N17 Creative Callings: Budgets Forecast and Cashflow for Creatives
Many creatives need support and mentoring on the financial aspect of their business. The N17 Creative Callings employer session 2 provided a three-hour workshop on ‘Budgets, Forecast and Cashflow’. Led by Nigel Rust the session gave a full overview of all the salient reports businesses need to successfully keep a business on track.
The workshop, held at Fashion-Enter HQ on 5th March 2020, covered a number of vital financial topics, for creative businesses, starting with the main things that need to be done to manage the finances of a business (costings, recording income and spending, forecasting cash flow requirements).
More detailed work was then done on book-keeping and how to work out whether the business is making a profit. Nigel and the group then looked at product costings and how to work out margins. The importance of budgeting and cash flow forecasting was a big topic, including looking at a cash flow forecasting template during a practical exercise. There was a discussion on how to manage cash flow and, finally, where to look for funding.
Nigel commented: “The workshop went well and the feedback was all very positive.”
Feedback from attendees included:
“Everything was useful. Very clear and informative.”
“Nigel has a full understanding of the industry and gives you a clear picture and perspective of costings and budgeting for your business. The reality of giving this overview will enable you to pursue your passion in a solid and directional way.”
“I learnt a lot about cashflow etc. Thank-you.”
“It was a great seminar to understand how finance works in the fashion industry as it gives me realistic expectations.”
The next N17 Creative Callings employer engagement workshop will take place on Wednesday 11th March – ‘What’s Happening in Fashion Today’ will cover the industry’s new buying models, speed to market and the very latest technological innovations to ensure brand success. To find out more and book your place tap this link.
If you have just started or are looking to grow a small business in the Tottenham CEZ area, then please get in touch and we will advise on how N17 Creative Callings, supported by the Mayor of London and the European Union, can help you and your business. Contact Esme: firstname.lastname@example.org