Building Financial Foundations: Takeaways from the Hertfordshire Growth Hub Workshop

On Wednesday 29th of January, we held our second ‘Finance Fundamentals for Growing Businesses’ workshop at the University of Hertfordshire's Enterprise Hub. The workshop was led by Colin Fittall of Bottom Line Impact, who shared his extensive experience in financial training and business turnarounds.  

Key Takeaways: 

1. Understanding Sales Targets: Participants learned how to calculate the minimum sales needed each month to achieve profitability. 

1. Profit Margins and Cost Structures: Insights on how profit margins and cost structures influence sales targets. 

1. Financial Record Analysis: Guidance on unlocking value from financial records using accounting software or Excel spreadsheets. 

1. Importance of Profitability: Emphasis on why simply aiming to be profitable isn't enough and the need for sustainable profit levels. 

1. Book-Keeping Best Practices: Five key tips for maintaining accurate book-keeping. 

1. Funding Fundamentals: Essential knowledge for securing funding and investment. 

Feedback 

All the attendees stated that their learnings from the workshop would have either a high (46%) or moderate (54%) impact on their immediate business goals. During the networking which followed the main workshop delivery, business owners expressed their increased confidence in managing their business finances and a better understanding of the financial principles necessary for growth. 

The workshop which was delivered as part of the Create Growth Programme” has been designed to increase the financial management skills of business owners by building their confidence in understanding their business finance fundamentals.  

*Create Growth Programme 

The Create Growth Programme is funded by the Department for Media, Sport & Culture (DCMS) and is led by national delivery partners Innovate UK. 

The programme’s business support package led locally by Hertfordshire Futures, is aimed at businesses within the county's booming Film and TV sector, and those looking to join the sector's supply chain. 

To find out more about the Create Growth Programme click here