• Your 'Ideal' Chart of Accounts (COA) generated from the COA template;
• Bring a print out of your Income, COGS & Expense Accounts (Accounts from your P&L). *If you have a COA setup in QB, you can print two versions of your P&L sheet [Sidenote: You can choose a customized report to show ‘zero amounts’ in accounts that you do not have dollar amounts in already].
• Come prepared to talk about your income and quality of life goals for your business.

• Income and quality of life goals set for 2023; 
• List of the income and expense accounts (COGS and general expenses) you'll use to build the first steps of your budget;
• Basic understanding of how to use Key Ratios to analyze your P & L and set sales projections.
• Draft of 2023 sales projections for meeting your income goals;
• List of your assumptions and actions for meeting your sales projections for new & existing Income Accounts.

Workshop 1 Agenda:

• Intro to cohort-based learning;
• Learning Objectives for the Cohort;
• Overview of Cohort Schedule & Incentives Program.

• Setting Financial Goals; 
• Setting Quality of Life Goals;
• Planning for Off-Farm Income; 
• Open Discussion with Fellow Cohort Members. 

• Intro to the KTC 10 Step Budget Builder;
• Intro to Key Financial Ratios & How to Use them to Set Sales Projections;
• Intro to Sales Projections; 
• Using the Budget for Financial Decision-making and Planning Towards your Annual Income & Quality of LIfe Goals.

• Tab 1: List Income & Expenses;
• Tab 2: Create Categories for Income & Expense Accounts;
• Tab 3: Organize your List of Income & Expenses under the Parent and Sub-category Accounts (COA);
• Tab 4: Create a P & L statement from your COA;
• Tab 5: Analyzing your 2022  P & L statement to create 2023 projections for sales and expenses;
• Tab 6: Developing Sales Projections for each Existing Income Accounts;
• Tab 7: Adding projected expenses.

• Types of Accounts on Your COA:
• Accounts on your P & L;
• What is NOT an Income Account (Differentiating between Revenue Streams vs. Customers/Vendors);
• Identifying COGS for each of your Income Accounts;
• Why should each Income Account have a COGS account & Why are COGS important?;
• Determining your Gross Profit Margin for each Income Account;
• Determining your Contribution Profit Margin for each Income Account;
• Tips for cleaning-up your Income Accounts;
• Individual Exercise: “Organizing a Scrambled COA”.
• *Accounts on your Balance Sheet & Accounts used by QB (not covered in this cohort)

• Intro to Key Financial Ratios;
• Using Key Ratios on Your P&L Statement to Monitor Income Goals & Business Viability;
• Group Exercise: Reviewing Key Ratios from Case Studies of Three Farm;
• Group Discussion: What Questions Where We Able to Answer While Reviewing Key Ratios?
• Individual Exercise: What Key Ratio(s) Will You Use in Your Monthly Financial Review?

• Intro to Sales Projections;
• Setting high and low scenarios for your sales projections for each of your income accounts;
• Looking at each existing income account and determine if your low scenario will get you to your Financial Goals? 
• Looking at each existing income account and determine if your high scenario get you to your Financial Goal but overstep your Quality of Life Goals? 
• Do you want to add any new Income Accounts to reach your Financial or Quality of Goals? Individual Exercise:
• List of assumptions & actions for reaching your sales projections

1:30-2 pm: Next Steps

• Go Over “Homework” & Objectives for Workshop 2;
• Logistics for final honorarium payou & scheduling sessions with KTC Bookkeepers;