdfunding and other options that you have available to you
[53:26] options that you have available to you at that point so please join us and the
[53:29] at that point so please join us and the last one is a veteran-owned Business
[53:31] last one is a veteran-owned Business Roundtable but if you own a business you
[53:33] Roundtable but if you own a business you may just want to listen in and see
[53:35] may just want to listen in and see what's going on
[53:36] what's going on we also have a non-profit series
[53:39] we also have a non-profit series um we started this in the spring we're
[53:41] um we started this in the spring we're continuing to do it now we have worked
[53:43] continuing to do it now we have worked in a partnership with the United Way and
[53:46] in a partnership with the United Way and we want to thank TD for obviously
[53:48] we want to thank TD for obviously sponsoring this for us and we have a
[53:50] sponsoring this for us and we have a number of new events so if you are part
[53:52] number of new events so if you are part of a volunteer for a non-profit or you
[53:54] of a volunteer for a non-profit or you know about it please pass this along the
[53:57] know about it please pass this along the next sessions are strategic planning
[53:58] next sessions are strategic planning fundraising grant writing obviously
[54:00] fundraising grant writing obviously taxes and social media as it relates to
[54:03] taxes and social media as it relates to non-profits all of these are on our
[54:06] non-profits all of these are on our website by the way for registration
[54:09] website by the way for registration we have the last of our social media
[54:11] we have the last of our social media series it's Pinterest on November 3rd
[54:13] series it's Pinterest on November 3rd you could see the ones we had in the
[54:15] you could see the ones we had in the past so if any of these are of Interest
[54:16] past so if any of these are of Interest we are just putting together the 2023
[54:19] we are just putting together the 2023 schedule so we will be obviously doing
[54:21] schedule so we will be obviously doing more of these same thing for QuickBooks
[54:24] more of these same thing for QuickBooks every year we have done a QuickBook
[54:25] every year we have done a QuickBook series we're doing the last one on
[54:27] series we're doing the last one on November 10th which is QuickBooks
[54:29] November 10th which is QuickBooks reporting we will be doing them again
[54:31] reporting we will be doing them again next year I will also say is that if you
[54:34] next year I will also say is that if you are interested in any of these sessions
[54:36] are interested in any of these sessions that have passed please send an email to
[54:38] that have passed please send an email to Ellen Maloney and she will be happy to
[54:40] Ellen Maloney and she will be happy to send you the recording
[54:43] send you the recording uh lastly uh request the mentor we
[54:46] uh lastly uh request the mentor we talked about a number of things and I
[54:47] talked about a number of things and I also talked about many of my clients and
[54:50] also talked about many of my clients and Keisha talked about hers
[54:52] Keisha talked about hers this is a free and confidential service
[54:55] this is a free and confidential service and that you get one-on-one attention in
[54:57] and that you get one-on-one attention in for your business circumstances so if
[55:00] for your business circumstances so if you are interested in getting a mentor
[55:02] you are interested in getting a mentor and we will work with you to whatever
[55:03] and we will work with you to whatever degree you want please go to our website
[55:06] degree you want please go to our website and basically it says request the mentor
[55:09] and basically it says request the mentor put in some basic information and we
[55:12] put in some basic information and we will obviously someone will reach out to
[55:14] will obviously someone will reach out to you and match you with a mentor at this
[55:16] you and match you with a mentor at this point
[55:18] point um so please
[55:20] um so please um
[55:22] please obviously go in that direction
[55:24] please obviously go in that direction right now if you want some help
[55:28] right now if you want some help um and we would be more than happy to do
[55:30] um and we would be more than happy to do that
[55:31] that uh we are a volunteer organization
[55:34] uh we are a volunteer organization well Keisha I and Ellen who's behind the
[55:37] well Keisha I and Ellen who's behind the scenes are volunteers so what we would
[55:40] scenes are volunteers so what we would obviously we are always looking for
[55:41] obviously we are always looking for other volunteers and they could be not
[55:44] other volunteers and they could be not just mentors but things that we're just
[55:46] just mentors but things that we're just doing moderators for workshops people
[55:48] doing moderators for workshops people behind the scenes social media Graphics
[55:50] behind the scenes social media Graphics we're particularly in Need for
[55:52] we're particularly in Need for Spanish-speaking mentors we're trying to
[55:54] Spanish-speaking mentors we're trying to obviously do a lot more in the Hispanic
[55:57] obviously do a lot more in the Hispanic community and would love to have some
[55:59] community and would love to have some Spanish-speaking mentors working with us
[56:02] Spanish-speaking mentors working with us and with that uh I want to thank you to
[56:06] and with that uh I want to thank you to our Workshop sponsor Bank of America who
[56:08] our Workshop sponsor Bank of America who has been invaluable to us in the veteran
[56:10] has been invaluable to us in the veteran series for the last number of years and
[56:12] series for the last number of years and continues to support this and before I
[56:15] continues to support this and before I ring off are there any other questions
[56:16] ring off are there any other questions that have popped up
[56:22] okay I guess that means none okay uh and
[56:26] okay I guess that means none okay uh and obviously we're a resource partner of
[56:28] obviously we're a resource partner of the SBA so we're always working them
[56:29] the SBA so we're always working them with them so thank you all we're right
[56:32] with them so thank you all we're right at one o'clock I appreciate your time
[56:34] at one o'clock I appreciate your time and I look forward to seeing you again
[56:35] and I look forward to seeing you again and
[56:37] and um on our other workshops thank you and
[56:40] um on our other workshops thank you and have a good day
[56:42] have a good day foreign