Practicing good business relations in the Biotechnology Industry

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Practicing good business relations in the
Biotechnology Industry
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What kinds of records should businesses keep?

• Assets
• Liabilities
• Net worth
• Profit and loss statement

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Assets

• Things that one owns and completely pays for.
• Example Your car after all payments have been
  made.

4
Assets

• Current Assets-items quickly converted to cash or
  that will be sold within 12 months
• cash
• checking
• savings
• stocks or bonds

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Assets

• Non-current-items that have a useful life or more
  than one year
• land
• machinery
• breeding livestock

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Total Assets

• Current plus non-current assets.
• Branden has a truck valued at 4,000 that is paid
  off, breeding ewes valued at 2,000, and a
  savings account with 10,000.
• What are his total assets?

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Liabilities

• Things that you owe money to other people for or
  debts
• Example My Visa

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Liabilities

• Current-debts that are due to be paid this year
• Marketing costs
• Equipment and building payments
• part of the mortgage due this year
• Non-Current-debts not due this year
• mortgages not due this year

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Total Liabilities

• Current liabilities plus non-current liabilities
• Branden owes his dad 500 for feed this year,
  1000 on his barn this year, and 5000 left to
  pay on the barn after this year.
• What are his total liabilities?

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Net Worth

• Ones assets minus their liabilities.
• You have 3000 in the bank, but you owe 1750 for
  your bills. Your net worth is 1250.00.
• What is Brandens net worth?

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Net Worth

• Current Assets Non-Current AssetsTotal Assets
• Current Liabilities Non-Current
  LiabilitiesTotal Liabilities

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Debt-to-Equity Ratio

• Used by banks and lending institutions to decide
  whether or not to lend money to specific people
  or businesses

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Inventory

• An itemized list of things owned by a business
  with the beginning value and depreciated value

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Inventory

• Non-depreciable-items that will be used or sold
  within a year
• supplies

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Inventory

• Depreciable-items that have a useful life of more
  than one year and lose value because of age, wear
  or becoming out-of date because of technology
  advancements.
• Land is NOT depreciable property
• Equipment
• Technology

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Profit and loss statement

• A financial statement of a business that reports
  the profit made by the business or the losses
  incurred.

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Other business records

• Labor
• Materials
• Travel

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Activity

• Use the information from the notes to complete
  the Financial Entries for Tissue Touch Plants
  worksheet.
• Complete the Net Worth, Assets, and Liability
  sheets for the Bio-Glow project.

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School to Work Employment Plan

• Factors to consider when selecting a career
• Standard of living
• pay, location
• Personal contact
• working with people or things?
• Educational Requirement
• Skills Required

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School to Work Employment Plan

• Location of employment
• Your interest, likes and dislikes
• Working conditions
• Working hours and time for leisure activities
• Retirement benefits
• Your health and happiness

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Steps in Choosing a Career

• 1. Consider your interest, abilities and
  characteristics
• 2. Narrow the field of jobs
• 3. Study the requirements
• 4. Plan an alternative
• 5. Prepare a plan for preparation
• 6. Be willing to pay the price
• education, dedication
• 7. Get work experience! (internships?)