WHAT: August CEO Roundtable
WHEN: Tuesday August 12, 2014
We all want to build a sustainable business that provides a return on our (or our owners’ investment). So, how much profit does it take to produce the real returns that you not only desire, but also require? The first step in the process is to answer the question: what is your breakeven sales annually, monthly and even daily? We will all first go through our Profit and Loss Statements to determine how our expenses “behave.” We will separate out our variable and fixed costs and then calculate the answer to the breakeven question. With this new structure we will be able to have a better understanding of which costs need to be focused on to improve the bottom line.
But nobody wants to just break even! We will also now be in position to project the future and determine useful strategies.
We all want to build a sustainable business that provides a return on our (or our owners’ investment). So, how much profit does it take to produce the real returns that you not only desire, but also require? The first step in the process is to answer the question: what is your breakeven sales annually, monthly and even daily? We will all first go through our Profit and Loss Statements to determine how our expenses “behave.” We will separate out our variable and fixed costs and then calculate the answer to the breakeven question. With this new structure we will be able to have a better understanding of which costs need to be focused on to improve the bottom line.
But nobody wants to just break even! We will also now be in position to project the future and determine useful strategies.
LUNCH
All who are attending the morning session are invited to join us for lunch. Please let Dave Shapiro or Michele Bosworth know if you are not able to attend lunch.
LUNCH & LEARN: Congressman Adam Smith
Based on feedback from our Members, Congressman Smith will talk about the following topics:
Leadership: How do you do lead when your customers/electorate are fairly liberal and your work environment is fairly conservative? On what and how do you communicate in order to lead and achieve goals? How do you lead through others to whom you have delegated (staff and fellow Congresspeople).
Building teams: What thoughts, steps/action do you take to build a team? Is it important that your staff act as a team and what does that mean to you? What steps do you take to create a campaign team and how do you measure your effectiveness at doing this? Do you consider yourself a member of a team of peers (Congress)? What does that look, touch, see and smell like?
LUNCH & LEARN: Congressman Adam Smith
Based on feedback from our Members, Congressman Smith will talk about the following topics:
Leadership: How do you do lead when your customers/electorate are fairly liberal and your work environment is fairly conservative? On what and how do you communicate in order to lead and achieve goals? How do you lead through others to whom you have delegated (staff and fellow Congresspeople).
Building teams: What thoughts, steps/action do you take to build a team? Is it important that your staff act as a team and what does that mean to you? What steps do you take to create a campaign team and how do you measure your effectiveness at doing this? Do you consider yourself a member of a team of peers (Congress)? What does that look, touch, see and smell like?
MEMBERS
Members arrive at 7:30am for breakfast and check-in.
MEMBER CANDIDATES
There will be CEO Potential Member Candidates joining us for this roundtable.
Potential Member Candidates are invited to the roundtable and lunch; 8:50 am - 1:00 pm.
Potential Member Candidates are invited to the roundtable and lunch; 8:50 am - 1:00 pm.
EMPLOYEE GUESTS:
Employee Guests are invited to attend the roundtable and lunch; 8:50 am - 1:00 pm.
HOST
Melinda Sechrist of Sechrist Design.
WHERE WE WILL MEET
Sechrist Design; 5819 6th Ave South, Seattle Washington 98108
Click HERE for a map and driving directions
Click HERE for a map and driving directions
TITLE OF WORKSHOP
How to Use Your Numbers to Make Better Complex Financial DecisionsAGENDA
Click HERE to view the Agenda.
QUESTIONS THE CEO SHOULD BE ASKING
- How much profit do I need to reinvest in my company?
- How much profit do I need to pay back additional long term debt?
- How much profit do I need form y bonus and/or retirement plans?
- If I hire additional staff what will I need insoles to cover their costs and make more profit?
- If I add on to my building (take on more space or open a new location) what will I need in increased sales to make that a good investment?
TAKEAWAYS
- What does my company's cost structure really look like
- How can I use this knowledge to make better decisions for the future around issues such as: pricing, expense control and investments in projects, equipment and people
- Learn how targeting a specific profit to determine your sales goals.
PREPARATION: 30 Day Commitment - August 2014 CEO Roundtable
For our August CEO Roundtable, please select an investment (project/strategies/initiative) that you are currently considering and use your Break Even Plus Spreadsheet to answer the following questions.
Be prepared to present the results to the group during the Roundtable. Note: you are notrequired to use PowerPoint!
- Of your top three investments (projects/strategies/initiatives) you are considering over the next 18 months, select the most important one that will have the quickest and highest positive financial impact. What is it?
- What will it cost? Over what time period?
- What return on investment would you like from this investment?
- What sales will you need to make this happen and over what time period?
- Who will be responsible to get this done?
- How will you monitor and measure the progress of the project/strategy?
- What feedback process will you have set up to be sure everyone is working toward the financial goal?
Questions? Please contact Steve Abercrombie at 360.320.8770 orsteve.abercrombie@profitsoup.com.
Steve brings passion and personality to company financial strategies. His life experiences as a banker, financial educator and business owner have shown him that having financial knowledge of your business model is in many cases the absolute key to success. His clients all say that Steve excels at taking the mystery out of the numbers with his common-sense approach and always-compassionate personal style.
He has a talent for rallying the troops behind improvement initiatives by organizing, understanding and appropriately communicating the financial story of the business to the management team and key staff. Then he integrates this connection to financial success with ongoing structure and support around company goals and strategic steps. With key players aligned and focused, everybody accomplishes more.
Steve has helped many clients prepare their businesses for the financial scrutiny of lenders and investors when financial restructuring or expansion is imminent. He understands the language of lending from his years in banking, where he has held roles from branch manager and lender to bank President and CEO. As President and principal of a leading financial training company, he mastered business expansion from the other side of the desk – with the perspective of owner and rain maker. He gained notoriety as a sought-after convention speaker for graduate schools of banking, corporations and associations throughout the US, Australia and England.
Steve’s clients include Choice Hotels, ProSource Floor Coverings, Graduate School of Banking of the South and Bright Star Franchising,
“I have had the good fortune to work with Steve Abercrombie at both ProSource and BrightStar. Both times, he provided these companies with top-shelf financial literacy training for our franchisees. I have found Steve to be not only well versed in financial management, but able to easily convey concepts to franchisees. His breadth of knowledge and ability to make financial concepts "real world" for franchisees is one of the things I most appreciate about Steve.”
Bob Lange, Vice President of Field Support, Bright Star Franchising
“Steve is exceptional at taking complex financial information and terms, and making it easy for people understand and use. Steve is one of the best professional speakers I've ever heard. Interesting, captivating and helps the audience truly understand and apply what he is talking about.”
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