The Workings of the Woodworking Business - Profits at Last

This is an overview seminar on the mechanics of a successful woodworking business. The level of investment required and the necessary capital, tools and human capital in order to realize profit will be discuss at length. The fact that this is not an easy business is a painful reality to anyone in the woodworking business.

In the seminar we’ll discuss the ideal business structure, automation solutions, cost control and general desirable operation methodologies. Return on investment (ROI) and other ratios will be discussed at length. Newcomers to the business as well as established owners will benefit from a big picture approach to their business.

The seminar’s goal is to address the question of what does it takes to turn a profit in this not so easy business. Many business owners entered the business out of love for woodworking. The typical owner started working in the garage doing small projects for their house as well for friends and neighbors. With a growing demand the happy woodworker typically leases a space and buys basic machines - and a business is born. Many of them never turn their hobby into a fully formed and functioning business in the structural sense of the word. They never develop a corporate structure despite having technically incorporated the business and growing their scale to where they are generating annual revenue in the millions.

This seminar reminds its participants that the business is no longer a hobby and if it is not profitable it is just an expansive hobby with potential catastrophic implications on their financial well being.

Cost Control AND Containment –Managing Cost in Times of Rapid Change

The seminar will review the fundamentals of cost analysis concepts. In depth review of the Income Statement (Profit and Loss) with a focus on four key expense areas: Material, administrative, design and production. Labor related costs will be discussed in the context of the overall structure of the business. The seminar will provide the participants with tools to assess their overall operational efficiency. The main objective of the seminar is to enable the participants to take a proactive approach to cost control. Once a significant change in the business environment is eminent, the efficient operator will quickly adjust its operations to reflect the new business reality. Information from the AWI CODB report will be discussed and used to illustrate the existing range of operational efficiencies in our industry. The participants will be provided with a road-map to a better bottom line.

This is a half-day seminar. In the first half of the seminar all the above issues will be discussed and addressed. The second half of the seminar is geared towards hands-on analysis of the participants’ issues. In this portion common cost issues will be discusses in depth and a common solution will be provided. This will be more of a free forum where we will help each participant analyze their income statement and operation. We will identify areas of deficiency and devise a basic corrective plan.

Cash Flow Management - How to Avoid and Survive A Financial Crisis

This seminar provides the participants with the basic fundamental skills of cash flow management. Special emphasis is given to cash management under financial duress. Some of the topics that will be covered include dealing with vendors, credit managers and time extensions on payments when cash is tight; how to deal with declining cash flow and related, how to recognize the early warning signs of a looming business crisis. This is a hands-on seminar; participants are encouraged to bring their financial statements, current A/P and A/R aging.

This seminar is divided into two parts: In the first part the principles of cash flow management referenced above will be presented and discussed with the participants. The second part is the applied portion of the seminar, where participants will analyze their cash flow situation utilizing the principles and techniques discussed in the morning session. The last hour will be an open forum enabling the participants to discuss the issues in a free style format.