independent

Wednesday 26 July 2017

Confidence workshop aimed at women in local start-ups

Deborah Coleman

A financial confidence workshop aimed at female entrepreneurs across the county will take place in the Glenview Hotel on Saturday, June 24.

The workshop is aimed at helping female business owners in start-up or pre start-up or anyone who doesn't know how to grow their business in a profitable manner.

It will be facilitated by Sarah Doyle of the Better Life Project (Life coach, mentor and public speaker) and Wendy Merrigan of Williams Merrigan Limited (Chartered Accountants).

Wendy says that at its earliest stages, it is vital that business owners understand what sources of income are providing the greatest source of profit to their business.

'In understanding the profit level of each income stream, it gives business owners the facts about where they should be taking their business. While it's also massively important to have various income streams, the spread of income could be risk-assessed across different sectors, with an understanding as to why less profitable work is undertaken. Also ensuring this lower profit margin work will not consume more resources than necessary within the business.'

'The key is having a clear understanding of the business operations, understand why all types of work are undertaken and what impact each area of the business is having on the bottom line (your profit level). This gives you the starting point for your marketing strategy i.e. where you want to take your business in the future, both short and long term,' she adds.

The workshop will also cover personal confidence issues, which can often cause problems in business, and Sarah, in her morning session will offer strategies and practical tools to overcome this issue.

In her afternoon session, Wendy will be addressing the issue of valuing your time in monetary terms, taking stock of time taken on jobs and working out what profit margin is applicable to various sources of income to ensure business owners focus on profitable areas of their business. Basic accounting records will be addressed as attendees can save money with their accountant if they maintain their records in a reasonable format, as accountancy fees tend to be based on hourly rates. Practical advice in relation to billing and overcoming issues on cash management will be addressed.

For further information about the workshop and how to register see the 'Financial Confidence Workshop' page on Facebook.

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