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What are the most important budgeting and forecasting skills for startups?

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Budgeting and forecasting are essential skills for any startup that wants to survive and grow in a competitive and uncertain market. However, many founders and entrepreneurs struggle with creating realistic and flexible plans that can guide their decision-making and resource allocation. In this article, we will explore some of the most important budgeting and forecasting skills for startups and how to develop them.

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Yigit Tileylioglu

VP of Finance | Finance Director | Finance Business Partner | Technology | SaaS | Start-ups | FP&A | M&A | Corporate…
Natalia Protsenko

Founder @Stratagema | Strategic B2B Marketing

1 Know your numbers

The first skill you need is to know your numbers inside out. This means having a clear understanding of your revenue streams, cost structure, cash flow, break-even point, and key performance indicators. You also need to track and measure your actual results against your budget and forecast, and identify any gaps or deviations. Knowing your numbers will help you assess your financial health, spot potential problems, and adjust your strategy accordingly.

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2 Use multiple scenarios

The second skill you need is to use multiple scenarios for your budget and forecast. This means creating different versions of your plan based on different assumptions, such as best case, worst case, and most likely case. You can also use sensitivity analysis to see how changes in one variable affect your outcomes. Using multiple scenarios will help you prepare for different situations, test your hypotheses, and evaluate your risks and opportunities.

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Natalia Protsenko

Founder @Stratagema | Strategic B2B Marketing
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-Financial Literacy: Grasping financial basics and understanding key financial statements. -Analytical Thinking: Analysing financial data to inform decisions. -Attention to Detail: Ensuring accuracy in all financial figures. -Adaptability: Modifying financial plans swiftly as the business landscape changes. -Strategic Planning: Aligning financial plans with business strategy. -Risk Management: Identifying financial risks+ preparing contingencies. -Tool Proficiency: Using budgeting/forecasting software effectively. -Communication: Conveying financial concepts clearly to stakeholders. -Cash Flow Management: Timing income/expenses to maintain liquidity. - Realism: Making conservative financial estimates to avoid overextension. -Coffee Affinity

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3 Be realistic and conservative

The third skill you need is to be realistic and conservative in your budget and forecast. This means avoiding overestimating your revenue or underestimating your expenses, and using data and evidence to support your projections. You also need to account for contingencies and uncertainties, such as market fluctuations, customer behavior, competitor actions, and external factors. Being realistic and conservative will help you avoid unrealistic expectations, prevent cash flow issues, and build credibility with investors and stakeholders.

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4 Involve your team

The fourth skill you need is to involve your team in your budget and forecast. This means getting input and feedback from your co-founders, employees, advisors, and mentors, and aligning your plan with your vision, mission, and goals. You also need to communicate your budget and forecast clearly and regularly to your team, and motivate them to achieve your targets. Involving your team will help you leverage their expertise, insights, and ideas, and foster a culture of accountability and collaboration.

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5 Review and update

The fifth skill you need is to review and update your budget and forecast frequently. This means comparing your actual performance with your planned performance, and analyzing the reasons for any variances. You also need to update your budget and forecast based on new information, changes in the market, customer feedback, and lessons learned. Reviewing and updating your budget and forecast will help you monitor your progress, learn from your mistakes, and adapt to changing conditions.

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6 Use tools and resources

The sixth skill you need is to use tools and resources to help you with your budget and forecast. This means using software, apps, templates, or online platforms that can simplify and automate your budgeting and forecasting process. You can also use tools and resources that can provide you with data, insights, benchmarks, or best practices for your industry, niche, or stage. Using tools and resources will help you save time, improve accuracy, and enhance your decision-making.

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Yigit Tileylioglu

VP of Finance | Finance Director | Finance Business Partner | Technology | SaaS | Start-ups | FP&A | M&A | Corporate Finance | Project Finance | Entrepreneurship | Renewable Energy
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Spreadsheets like Excel and Google Sheets are great for startups. They're versatile and easy to use. But as startups grow, they can access more resources, including budgeting and forecasting tools that seamlessly connect with their accounting systems. These tools provide valuable benefits, such as time-saving automation and enhanced data analysis and visualization, allowing resources to be directed towards more strategic aspects of the process.

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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 are the most important budgeting and forecasting skills for startups?

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1 Know your numbers

2 Use multiple scenarios

3 Be realistic and conservative

4 Involve your team

5 Review and update

6 Use tools and resources

7 Here’s what else to consider

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