Manufacturing is a business which requires significant financial knowledge to avoid the pitfalls of poor cash flow management and declining profitability, says Westpac.
Though the ‘school of hard-knocks’ provides practical lessons, opening-up a business can be very expensive which at worst can result in business failure or substantial financial set backs, the company says.
Westpac has developed a financial management workshop to help manufacturers understand the real drivers of cash flows and profits. Whether business-owners are considering undercutting a competitor or signing a new contract to supply, Westpac’s Financial Management 101 workshop is designed to assist business-owners to understand the true financial impacts of these business decisions.
The workshop is provided in a two-day interactive format at major capital cities around Australia. Attendees can expect to learn how to: interpret financial statements; identify ways to improve efficiency, cash flow and profits; recognise the true impact of changes to price, volumes and costs on the bottom line (break-even analysis); measure and analyse your financial performance; and quickly and effectively diagnose a problem and implement a solution.
The workshop will also teach attendees how to build a profit plan and cash flow budget, plan for and manage seasonality, understand the financial impact of growth on your cash flow, and identify the most appropriate way to fund growth in your business.