The Anguilla Chamber of Commerce and Industry (ACOCI) was delighted to host their first financial virtual skills workshop on the topic, “Cash is King” on Thursday, March 11th at 10am. The 1-hour complimentary workshop was held via Zoom in collaboration with Gareth Allen Performance (GAP) Coaching, based in the UK. The facilitator for the online workshop was Mr. Gareth Allen.
The workshop focused on how to forecast cashflow with an in depth look at the following:
- Forecasting Revenue – Linked to pricing and footfall.
- Forecasting Costs – Variable vs Fixed Costs. What are the essentials?
- Calculating Breakeven
Participants learnt the process of forecasting and how to effectively price their products. Over 20 participants attended the complimentary workshop. One participant described the workshop as “very informative and useful for my small business.” Overall, the workshop was very well received by the participants.
Some key takeaway questions to ask yourself when forecasting cashflow for your small business include:
- Cash Flow Forecasting
- What does your product cost? Cost + Margin = Price.
- What is your product worth? Perceived value in the market. Your track record, expertise, raw materials and added value contribute to your perceived value in the market.
- Do these numbers all make sense? Are they realistic?
- Missed anything? Double counted anything?
- Sources of Funding?
- Borrowing (Start Up Loan, Bank Loan, Friends and Family)
- Personal Investment (Savings, Friends and Family)
- Customer Base
- Who are your customers?
- What can / will they pay for your product? (Price over market, Copy market, Price below market?)
- Review Regularly
- Sales Forecast
- How many people are aware you exist?
- How many of them are interested in your product?
- How many of them will decide to buy?
- How much / how often will they spend?
Participants were given an Excel version of the forecasting template to help them experiment with the numbers and develop their own cash flow forecasts.
Looking forward, the Anguilla Chamber of Commerce will continue to offer support and valuable opportunities like these types of trainings to its members. The Chamber of Commerce extends an invitation to all businesses and entrepreneurs to become members of ACOCI. Contact ACOCI at +1 (264) 235-2840/2839 or email info@anguillachamber.com for more information.
Written by Sherise Brooks
