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Launch
Finances
Review Projections and Actual Numbers
After several weeks of 'open doors' and running actual operations you will begin to have historical and real-time data that can be used to update all your projections and models. The opening months are a unique event so don't expect all days to look like what you've experienced, however, this data is less wrong than just projections based on gut instinct. Ideally you should be tracking day-by-day, week-by-week and month-to-month. You will be able to discover trends and variances from your assumptions. You may be very wrong about certain data points, but that is OK. Now make small adjustments and be careful not to overcorrect. If you are unsure of what the data is telling you, then seek help. Your skills as a business owner will only get better with practice and effort.
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Financial Projections III
While you should be visiting your financial statements on a weekly basis, you should take time to look at your longer term projections. What are the 12 to 18 month costs and revenues looking like? You have a lot more data and experience today than you did 3 month or 6 months ago, so your models should be becoming 'less wrong' which is exactly what you want and need. Run your updated models against an advisor, your accountant and part-time CFO or Madison College EIR to make sure things are tracking and if you see any red flags, come up with a plan to address them.
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Small Business Marketing 101: Using Email, Social, Video and More
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