On Wednesday morning, August 9th, the UPSA Business Center became a hub of enlightenment as it hosted the Professional Masterclass on Cashflow Statement for Start-ups. This event was meticulously orchestrated by the University of Professional Studies, Accra Enterprise and Innovation Center (UEIC) with the aim of equipping participants with indispensable insights into the realm of cash flow management. Drawing an audience that encompassed UEIC NSS personnel, UPSA students, and staff, the event was poised to unravel the nuances of effective financial planning.
Steering the course of the masterclass was Mr. Richard Osei Owusu, a distinguished board member of the UEIC and the esteemed Director of Finance at Interglobal Partners Limited. The event garnered added significance with the presence of Prof. Dr. Mrs. Fidelis Quansah, the Dean of the Faculty of Management Studies, and the administrative guidance of Mr. Twum Obed, the Administrator of the UEIC.
Kicking off with a unique and engaging approach, Mr. Richard encouraged attendees to introduce their visionary business concepts—a fitting preamble to the overarching theme of the day. Delving into the heart of the matter, he elegantly demarcated the fine lines between financial statements and cashflow statements. His emphasis on the pivotal role of cashflow statements, especially for nascent start-ups with limited financial history, laid the foundation for the enlightening discourse that followed.
“Unlocking business potential often lies in harnessing the resources of others,” Mr. Owusu articulated. This principle was the cornerstone of his advocacy for funding businesses through strategic loans. However, he deftly underscored the importance of integrity in shaping financial projections, a tenet that could be the bedrock for establishing trust among potential investors. His strategic counsel? To underpromise and overdeliver—crafting conservative estimates to fortify credibility.
Central to the discussion was the potency of a pragmatic cashflow statement. Mr. Richard adeptly revealed its potential as a persuasive negotiation tool for securing funding. Amidst eloquence, he posited that while robust financial projections are crucial, personal character and credibility form an equally pivotal foundation for attracting financial backing. He astutely noted that not every start-up necessitates loans; partnerships, he suggested, often pave the way for financial growth.
Throughout the comprehensive session, Mr. Owusu navigated diverse terrain, unraveling categories of cashflow (including investing, operating, and financial activities), outlining the framework for crafting an impactful cashflow statement, and adroitly addressing a multitude of inquiries from the engaged audience. The session culminated in an interactive exercise, prompting participants to draft bespoke cashflow statements for their unique entrepreneurial pursuits.
As the clock approached noon, the masterclass gracefully concluded, leaving participants enriched with insights and equipped with tangible tools. The camaraderie of the event found embodiment in the capture of group photographs—a visual testament to the shared journey toward entrepreneurial accomplishment.
In retrospection, the Professional Masterclass on Cashflow Statement for Start-ups illuminated the multifaceted world of financial management. Conceived by the visionary minds at the UEIC, this event cultivated not only financial acumen but also nurtured a culture of perpetual learning. Armed with newfound wisdom, participants depart, poised to navigate the intricate terrain of entrepreneurship, leveraging expert guidance and industry resources to forge uncharted pathways.
As the curtain falls on this enlightening odyssey, participants emerge—imbued with an intensified comprehension of cash flow dynamics and empowered to propel the exponential growth of their nascent ventures. This masterclass stands as a vivid testament to UPSA’s steadfast commitment to nurturing well-rounded, resourceful entrepreneurs, primed to conquer the multifarious challenges of the contemporary business panorama.
By Nana K. Twum