Julia Shanks brings a broad range of professional experience to her clients; from pilot, to chef, to serial entrepreneur, she combines the practicality of an accountant with the creativity of a chef. Julia's career started at the FAA as an aviation analyst, and quickly took a turn into the culinary arts. Julia worked as a chef for 15 years, launching several food businesses. After earning an MBA in entrepreneurship, she taught graduate and undergraduate accounting at Babson College. As a business consultant and coach, she supports owners of small- and medium- sized food and agricultural businesses to achieve and maintain financial and operational sustainability. Together with Brett Grohsgal, she co-authored The Farmers Market Cookbook. Julia lives in Cambridge, MA.

Foreword

Gratitude

Preface

Disclaimer

How to Use This Book

Chapter 1: Introduction-Why Bother

Understand What Makes You Money (and Why)

Invest in Your Business

Plan for Growth

Plan for Slow Periods

Avoid Out-of-Control Debt

Weather Covid-Like Pivots and Other Disruptions

Keep Your Eye on the Prize

Chapter 2: Building the Foundation: The Financial Statements and Basic Accounting

The Income Statement-A Summary of the Operations

The Balance Sheet-What You Have and How You Got It

The Statement of Cash Flows-Where Cash Rules the Roost

Tying It All Together

Underlying Principles

Chapter 3: Planning Your New Venture

Chapter 4: The Business Planning Process

Getting Started

The Business Planning Process

Business Plan Writing Guide

Creating Financial Projections

Chapter 5: Financing Your New Venture

Save Money

Borrow from Friends and Family

Outside Organizations

Financing Sources

Preparing for Investors

Chapter 6: Setting up a Bookkeeping System (and QuickBooks)

QuickBooks (and Bookkeeping) Best Practices

Choosing a Bookkeeping Software

The Initial Setup

QuickBooks: An Overview of Things You'll Do

Reports in QuickBooks

QuickBooks Terminology

Chapter 7: Day to Day: Using QuickBooks for Cash Management

Create Your Annual Budget by Month

The Bank Feed

Regular Bookkeeping-Every Day-ish (10 minutes)

Review, Refine, and Stay on Target-Every Month (1 hour)

Big Picture Planning - Year End (1 to 2 hours, plus cleanup)

QuickBooks Quick Tips

Chapter 8: Digging into the Numbers and Beyond

Section 1: Calculating the Cost of Production

Section 2: Allocating General Production Costs and Enterprise Analysis

Section 3: Marketing and Pricing Strategies

Section 4: Benchmarking

Measuring Success: Keep Your Eye on the Prize

Chapter 9: Stabilizing Your Business

Managing the Hole

Should You Stop or Persevere?

Key Takeaways

Chapter 10: Growing Your Business

Establish Goals

Is "Growth" the Right Strategy?

Deciding How to Grow

Growing Your Team

Marketing

Key Success Factors

Chapter 11: Building Resiliency into Your Business Model

The Process to Pivot

Shifts vs. Pivots

Building Resiliency into Your System

Chapter 12: Cultivating the Entrepreneurial Mindset

The Entrepreneurial Mindset

Getting Comfortable with the Uncomfortable

Money Shame

Mental Models

Time Management

Being the Employer of Choice

Decision-Making

In Summary

Epilogue:

Final Words of Wisdom

Appendix 1: Sample Income Statement Accounts

Appendix 2: Sample Balance Sheet Accounts

Appendix 3: The Business Plan

Appendix 4: Suggested Accounts for Chart of Accounts

Glossary

Endnotes

Index

About the Author

About New Society Publishers