Financial Analysis Workshop Gives Small Businesses Tools for Success

Last Updated: 6/28/2010

“Using your financial statements means you run your business instead of it running you” was the main theme of the third in a series of workshops presented by the City of Roseville. Continuing their strong partnership, the City of Roseville and SCORE teamed up to provide the “Improve Your Business Through Financial Analysis” workshop held June 5, 2010 at the Downtown Roseville Library.

SCORE instructor Jack Mayfield, along with his wife Clydette, shared their experiences in owning and operating a small business; stressing that as a small business owner “you must squeeze expenses everywhere, all of the time” and “you must recognize where your business is and take appropriate action now.”

“This workshop was very informative for small business owners, covering sound financial business practices; financial and regulatory reporting; analyzing balance sheets and profit and loss statements; and managing cash flow,” said local CPA, Teri L. Carlson.

Jack Mayfield of SCORE

Hearing about real-life examples and completing exercises tailored to the operation of a small business, workshop attendees learned how to identify gross profit and gross margin, track trends in order to make sound business decisions, manage payables, calculate inventory turns, and set up a reserve for taxes.

“The presenter was very knowledgeable in small business matters; also, valuable networking occurred amongst workshop participants. As a first time attendee to a SCORE event, I look forward to attending future events.”
Teri L. Carlson, CPA

Attendees concentrate on their worksheet exercise

Watch this newsletter and access the City of Roseville web page at (click on Business) for a list of upcoming workshops and links to other resources available to local businesses.