Hosts:

• Sarah - Business Development Manager, Economic Development Commission, Kandiyohi County
• Michelle - Economic Development Professional, Mid-Minnesota Development Commission

Key Topics Discussed:

1. Startup Budget - Identifying initial costs such as equipment, space, and marketing. Tips on researching and making informed financial decisions.
2. Financial Projections - Importance of forecasting and the fluidity of projections. Building working capital and preparing for unexpected expenses.
3. Balance Sheets - Understanding assets, liabilities, and overall financial health. Assessing whether the business is financially stable.
4. Profit and Loss (P&L) Statements - Tracking monthly revenue and expenses, comparing projections to actual results, and identifying financial trends.
5. Cash Flow Management - Differentiating between monthly cash flow and ending cash balance. Importance of having a financial cushion.
6. Communication with Financial Advisors - Building a trusted relationship with accountants or bookkeepers. Knowing when and how to ask questions about your financials.

Summary: In this episode of the Elevate Podcast, Sarah and Michelle explore the critical aspects of business financials. They emphasize the importance of creating a detailed startup budget and making accurate financial projections. The discussion includes understanding balance sheets and P&L statements, managing cash flow, and effectively communicating with financial advisors. This episode is packed with practical advice for new and existing business owners to ensure financial stability and success.

Hosts: Sarah and Michelle
Production: Economic Development Commission, Kandiyohi County; Mid-Minnesota Development Commission

Stay connected, stay inspired, and keep elevating your business!

Elevate Program: To learn more about or participate in the Elevate Program please head to elevatesba.com!

SWIF: To learn more about or support the Southwest Initiative Foundation please head to https://swifoundation.org!