Last month, Elaine Gold Launch Pad fellows participated in a Financial Boot Camp Workshop led by Senior Luxury Retail Executive Michael Celestino.

Celestino is experienced in mentoring executives across luxury retail, and is no stranger to the EGLP Program, having led workshops for the previous cohorts. He is skilled in helping brands launch innovative retail concepts, open new businesses and increase brand recognition. 

A key goal of the Elaine Gold Launch Pad program is to transform ideas into viable ventures with impact, so workshops like these – focused on financial planning – are essential components to the program.

“There needs to be a balance – the creative and the operation sides need to come together,” Celestino remarked. 

He broke the workshop down into a few topics: Sales, Cost of Goods, Operating Expenses, Inventory Control, and Measuring Results.

The group dived into analyzing examples of sales projections. Celestino suggested that all designers create a sales plan, to help them learn about their business. He also advised designers to keep a Sales Diary, to track any and all missed opportunities to help with future planning.

“Inventory is money,” said Celestino. “Remaining product has a cost associated to it so controlling excess inventory is critical.” Understanding the potential costs that remaining inventory creates is an essential part of sales projections. He explained that the more these elements are tracked down, the better your business is set for the future.

Celestino then discussed the importance of measuring your results. “Put it down on paper – measure your results on a periodic basis to see if you are on target to reach your goals.”  

The group moved on to discuss Return on Investment (ROI) and how this is also a crucial aspect of measuring results. “Everything you invest in should have an ROI,” Celestino said. “What the ROI is may be different based on the core values of your business and the company’s mission.”

He concluded the workshop by touching on how Customer Service and Human Resources play a role in financial plans – as both have impacts tied to expenses.

Pictured: A Moschino runway look by CFDA Member Jeremy Scott.