Creating a Robust Financial Plan for Your Business
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About the Course .
Getting your businesses’ financials together is easier than you might think. Whether you’re interested in obtaining funding for your business or running your business with more peace of mind, this course will help you organize the financial side of your business, painlessly. All of the forms, information, and support you need are included, removing the heaving lifting from your shoulders. Your part is simply plugging your business data into the financial model worksheet.
We will cover the 3 key revenue financial models (Revenue, Staffing, and Expense) as well as the 2 key financial statements (Income and Cash Flow). Downloadable worksheets for all models and statement are included.
Don’t be one of those businesses that stalls on the runway due to bad cash flow management (it has happened to the best of entrepreneurs). Instead, commit to understanding the key principles of small business financials and comfortably master that money side of your business. Through the 13 lectures in this course, “Creating a Financial Plan for Your Business,” you’ll grasp the key fundamentals of managing the finances of your business—from the basic underpinnings of sound planning to key financial statements like your P&L and cash flow and financial models like staffing, revenue, and expenses.
Upon completion of this course, you will have created a full set of financials.
Details about the Course:
- The Financial Primer – In these videos, we’ll examine and counteract common mis-perceptions about financial planning, learn about different models for revenue and cost projections, and discuss concepts such as the maximum negative cash flow that potential investors will scrutinize. Key expense and revenue models and financial statements will be walked-through.
- Your Revenue Model – In these videos, we’ll look at what drivers create revenue, which revenue models work best for product, service, and subscription or membership businesses, and how to predict how fast your business will scale. Detailed worksheets accompanying this learning stream help you develop your own models that are succinct, understandable, accurate, and actionable.
- Your Staffing Model – In these videos, we’ll not only cover how staffing plans interact with the rest of your financial reporting, but we’ll establish guidelines for whether to build staff or hire contractors, how to set pay rates and predict costs of benefits, and calculate the ROI of positions across the organization.
- Your Expense Model – These videos detail potential expenses and their classifications, along with their potential tax implications, and offers a detailed worksheet for breaking out and tracking all the costs involved in running your business.
- Your Income Statement – These videos examine the five components of the income statement and how they relate to the models and projections you’ve already built, and explore what the summary numbers reveal about your business’ potential for growth through such calculations as net revenue, gross margin and operating margin.
- Your Cash Flow Statement – Cash flow statement provides an ongoing record of income, investments, and expenses so you can adjust activities and stay on target. In addition to addressing these crucial calculations, these videos delve into strategies for managing cash flow and establishing a realistic basis for cash flow projections.
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1
Business Financials ExplainedEntrepreneurs tend to avoid financial planning. Don't wait until you run out of cash or find yourself unable to pay employees—learn basic business financials today. This Microcast provides an overview of tools and considerations that will enable you to create a financially successful business.
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2
Overcome Roadblocks to Financial Planning
Your financials are not just for investors—they are the backbone of your business. Having a grasp on your business' financials helps you qualify for funding, yes, but also creates a benchmark for your business, helps you monitor cash flow, provides predictability, and guides business decisions. This video details basic financial building blocks: Three financial models (revenue, staffing and expense) and three financial statements (P&L, cash flow and balance sheet).
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3
Create Your Financial Plan
Time to put pen to paper—or fingers to keyboard. Take a look inside the Prep Worksheet that prepares you to write the financial section of your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it—use this workshop and Prep Worksheet to do just that.
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4
Revenue Models Explained
Your revenue forecast anchors your entire business model. Your revenue model supports your management of cash flow, scaling, growth, staffing, expansion, as well as seasonal fluctuations. This Microcast provides an overview of revenue drivers, tips for forecasting, and business-specific models for estimating your revenue.
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Revenue Model Walk-Through
This walk-through takes you right into the Financial Models Worksheet—spotlighting the Revenue Worksheet tab. This covers the four models you can work with to estimate revenue: A billing-based model, unit-based, subscription, and the "no model" model. Ken explains how to complete all fields in the spreadsheet so that you can confidently estimate business financials on your own. Be sure to download the Financial Models Worksheet from the Resources area of entrepreneurnow.com and follow along!
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6
Staffing Model Explained
How much do you plan to spend on your employees and/or contractors—and how do you make that decision? This Microcast provides an overview of your staffing considerations, such as costs, salaries, timing, and business goals. For best results: View the Execution Strategy video first.
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7
Staffing Model Walk-Through
This walk-through takes you right into the Financial Model—spotlighting the Staffing Worksheet. This covers calculating your employee and contractor costs over the next few years. Ken explains how to complete all fields in the spreadsheet so that you can confidently estimate business financials on your own. Be sure to download the Financial Model from the Resources area of entrepreneurnow.com and follow along!
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8
Expense Model Explained
Your expense model captures all of your non staffing-related expenses. To create accurate financial statements, and for tax compliance, you must classify all of your expenses properly. This Microcast provides an overview of the four classification groups: G&A, COGS, product development, and sales & marketing—and which ones to use for your business use case.
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9
Expense Model Walk-Through
This walk-through takes you right into the Financial Models Worksheet—spotlighting the Expense tab. This covers the four classification groups: G&A, COGS, product development, and sales & marketing. Ken explains how to complete all fields in the spreadsheet so that you can confidently estimate business financials on your own. Be sure to download the Financial Models Worksheet from the Resources area of entrepreneurnow.com and follow along!
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10
Income Statement Explained
Your income statement (or P&L) tells the entire financial story of your business at a glance. The income statement is also an industry-standard statement, so it's readily understood by banks or investors. The story it tells? The story of how realistic your business is based on your forecasts, how many expenses you have, your product, sales & marketing costs, as well as your staffing projections.
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Income Statement Walk-Through
This walk-through takes you right into the Financial Models Worksheet—spotlighting the Income Statement. This covers your P&L and cash flow statements. (While there's nothing for you to input here, it's critical to review it.) Ken explains how to analyze the fields in these two statements so that you can confidently assess business financials on your own. Be sure to download the Financial Models Worksheet from the Resources area of entrepreneurnow.com and follow along!
