2 in 1 next week! – Remember we have two Metis Women meetings next week – Faversham on Thursday 20th & Maidstone on Friday 21st April.
The Easter Bunnies Guide to Company Finances
For some the thought of finances and accounts turns them cold, but the figures in your business are important to know on a regular basis, not just once a year for the Taxman. Hey, if the Easter Bunny can understand them, then they can’t be that daunting – have a look at his guide to Management Accounts for a bit of fun, and education.
It is a very busy time of year for the Easter Bunny, and he certainly has a seasonal business. It’s all hands on deck for the final push this weekend to get all his tasty treats made, but he still has an eye on the figures.
Sales are going quite well for his new designer range, and Turnover (or Sales Revenue) this year is £20,000
He does need to buy in some raw materials, such as wrappers, chocolate, and baskets. These are his Cost of Sales. In total this comes to £5,000
This means his Gross Profit is Turnover (£20,000) less Cost of Sales (£5,000) – £15,000
His Gross Profit Percentage is (Turnover – Cost of Sales) divided by Turnover x 100 = 75%
He does have a number of Overheads though. There is the cost of maintenance on his scooter to get around on, the phone bill to call his suppliers, utilities for his burrow factory, storage for the completed eggs. He also has some advertising and promotion just to keep his name out there, and he pays some National Insurance to the Big Bad Wolf. In total his overheads are £8,500.
This means his Net Profit is his Gross Profit less his Overheads. £15,000 – £8,500 = £6,500.
His Net Profit Margin is (Net Profit / Total sales) x 100. (£8,500/£20,000) x 100 = 32.5%
It’s enough to keep all his little bunnies happy with carrots and a holiday in Easter Island once a year.
Next year he hopes to add a new line and boost his sales to £30,000 – a massive 50% increase.
Although his costs of sales will go up, as will his overheads slightly (as he needs to promote his new wholesome eggs), he does need to make sure he puts a little more aside for the Big Bad Wolf, as Tax may be due as well.
It is always best to put a little aside for the Big Bad Wolf as you go. Here is a simple calculator so you can see how much to put aside each week or month.
He may also consider setting up as a Limited Company like the Three Little Pigs – but that’s another story.
So, Company Finances – not so Scary really. Get a head of the Big Bad Wolf, and don’t leave it until he Huffs and Puffs next January.
Book Now! – Metis Workshop #2 – Mailchimp-Stage 2 (25th April) @ Medway
For those already with a Mailchimp account, this next stage workshop takes you through further features to enhance and automate your campaigns further:
The workshop will include: Tracking your readers and reports; creating groups and segmentation for targeting your list better; A/B testing for your campaigns to increase your open rates; and automating your campaigns using auto responders.
Bring along your Laptop and create some new campaign ideas and try out your new skills.
Location: The Centre, Moto Services-London Bound M2, Medway – easy access from across Kent.
Head here to find out more on other up-coming the workshops and book your space.
Discounted rate for members – open to guests too – not just women 🙂
App – Mind Mapping Tools
Sophia Mulvany of Shennong, talked about how she uses Mind Mapping in her recent Learn Session on Blogging. Mind Maps are a way of representing ideas, plans, projects, content etc in a graphical way. Usually with a central point, with a number of branches and sub-branches coming off of it. It can be a good way to organise your thoughts to provide a clear structure of all the steps, sections and tools needed.
Book your place now. Links are below.
Ashford – 5th May, Kennington Hall – Learn Session: Metis Women Founders – The Challenges of Women in Business
* Sponsored by Kennington Hall, Wedding & Events Venue
Maidstone – 21st April *Please note change of Date*, Bearstead Golf Club – Learn Session: Guest Speaker Angela Melanophy – Lifestyle Financial Planning
* Sponsored by Bearstead Golf Club, Visitors Welcome
Faversham – 20th April, Judd’s Folly – Learn Session: Amanda Holges – Successful Business Growth – 3 things I wish I had been told
* Sponsored by Judds Folly, Hotel, Restaurant & Wedding Venue
Meetings run from 9:30 (For networking) – 12:00
Book Now:We are currently not running any meetings, for further details see our facebook page
Happy Easter – We hope the Easter Bunny is generous with his gifts.
Amanda & The Metis Women Team