9am-10am: Using SWOT to Refine Sales Projections
- Intro to SWOT analysis;
- Group exercise using a SWOT framework to update sales projections;
- Group Discussion: In developing sales projections, what larger questions came up about each income account? What priorities were identified through your SWOT analysis? Are you thinking about adding any new income accounts? Which income accounts have a low contribution margin? Will you drop any income accounts? What assumptions or actions do you want to talk through with the group?
10am-11am: Refining Your Sales Projections
- Demonstration on using the sensitivity tool to run sales projection scenarios;
- Reminder of why it’s important to list assumptions and develop action plans for sales projections for each income account;
- Individual work to refine your sales projections and list of assumptions and actions accompanying sales projections for each income account.
11am-noon: [Working Lunch]: Refining Your Sales Projections
- Demonstration for breaking your 2023 annual budget into a monthly budget;
- Demonstration for running a Budget vs Actuals report;
- Demonstration of key ratios on a P &L(focusing on COGS as % sales, Operating Expenses as % sales, Gross Margin).
noon-1pm: [Working Lunch]: Developing Your Farm Business Viability Strategy
- Update Income or Quality of Life Goals based on the Feasibility of the Sales Projections; -or-
- Update Sales Projections to match Income or Quality of Life Goals;
- Exercise to expand your list of assumptions and actions for reaching sales projections to also include actions for meeting your Income Goals for the next 5 years;
- Round Robin: Cohort Members Share What They Learned, Next Steps & Any Goals They’d Like Other Cohort Members to Help Hold them Accountable.
1-1:30 pm: Mahalo & Celebration for all the Hard Work!
- Logistics for final honorarium payout;
- Access to online tools and accounts;
- Additional resources (e.g. HSBDC, List of Book Keepers etc.)