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Tuning Up
Finances
Financial Forecasts II
You completed numerous updates to your financial model and the goal is to make this a regular step in your operations. This model will only get more accurate as you include new data, correct old assumptions and refine your skill with interpreting the output. Again it's never a bad idea to ask for some outside perspective from your advisors or financial experts relating to how to handle new situations and to be prepared to maximize the value of each dollar earned.
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TASKS CARDS
Do First
You should complete the following tasks before proceeding to the current one.
Financial Forecast
Early on you created some basic budgets and forecasts for your personal runway. Now as your business is moving more towards being its own entity, you'll need to have separate financial statements and projections of revenue and expenses. After your meeting with the accountant they might have templates or suggestions to help you get started. They might help build that model with you, but don't just hand it off to them. Building this financial story of your business is critical to understand what is going on.Often you'll see a need for 5 years projection, but that is difficult to do with accuracy. 12 to 18 months of month to month projections are a good start, then you can move to quarterly for year 2 and 3. Financials will need updating and review on a regular basis. Don't do it once and then forget about it. These will be an essential tool for your success!
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Small Business Marketing 101: Using Email, Social, Video and More
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Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
