Teachers - Heli Heimo (Coordinator of External Relations)
Marelle Möll (Accounting and Financing)
Ingrid Kera (Marketing and Project management)
Students - Kristjan Sootalu
Teacher - Jani Sivunen
Students - Kia Karne
Teacher - Leifur Brynjólfsson
Students - Birna Ósk Gunnarsdóttir
Hjalti Jósafat Arnarsson
Teacher - Baiba Sergejeva
Students - Kārlis Piņķis
Teacher - Juventa Vitkuvienė (Marketing and Research)
Students - Dovilė Šeputytė
Teachers - Else-Marie Johansson (Marketing, Business, Ecomics)
Helen Hjalmarsson (Swedish language)
Students - Fredrik Karlsson
At first all the groups presented their hometowns and schools:
ESTONIA - Haapsalu Vocational Education and Training Centre (Haapsalu Kutsehariduskeskus)
Kristjan Vaikla, Kristjan Sootalu, Janar Milbach
Mantas Mazalas, Dovilė Šeputytė, Vaidas Gruzdas
Kārlis Piņķis, Jānis Arbidāns
ICELAND - Akureyri Comprehensive College (Verkmenntaskólinn á Akureyri, VMA)
Sindri Sverrisson, Hjalti Jósafat Arnarsson, Birna Ósk Gunnarsdóttir
The seminar "What you need to know about finances if you are starting your business?"
- Sales and Revenue
- Price and Costs
- Cashflow & Brake even
- Investment & Profit
- Financial statements
conducted by Mehis Pärn
After the seminar the students were given tasks about the topic and they started to work in groups.
Make the finance projections of your project. You can use the template file, but you can make your own.
Some questions to discuss:
1) Take Your Business plan and think which costs do you have?
Which costs are fixed? Which are variable?
2) Make your product estimates?
With which price do you sell your product?
Which are your estimated costs per each product? What is your net-margin?
Make your sales projections for each month!
3) On which sales amount your cash flow turns >0?
4) Investment budget - How much money do you need to start your business? How you will finance it?
At the same time the teachers were investigating the facilities of Haapsalu Vocational Education and Training Centre. They visited the classrooms, library, gym and construction lab.
Some of them gained some totally new skills which they can use in their future lessons :)
After the day, full of calculating the cash flows, all the participants could relax with typical Estonian food such as potato salad, stuffed eggs, meat jelly, pickled baltic hering, ham rolls and curds cake.