Break-Even Calculator Simulates Financial Impact of Operational Decisions
Published on February 28, 2011
Able to simulate the financial impact of decisions such as: hiring management, purchasing equipment and entering an advertising campaign, the Economic Development Alliance of Southeast Alberta is providing businesses financial tools to assist in strategic planning and deciding whether additional revenue will be required to cover the expense of expansion.
“The Break-Even Calculator is one of the resources we’ve made available to the public on our website; currently, I’m working on a two pack series that will simplify business owners’ lives- these tools will be designed to be user friendly,” said Alain Lamothe, Innovation Facilitator for the Economic Development Alliance of Southeast Alberta.
Lamothe anticipates that the series will be available online in the upcoming weeks, explaining that each is designed for a certain area of business; pack one provides financial tools allowing users to calculate their accounts receivable and inventory turnover as well as control their cash; pack two relates to human resources, allowing businesses an opportunity to familiarize themselves with strategic planning as well as creation of job descriptions and a functional organization chart.
“I plan to incorporate additional tools in each package throughout the year, so I encourage business owners to visit the site to see if there are any additions,” said Lamothe.
Lamothe and the business advisory team at the EDA assist companies in southeast Alberta access information to provincial and federal programs, partners and resources; they can assist companies to increase their bottom line as well as access startup funds. The knowledgeable team does onsite visitations to help companies identify new opportunities to expand and diversify while evaluating how organizations can increase productivity, streamline business processes and aid in finding financial backing. There is no cost for these services- Funding from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) and the EDA made this possible.
For more information on the business tools, the virtual technology incubator the assistance available to companies in alternative energy, advanced manufacturing, agriculture, oil and gas and technology and unmanned vehicle systems go to www.edalliance.ca.