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WESST brings a global business initiative to New Mexico in a five-part series of workshops designed to empower small-business owners to make sound financial decisions.
HP Learning Initiative for Entrepreneurs — or HP Life — is a global program sponsored by Hewlett Packard that trains the owners of microenterprises to apply information technology and business skills to establish and expand a job-creating venture.
WESST sponsors the workshops at its Albuquerque Enterprise Center.
Sessions cover the basics of finance, financial planning, invoicing, expense tracking and cash flow management.
While the workshops empower participants with information about critical business tools, business owners should always verify accounting practices with an accountant who’s familiar with their business.
Fundamentals of finance: Break-even analysis is the most basic of financial basics. Without doing this analysis, a business owner can’t know when the amount of money she’s bringing in is equal to her costs.
Determining this break-even point requires a list of variable costs associated with making the product and a list of fixed costs, such as rent or loan payments that need to be paid no matter how many products are made.
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