In-Person Workshop 1 (5/30/23 on Oahu): Intro to Financial Tools for Setting & Tracking Income Goals
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In-Person Workshop 1: Intro to Financial Tools for Setting & Tracking Income Goals (Tuesday, May 30th, 9am to 1pm, located at the Waialua Sugar Mill CoWorking Space at 67-106 Kealohanui St. #H2, Waialua, HI  96791.

During this first training workshop we'll help each cohort member set income and quality of life goals and introduce financial tools and routines for tracking your progress towards your business sales projections, budgeted expenses and your personal income goals. 

What you should come prepared with:
  • 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.

What youʻll walk away with: 
  • 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:

9am- 9:15am: Welcome to the Cohort
  • Intro to cohort-based learning;
  • Learning Objectives for the Cohort;
  • Overview of Cohort Schedule & Incentives Program.

9:15-10 am: Intro to “Financial & Quality of Life” Goal Setting for your Farm Business 
  • Setting Financial Goals; 
  • Setting Quality of Life Goals;
  • Planning for Off-Farm Income; 
  • Open Discussion with Fellow Cohort Members. 

10-11am: Overview: Setting & Monitoring Your Goals using a 2023 Annual & Monthly Budget
  • 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.

11am-Noon: Intro to the KTC Budget Building Tool: Overview of Steps
  • 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.

Noon - 1:30pm [Working Lunch] Diving Deeper In! COA, Key Ratios & Sales Projections

Why It’s Important to Setup/Clean-up your COA
  • 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 Ratios
  • 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
  • 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;