The Daviess County CEO Cohort was blessed on Feb 27, 2023 to have John Clauss and Jordan Briggeman from Springs Valley Bank stop in for a lesson on Proforma setup and purpose. As explained, a proforma is a standard document, form or financial statement. The Cohort is currently creating their business plan for their business to present at Bankers Day coming up in a couple of weeks. They explained that a proforma for their purpose was a financial statement that a company prepares to consider the effects of a potential activity. Such great information for the cohort needed to proceed and succeed in their businesses.
John and Jordan explained to the cohort the importance of knowing your financial statement and keeping track of your assets and liabilities. Your income statement is a must to prove your profits and losses. Almost every business, large or small, will use a bank in their lifetime, to either startup or expand their business. In turn the bank will do a feasibility study, having enough information to justify leverage.
With time ending for our class day, what a success , both John and Jordan emphasized the importance of paying attention to the details and eliminating assumptions when it comes to their businesses. To John and Jordan, thank you for sharing and giving up your valuable time to increase our knowledge of the importance and purpose of proformas.