OVERVIEW
Module 04: Financial Management
Unit Menu
- Module Overview
- Learning Outcomes
- Topic 1: Let’s Make a Profit
- Topic 2: Forecasting Sales
- Topic 3: Completing Cash Flow Projections
- Topic 4: Completing Income Statements
- Topic 5: Personal Finances and Getting $ to start your Practice
- Topic 6: Measuring Success
- Topic 7: Putting it All Together
- Summary
- Module 04 Test
Module Overview
For any business to survive, it must be profitable. This module is all about understanding the numbers behind your practice. We will talk about how to price your services and any products that you may choose to sell. We’ll learn about cash flow and income statement forecasts and see how they are used in your business plan. Forecasting your financials will help you validate your business ideas. This is all about understanding your business in advance of starting it and reducing the number of surprises that come your way. Proper financial planning puts you in a position to prepare for income coming in and going out and how to maintain your business for success.
For this module you will develop the following:
You will get all the background information you need to help you do this. You will be introduced to Sunrise Chiropractic Clinic and will be asked to prepare:
- Assignment 6
- Sales forecast, cash flow forecast, and an income statement forecast. The blank formulated excel spreadsheets will be provided for you to complete this task and then the answers will be revealed to you. This will give you the insight and direction into preparing your own financial spreadsheets for your business plan. Without this work you may not be able to develop the best practices for your own business. - Lean Canvas
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Business Plan
Section 8 – Cost Structures
Section 9 – Revenue Streams (financial statements are prepared for this section with the summary in this part and the financial statements will be placed in the addendum)
Section 10 – Key Metrics and Action Plan
Addendum
Executive Summary
Then for your own business, you will use the financial templates with your numbers for your own business and complete the following:
At the end of this module you should have a completed Lean Canvas and a Business Plan.