Financials are critical to a business no matter if it is a start-up or a mature company. Without a comprehensive plan, a company cannot set goals, determine inventory needs or set sales goals. Creating a financial plan will give your company purpose and direction. Each participant should attend the complete series of classes – by the end of the series each participant will have a completed budget for 2020.
This series of classes will break the financials into sections:
• Class 2: Cost of Goods
Class 2 – Cost of Goods (COGS) & Gross Profit
Cost of Goods (COGS) is the most complex part of budgeting process. It is critical to really understand your COGS so you know exactly how much it costs to produce your products or to offer your services. It is important to understand the relationship between COGS, Sales and Gross Profit.
In this class we will determine the COGS for your products and/or services.
• Learn what goes into the Cost of Goods
• What does it actually cost you to produce your merchandise or offer your services?
• Determine how much you should charge for your merchandise or services
• Determine the gross profit dollars and the gross margin percentage for your merchandise or services and why this is an important number to know
• By the end of this class each participant will be able to verify their own COGS and determine how to price their merchandise or services for their customer
Ann Connor is an award-winning business adviser. She has assisted businesses and organizations throughout the U.S. to create action plans for strategic growth. With over 25 years of experience in the retail industry, she’s helped more than 200 entrepreneurs and non-profit organizations identify their goals, steer them around a multitude of obstacles, and tackle their long-term challenges with a series of manageable steps. She sees her coaching as empowering people to be successful.