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Finance workshop for business minded women

A workshop designed to assist women starting and operating a small business will be conducted by Latrobe City Council on Thursday 31 August at the civic precinct in Kay Street Traralgon.

By Latrobe City Council - 28th August 2006 - Back to News

Latrobe City’s senior economic development officer, Leo Billington, said that the popular workshop, which was booked out last month, is designed to assist and guide women to make informed decisions about all the financial considerations necessary for starting in business.

"Going into small business for the first time requires a great deal of financial preparation and planning. There are many who have the desire to be their own boss and follow a particular passion to start up a new business. However, the excitement and enthusiasm of going into business, can in some situations, unfortunately be overshadowed by the lack of careful financial planning. Those who attend this workshop have always found it to be very useful," Mr Billington said.

"This workshop will assist women evaluate their business skills, assess how they may be able to finance a prospective business proposal, understand future forward planning, and how to evaluate alternative debt finance funding options.

"The workshop is funded by the Minister for Consumer Affairs from the Estates Guarantee Fund and coordinated by the Department of Innovation, Industry and Regional Development as the ‘Under New Management’ program. It deals with the essential funding elements to be understood before opening or operating a new business for the first time," Mr Billington explained.

Glenda Marino, managing director of long established Traralgon business, G M Conveyancing, said that when she started her business thirteen years ago, there tended to be a lack of education for small business operators about the importance of appropriate business planning before starting a business.

"In my particular case, I started my business in my kitchen and gave plenty of thought to what I really wanted to do. I established a realistic budget and remained determined to stick to it. Besides planning for future growth, I knew all about conveyancing, while assessing if there was a gap in the market. I had a strong passion and I knew the industry networks, yet while conscious of my overheads, including rent and electricity, I basically had to learn for myself when it came to financials," Ms Marino said.

"Now I know that monitoring cash flow against projected and actual financial forecasts is very critical when in business. Raising the necessary finance in the first place and where to go for the best deal must be understood. Women going into business should have a staged, year-by-year strategic plan in place to make sure their business is sustainable all year around.

"Debt and equity funding needs to be given a high priority as the future of any business, new or old, ultimately depends on this. Some sacrifices have to be made but know all about raising finance, what support is available and consider the all important budget before venturing into one’s own business.

"Because I did not have access to these workshops, and from what I have had to learn, I would encourage anyone considering going into business to attend these workshops to learn what is available and where to go for information. It is all about thorough preparation and groundwork. This has always been my approach," Ms Marino said.

The Women’s Access to Finance workshop commences at 5.30pm on Thursday 31 August, and is expected to finish at 7.30pm. The cost of the workshop is $10 and includes a complimentary workbook produced by the Victorian government specifically to help women in business.

Source: www.gippsland.com

Published by: news@gippsland.com

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