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What do you do if your new business venture needs financial forecasts?

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Embarking on a new business venture is an exciting journey, but it's also one that comes with its fair share of challenges, especially when it comes to financial planning. If you're at the stage where your venture needs financial forecasts, you may be feeling a bit overwhelmed. Financial forecasts are essential for budgeting, securing funding, and steering your business towards success. They give you a roadmap of your financial future, predicting income, expenses, and cash flow. But how exactly do you start crafting these forecasts if you've never done it before? This article will guide you through the process, ensuring that you're equipped to create a solid financial forecast for your new business venture.

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Keegan Varella MBA, MSc. Fin., CPA, CMA, MRICS

Senior Finance, Strategy & Operations Executive | FP&A, Business Transformation & Change Management | Board Memeber &…

1 Understand Basics

Before diving into forecasting, you need to understand the basics of your financial statements. These include your balance sheet, income statement, and cash flow statement. The balance sheet provides a snapshot of your company's assets, liabilities, and equity. The income statement shows your revenues and expenses, highlighting profitability over a specific period. The cash flow statement tracks the movement of cash in and out of your business, which is crucial for understanding liquidity. Grasping these concepts is key because your financial forecasts will essentially be forward-looking versions of these statements.

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Keegan Varella MBA, MSc. Fin., CPA, CMA, MRICS

Senior Finance, Strategy & Operations Executive | FP&A, Business Transformation & Change Management | Board Memeber & Director |
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For financial forecasts in a new venture, start by projecting revenues, expenses, and cash flow. Utilize historical data if available, and adjust for market trends and growth expectations. For instance, a new café estimates monthly sales based on foot traffic, menu prices, and industry benchmarks.

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2 Gather Data

Your next step is to gather historical data and market research to inform your forecasts. If your business is brand-new without past financials, look at industry benchmarks and competitors for guidance. Consider factors like seasonal trends, market growth rates, and pricing strategies. The more accurate and comprehensive your data, the more reliable your forecasts will be. Remember, your goal is to create a realistic picture of your business's financial future, so it's important to base your predictions on solid evidence and not just optimistic guesses.

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3 Set Goals

With a clear understanding of financial basics and data at hand, it's time to set realistic financial goals for your business. These goals should align with your overall business strategy and be specific, measurable, achievable, relevant, and time-bound (SMART). Whether it's reaching a certain revenue milestone or maintaining a specific profit margin, your goals will provide direction for your financial forecasts and help you measure success as you move forward.

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4 Create Projections

Now you're ready to create your financial projections. Start with a sales forecast, estimating future sales based on market research, historical data, and sales goals. Then, project your costs and expenses, considering both fixed costs like rent and variable costs that fluctuate with sales volume. Finally, bring these elements together to forecast your cash flow, ensuring you have enough cash on hand to cover expenses and grow your business. This step may require several iterations as you refine your assumptions and projections.

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5 Review Regularly

Creating financial forecasts isn't a one-time task; it's an ongoing process. Regularly review and update your forecasts in response to actual business performance and changing market conditions. This will help you stay on top of your financial health and make informed decisions. By treating your financial forecasts as living documents, you'll be better prepared to navigate the ups and downs of business ownership.

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6 Seek Expertise

If you're struggling with creating accurate financial forecasts, don't hesitate to seek expertise. Professionals like accountants or financial advisors can provide valuable insights and help you build robust forecasts. They can also offer advice on best practices for budgeting and forecasting that are specific to your industry. Investing in expert guidance can pay off by ensuring your financial forecasts are as accurate and effective as possible, setting a strong foundation for your business's future.

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Keegan Varella MBA, MSc. Fin., CPA, CMA, MRICS

Senior Finance, Strategy & Operations Executive | FP&A, Business Transformation & Change Management | Board Memeber & Director |
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When your new business venture requires financial forecasts, seeking expertise is crucial. Consult with financial analysts or hire a CFO to guide you through the process. They can analyze market trends, assess risks, and create realistic projections. Additionally, consider outsourcing to firms specializing in financial forecasting for tailored insights. Remember, expertise is the compass navigating your business through financial waters.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your new business venture needs financial forecasts?

1

2

3

4

5

6

7

1 Understand Basics

2 Gather Data

3 Set Goals

4 Create Projections

5 Review Regularly

6 Seek Expertise

7 Here’s what else to consider

Budgeting & Forecasting

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What do you do if your new business venture needs financial forecasts?

1

2

3

4

5

6

7

1 Understand Basics

2 Gather Data

3 Set Goals

4 Create Projections

5 Review Regularly

6 Seek Expertise

7 Here’s what else to consider

Budgeting & Forecasting

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