Month Four – Business Finance
We all know that the key to running a profitable business is to have more funds coming in than going out. However, in order to properly determine the profitability of a business you need to have your finances in order. During this month we learned how to create business financial documents, a pro forma, as well as how to approach investors in order to raise capital for your business.
Interviewing a Banker
Our Leadership Portfolio task for this month as to interview a banker. I was able to set up an appointment and meet with Rudy Rountree, a personal banker, at a local Bank of America branch. I learned that they offer a wide range of services including checking and savings accounts and business loans. With the various account types and services offered it is important to do proper research in order to find the solution that is right for you and your business.
The complete assignment can be seen here: Leadership Portfolio – Interview With a Banker.
Through the interview I was able to learn about the various services offered through Bank of America, both personal and business. I was also able to learn more about the types of business loans available and the requirements for them.
VXGaming Financial Presentation
During our fourth month I also had to create a financial presentation for VXGaming LLC. As part of this presentation we had to create a Pro Forma for our business with profit and spending projections for the first three years after launch. We also had to calculate our startup costs. This was an extremely beneficial exercise and a presentation that I enjoyed doing. Parts of this presentation also served as a great reference for my Month 13 Business Plan Presentation.
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