Business Seminar Held On Planning & Pricing
Members of PwC Bermuda’s Advisory team addressed the Bermuda Economic Development Corporation’s latest Business Basics seminar on the importance of writing a good business plan and properly pricing your goods and services.
Ray Jones, BEDC finance director explained to the more than 50 people in attendance that many start-ups do not factor in some of the compulsory costs associated with starting a business in Bermuda such as: Business formation costs, payroll taxes, social insurance, health insurance and private pension.
L-R: Ray Jones, BEDC; Analyn Toledo, PwC; Maryem Biadillah, Dragon Fly Ink; Erica Smith, BEDC; Kristin Palmer, PwC; Anton Schmitz, PwC; Avrel and David Zuill, DavidRose Jewelry
Anton Schmitz, Advisory Senior Manager at PwC Bermuda, said: “Business planning is an essential tool for success. It acts as a roadmap to grow your business. Without one you are setting yourself up for failure.”
Kristen Palmer, Advisory Senior Consultant at PwC Bermuda, continued the presentation by explaining what’s needed in a business plan, including: your goals, figuring out your target customers, marketing, your day-to-day operations, and also financial projections.
“One reason for the inability to get a new business off the ground is the lack of a properly written and thought out business plan. A good business plan can be a blueprint for success,” she said.
PwC Assurance and Accounting Services Senior Manager, Analyn Toledo, explained how to properly budget and forecast for your business which helps you to stay ahead of situations, monitor your business’s performance, and plan for the future.
Integral to this process is the review and management of financial statements. Ms. Toledo reviewed a budget and spoke about the analysis of the financial information.
Ms. Toledo said, “A good business plan should include all of the following elements: Budgeting and forecasting; financial statements; what kind of customers you will be targeting and industry analysis – market size and competition in Bermuda); a marketing plan; and a daily operations plan.”
David Zuill, owner of DavidRose jewellery, shared his own experiences as an entrepreneur with regard to managing his finances. Following the presentations, Mr. Jones accompanied by Maryem Biadillah, managing director of Dragon Fly Ink Limited, presented a Pricing and Budgeting Case Study that the attendees participated in.
This case study allowed participants to work with each other in smaller groups of 5- 6 people to put into practice the information that the previous presenters had shared.
With support from PwC as well as the other accountants in the room, attendees delved into the case study for a taste of what it takes to handle the finances of a business to keep it up and running.
plp needs to attend this….they perform a proctacology on general public and the price her people payed were outrageous!