Join Jim Stice for an in-depth discussion in this video The lost farm, part of Finance Essentials for Small Business.
- We mentioned the James Herriot veterinarian stories…in our previous discussion…of poor record keeping and controls.…- We'd like to tell you about one more James Herriot story,…this one a cautionary tale.…This story comes from the book…All Things Bright and Beautiful.…Now just a quick warning, there's no humor in this story…and it doesn't have a happy ending.…- Turns out a young farmer was fulfilling his dream…of owning and operating his own small farm…in the hillsides of Yorkshire.…- He had worked for a number of years…in the English steel mills, saving his money…so he could buy his own place out in the country.…
- And even though he was a city boy…he was making a good go of it.…With the initial investment of his life savings…and with a bank loan he expanded milk production.…- He even stretched the budget to squeeze out the money…to build a new modern milk barn.…He probably extended himself financially a bit too much,…but he thought he could make it.…- He built the walls, he poured the concrete floor himself,…
- Describe the most common reason small businesses fail.
- Identify two reasons why your business plan needs to budget cash inflows and outflows for the first six months of your business’s operation.
- Write the formula to forecast cash flow for the first four months of your small business.
- Explain the first step you should take if your new small business is not making the profit you anticipated.
- Identify the most important thing to keep in mind if you are considering faster growth for your small business.