FRANCHISEE'S TRAINING - DAY 4
A. Acquisition of Real Assets for Startup
B. Financial Literacy
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
As an entrepreneur, your budget should always be centered around your long- and short-term financial goals according to their order of importance. Gaining mastery of one's finances as an individual and as an entrepreneur is an important aspect of financial prosperity and building a successful business.
1. Accounts Receivable (Days Outstanding-setting Terms)
4. Types of Invoices
5. Managing Commercial AR
6. Best Practices for Invoicing Customers
7. Corporate and Maintenance Company Invoicing
7. Billing Contact Information Form
8. Call Sheet
9. Vendor number Request
11. Monthly electronic Statements
12. Payment at Time of Service
13. Direct Payment Invoice
14. Skipped Payment Notice
15. Credit Card Processing Tips
16. Payment Online Information
17. Demand Letter
18. Automatic Debit & Credit Card Authorization Form
19. Key Performance Numbers
Sales, Gross Profit, Percent of Sales, Net profit. What you own versus what you owe. Quick Ratio and so on. It isn't what you make but what you are able to keep that counts.
20. Financial Sufficiency
Insufficient sales and/or insufficient profitability are the two main causes of business failure within 5 years of opening. You have to make and keep enough money to stay in business. Keeping your accounts organized and data entered into the CRM will enable you to track expenses, revenues and generate performance reports like the Profit & Loss Statment. Being financial sufficient means that you make enough to keep on keeping on and that what you make is worth the effort you put into the business. Otherwise, you may as well be on a hamster wheel, turning the wheel but getting nowhere.