Profit Mastery helps local business owners
July 3, 2016 at midnight
Updated July 4, 2016 at 6 a.m.
BY JOE HUMPHREYS
Today we finished our latest Profit Mastery class in our center. We had four local small business owners take the two-day course.
At our lunch break today, the most common observation was "this should be required for every business owner."
Personally, it has been the most enlightening professional development I have taken dealing with small business finances.
The course takes the students through the Seven Steps to Building Value in a business. The seven steps are:
Monitor financial position
Manage cash flow
Properly finance business
Plan for transition
The course is a very intense 16-hour course covering the topics above. The course also provides the business owners with the Profit Mastery notebook with all of the case studies, worksheets and notes taken during the class. Every time I take the class, I am reminded of "how much I didn't know I didn't know" when I started with the SBDC.
If you asked each of the participants in the class, I believe they would all say the same thing.
So, what is next for our most recent class of Profit Mastery graduates? Now that they have the tools and basic knowledge, it is time to apply the tools in their individual businesses. The best way to do this is to be engaged with their SBDC adviser on a regular basis. Getting their industry numbers and comparisons in place, along with a review of where the business is currently, will be a good place to start.
A suggestion I have made to clients is to take advantage of a business analysis program we use at the SBDC, Profit Cents. This program allows us to build a historical analysis of a business comparing the business numbers to the industry numbers. We can do this quarterly, semiannually and annually, depending on the business and planning needs. It is interesting how both programs focus on profit, isn't it? We are planning to offer the course at Victoria College on two consecutive Saturdays to help with attendance.
If you have questions or want to schedule a meeting with one of our business adviswrs, contact us at 361-485-4485.
Our next scheduled Profit Mastery class is scheduled for October. All of our small business training opportunities are listed at sbdc.uhv.edu.
Joe Humphreys is the director of the University of Houston-Victoria, Small Business Development Center. His email address is firstname.lastname@example.org.