Mobility 4, March, Haapsalu - creating the Financial Plan

The first event of the day took the participants to Haapsalu Door Factory (Haapsalu Uksetehas), a wood company that started it's business at the beginning of 90-s on the basis of Estonian private investment. The new factory with its primary equipment was completed in 1992 in Uuemõisa, near Haapsalu Vocational Education Centre. It was the very first factory in Estonia that, using the modern technology, started to manufacture interior doors and  nowadays produces any kind of doors of wooden materials.

The Development Manager Rene Serg gave the students a thorough review how the wood is produced into doors and window frames.The most interesting part was about starting the busines in 1991, just after the collapse of Soviet Union. The students had a lot of questions about production, sales and financial planning.

In the afternoon the groups started to finish their presentation, they worked on prices of their products and services, calculated the annual cash flow and did the last research to make their fiancial plans real. The final question, given by Finnish teacher Jani Sivunen, was about the benefits of doing that sepcific business in that specfic country the company is operating in.

At 3 o'clock the presentation started. Every group had about 15 minutes to present their Financial Plan to the audience. After every presentation the audience had lots of questions and suggestions. Everybody promised to add their suggestions also to the blog, to make it easier for the students who will be doing the Final Presentation in Iceland.

Here are the PRESENTATIONS of 6 teams:

HAPPY PETS - Mantas (Lithuania), 
Kristjan (Estonia), Hoda (Sweden)

Happy pets from Heli Heimo

JuJuMa DESIGN -  Kia (Finland),  
Janis (Latvia), Vaidas (Lithuania)

Jujuma business plan_(1) from Heli Heimo

GIOCO - Dennis (Sweden), 
Hjalti (Iceland),  Emilia (Finland)

Gioco 2 from Heli Heimo

CYBERTRAINING -  Birna (Iceland),  
Fredrik (Sweden), Tomas (Finland)
 

Cybertraining from Heli Heimo

Mother's club LILLEKE -   
Karlis (Latvia),  Janar (Estonia), Dovile (Lithuania)
 

Lilleke from Heli Heimo

SEE IT THROUGH OUR EYES -  
Kristjan (Estonia), Sindri (Iceland),  
Edgars (Latvija)
 

Seeitthroughoureyes (1) from Heli Heimo

Mobility 4, March, Haapsalu - creating the Financial Plan

The students started the day with getting to know Haapsalu Vocational Education and Training Centre. Estonian students Kristjan S., Kristjan V. and Janar guided them through the different facilites of the school and showed them how the students work in different classes.

For the start of the teamwork all the groups were given questions to think about:

- Which  were the main topics that your team worked on yesterday?
- How far did you get with your calculations and finace analyzes?
- What is your main target for today?

And the last question to end with after working in teams - Did you manage it?

Here are the answers of the groups:

GIOCO - Hjalti (Iceland), Dennis (Sweden), 
Emilia (Finland)

• Yesterday we worked on the sales and costs but we diden´t finished that. We had some problems with the calculatios, excel, internet and all that...

• Today we finished all the tasks that were given to us. We are very happy with the results even though they arent the most relistic numebers. But we did our best.

CYBERTRAINING -  Birna (Iceland), Tomas (Finland), Fredrik (Sweden)

• Yestersay - Products, services and prices, we managed to finish January calculations

• Target for today - To finish all the calculations and yes we did !

JuJuMa DESIGN -  Vaidas (Lithuania), Janis (Latvia), Kia (Finland)

• Our main topics were our products, services and their prices, and the calculation of our first year income and expenses. We got ready with our calculations and finance analyzing.

• Our main target for today is to check if our calculations are all right and to get started with our power point. We got it all done in no time !

SEE IT THROUGH OUR EYES - Sindri (Iceland), Kristjan (Estonia), Edgars (Latvija)

• Yesterdays topics: The services research for the prices,  future plans for the company 
• Target for today: we try to fix our finaces and get the cashflow to the cross-point.  Yes we managed it

Mother's club LILLEKE - Dovile (Lithuania), Janar (Estonia), Karlis (Latvia)

• Yesterday: About financing.We listened lecture about financing, how to get money. About costs and revenues and difference between them.We almost finished that yesterday.

• Our main targets are to finish the yesterday's tasks. We managed to finish it. We also made the company presentation.

HAPPY PETS - Kristjan (Estonia),Hoda (Sweden), Mantas (Lithuania)

• The main topics that we worked on yesterday was that we were putting on the prices, services and products.We completed all those analyzes and calculations what were needed - no problem.

• The main target for today was getting cashflow fixed. We managed it without no problems. :)

The groups started to work with their financial plans and to find questions for the following:

• Which are your main products/ point out the approximate cost of every product/service?

• Make the cashflow chart for one year.

• The annual revenue /cost.

At the same time the teachers had discussions with their colleagues from Haapsalu school. They met with the Career Councellor and the Social Worker who told them about the Councelling Centre of  HKHK and found that there are quite a lot of similar problems in Scandinavian and Baltic countries. The Educational Technologist presented the e-learning materials created by the teachers of HKHK.

The teachers also got acquainted with the national handicraft of Estonia and to prove that the practical work is always more effective than the theoretical they spent some fruitful time in the handicraft class getting to know the Estonian national patterns and designs.

 

After finishing the work with Financlial Plans the participants walked in a snowy Haapsalu and explored the Episcopal Castle, climbed the Clock Tower and got acquainted with White Lady of Haapsalu.

The day ended with walking on the Promenade and trying to get the feeling of the summer resort town by standing on the icy stairs of the Summer Restaurant Kuursaal.

Mobility 4 March 2013, Haapsalu, Financing

Participants

ESTONIA
Teachers - Heli Heimo (Coordinator of External Relations)
                  Marelle Möll (Accounting and Financing)
                  Ingrid Kera (Marketing and Project management)
Students - Kristjan Sootalu
                Kristjan Vaikla
                Janar Milbach
FINLAND
Teacher - Jani Sivunen
Students -  Kia Karne
                  Emilia Anttila
                 Tomas Blixt
ICELAND
Teacher -  Leifur Brynjólfsson
Students -  Birna Ósk Gunnarsdóttir
                  Hjalti Jósafat Arnarsson
                  Sindri Sverrisson
LATVIA
Teacher -  Baiba Sergejeva
Students - Kārlis Piņķis
                 Jānis Arbidāns
                 Edgars Liepiņš
LITHUANIA
Teacher -   Juventa Vitkuvienė (Marketing and Research)
Students -  Dovilė Šeputytė
                  Mantas Mazalas
                  Vaidas Gruzdas    
SWEDEN
Teachers - Else-Marie Johansson (Marketing, Business, Ecomics)
                  Helen Hjalmarsson (Swedish language)
Students - Fredrik Karlsson
                 Dennis Lindberg
                 Hoda Tarabeih

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

FINLAND - Porvoo International College
Kia Karne, Tomas Blixt, Emilia Anttila

SWEDEN - Nyköpings Gymnasium
Fredrik Karlsson, Hoda Tarabeih, Dennis Lindberg

 

LITHUANIA - Kaunas Vocational Training Centre for Service Business Specialists 
Mantas Mazalas, Dovilė Šeputytė, Vaidas Gruzdas

LATVIA - Riga Trade School (Rīgas Tirdzniecības Tehnikums)
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.