An eventful way to close off the year, the Ocean Plastic Prevention Accelerator (OPPA) team launched the Waste Community Accelerator third cohort on December 21, 2021. A rush of excitement and enthusiasm filled the virtual room, as it was the first opportunity where the Waste Community Accelerator Cohort 3 participants were able to see each other.
Following an ice breaking session, participants were then introduced to finance coach Wiwik Erly, host of the first workshop for the program. She is an International Coaching Federation (ICF) Certified Coach with more than 1,000 hours of experience under her belt. The workshop session began with a breakout session amongst participants, discussing their biggest financial challenges and mistakes whilst running their businesses.
Participants experience various financial challenges, as they are at different stages of their business life-cycle. Challenges include budget controlling, financial planning, tax, low inventory turnover, and financial reporting.
The workshop consisted of three informative sessions, so that participants are able to respond to the financial challenges they mentioned. For the first session, Wiwik presented an understanding of financial concepts such as inflation, cash flows, profit and loss statement, balance sheet, as well as basic corporate financial planning. The second session consisted of how to calculate capital, cost of goods sold, and a simulation of making a balance sheet report. The last session informed participants on how to translate financial analysis results into successful business planning and decisions.
Questions were plentiful after each of the sessions, with participants inquiring about financial concerns they were having. As a follow-up to the workshop, OPPA is also facilitating private consultation with Wiwik should any participant want to work more on their financial planning and analysis.
The OPPA team were happy to see representatives from Estu Jaya Waste Bank, Larahan Makmur Waste Bank, Makmur Sejati Waste Bank, Jubung Waste Bank, Berdikari Plastik Sentosa, Common Seas, Go Forward, iLitterless, TPS3R Bringin Bendo, TPST 3R Karangrejo Bersatu, and TPST Dadaprejo Mandiri attending the event. Stay tuned for more updates from the program!