MEDB encourages businesses to ‘embrace their financials’

Startup Weekend begins on Friday

The Maui Economic Development Board kicked off its 2018 Startup Weekend Maui Series with “Pinching Your Pennies: Finance for Entrepreneurs” on Oct. 30. Held at MEDB’s Malcolm Center, more than 20 attendees got a real taste of “beer math,” down and dirty math, minus the beer.

According to Gerry Smith, MEDB’s director of business development who led the workshop, “When it comes to understanding one’s financials, often business owners elect to hand off this task to their CPA or other people whom they feel are better with numbers. But the reality is everyone is capable, and people need to be personally involved in understanding their company’s financials, to take ownership of it and to embrace it. It’s one of the keys to business success.”

Those who attended the workshop learned how to run their business more profitably and avoid mistakes that cause businesses to fail. Smith, who works with businesses one-on-one as part of MEDB’s services, addressed questions such as: Are you covering all of your costs? How much should your product sell for? Should you offer your product wholesale? What is break-even analysis? What is cash flow and why is it so important? What are fixed vs. variable costs?

Matthew Barnes, CEO/founder of WeSharePro, a monetized social network company, said, “I’ve already signed up for Startup Weekend Maui Nov. 16-18 so I came to this financial workshop to meet people, see who else might be interested in mobile tech, to learn as much as I can, and to have fun.”

For event details and to register for any or all of the Startup Weekend Maui Series, visit www.startupweekendmaui.com.

Reservations are required for all events and space is limited.

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