Wildfire Business Transition Project News

Workshop participants learn how to improve the financial health of their businesses

June 1, 2018

Williams Lake, BC -- Once you understand your financial statements you can use them to better understand – and improve – your business.

That was the message delivered during a series of workshops in 100 Mile House and Williams Lake this past week. The workshops were organized by Community Futures Cariboo-Chilcotin as part of the Wildfire Business Transition project.

“Financial analysis not only reveals the financial health of your business,” says workshop leader Bill Erichson of Pacific Training Innovations. “It helps you understand the effectiveness of business strategies and the root causes of business problems.”

Bill was in 100 Mile House on May 28th and in Williams Lake on May 30th and 31st, where he facilitated three workshops from his financial seminar series. Wednesday morning consisted of Understanding Financial Statements with 14 participants.

“Financial statements can often seem like another language,” says Bill. “But understanding them is necessary to the success of your business, and can help you determine how to make your earnings work for your business.”

The afternoon session focused on Financial Analysis. Using a ‘case study’ approach, the workshop engaged participants in exploring how to analyze the financial health and viability of their own businesses.

Thursday morning Bill facilitated a three-hour workshop on Pricing and Costing Your Product.

“Setting prices is both an art and a science,” says Bill. “The science is determining your costs, and the art is understanding the underlying role price makes on customer buying behaviour.”

The seminar had both a marketing and a financial focus to get to the heart of how pricing plays an important part in overall business success. This session covered the four C’s of pricing – costs, constraints, customers and competition – and challenged participants to question their assumptions about pricing and costing, and how they fit into their business strategies.

Following the workshops, Bill met with and provided one-on-one consulting to interested participants in both 100 Mile House and Williams Lake.

Overall, the feedback received from the participants was positive:

     “Relevant, appropriate, easy to understand, and suitable for my needs.”

     “Excellent presentation style; engaging, humorous, and inclusive of all group members.”

Community Futures Cariboo Chilcotin would like to thank Bill Erichson for facilitating the workshop series and thank all the participants for attending. Special thanks to Horton Ventures Work BC Employment Services Centre for providing classroom space for Bill in 100 Mile House.

Bill will be delivering the same workshops in Cache Creek on June 1st and 2nd. For information on the Cache Creek workshops, contact Community Futures Sun Country, telephone (250) 453-9165 or 1-800-567-9911.

ABOUT BILL ERICHSON

Bill Erichson is one of British Columbia's leading small business and entrepreneurship trainers. For the past 30 years, Bill has presented seminars, workshops and courses in every corner of the province.

Not only a trainer, Bill is also a writer, speaker and business consultant best known for his financial analysis and growth development planning. Bill's advantage is understanding the whole picture.

“The problem with traditional business training is that it is overly specialized,” says Bill. “Finance, marketing, operations and human resources are separate functions, but they all affect each other. For example, price is usually considered part of marketing. But price also affects revenue (finance), production volume (manufacturing) and should be taken into account during design (engineering).

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For over 30 years, we’ve been fostering entrepreneurship in rural BC. We offer small business loans, business counseling and specialized programs to help you start or grow a business, and to help communities become more resilient and dynamic. Find out more…

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