"Getting a Grip on Your Business' Financial Health"
"Business Banking in Israel"
Slides from my Nefesh Presentation on Feb 22 to small business owners and the self-employed. Visit my site for more information and tools.
Credits:
Peter Baelish art from AimeeZhou.tumblr.com
Client mapping tool use: Bubbl.us
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Ā
Budgeting & Banking for Small Businesses in Israel
1. Getting a Grip on your
Businessā Financial Heath
Shuey Fogel
2. Shuey Fogel
Principal, Fogel CFO & Management Services
ļ¼Husband & Father of 5
ļ¼Lower East Side ļ° Jerusalem ļ° Elazar
ļ¼Public Service & Nonprofits
ļ¼Israel Banking Sector
ļ¼Department Mngr, Banking Solutions for
Businesses & Nonprofits
ļ¼NonprofitBanker: Online Resource for Israelās
Global Nonprofit Sector
ļ¼Former Chairman & Treasurer of Town Council
4. Do I need a long term plan?
I donāt know the answers.
Do I even know the questions?
What tools are at my disposal?
Whom can I trust?
Our Businessā Health
20. Cash flow problems
can become budget
problems when:
1. Increased interest
expenses related
to credit.
2. Greater income
needed to cover
cash flow issues.
21. CLIENT ACQUISITION COSTS
Time & Money
Increase existing clients
Axiom: āLosing 1
unsatisfied customer =
40 new clientsā
28. Calculating
Client Net Worth
ā¢ Analyze both past and present clients
ā¢ Create common denominators
ā¢ Convert these commonalities into services, products,
or modules
ā¢ Assign income and expenses
ā¢ Map clientele
ā¢ Divide income according to mapping
29. FROM THEORY TO PRACTICE:
Client Net Worth:
Client Mapping
31. STAFF
Salaried
Pull in 120%
Pay by the 10th
Mandatory benefits
According to law
Outsourced
Per cost
According to contract
VAT
Per month/contract
Quality & Ownership
32. CREDIT Do I have a Cash Flow
problem or a Budget
problem?
33. CREDIT: LINE OF CREDIT
Cash Flow Challenges
Discrepancy btwn
income and expenses
Ongoing, occasionally
used
34. CREDIT: LOANS
Invest ā Pay Yourself
Refinance Credit
Personal or Business
Home Equity
(Protect Yourself)
35. GROWTH Growing our biz to:
ā¢ Increase profit
ā¢ Increase quality of life
Funding growth with:
ā¢ Surplus
ā¢ Credit
38. Israeli Banking Today:
ā¢ New technology
ā¢ Rotating managers
ā¢ Increased regulations
ā¢ American (IRS) Invasion
Accept the possibility of switching banks
every 3 to 5 years.
39. When it comes to service,
there are no good banks,
only good branches.
Tool
Means to an End
WHAT IS OUR GOAL?
The What
ā The How
Be Conservative:
Estimates
Currency Conversions
ā Reimbursable or Passthrough
Like VAT
But when to include it?
The Dream
Tool
Means to an End
WHAT IS OUR GOAL?
The What
ā The How
Be Conservative:
Estimates
Currency Conversions
ā Reimbursable or Passthrough
Like VAT
But when to include it?
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
Cash flow problems can become budget problems.
Increase expenses.
Greater income to cover cash flow issues.
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
Compare liabilities and assets
Client Work
BizDev
Administration
Shmoozing
Education & Development
WHEN TO START TO HIRE HELP
Invest =
Equipment
Personnel
Wonāt personal loans put me at risk?
Financially, no.
Legally, yes.
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
Separate campaigns and referrals
Choose colors to help ā everything can be changed
2 tools to help understand value of client
Mapping
CRM / Database
Invest =
Equipment
Personnel
Wonāt personal loans put me at risk?
Financially, no.
Legally, yes.
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
What kind of credit problem do you have?
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
GREAT EQUALIZER
Very low monthly minimums
Affects how many accounts we want to open
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
ONE CAVIET
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure
When and how you pay
Reflects reimbursable items
Reflects VAT
Main cause of small biz failure