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Your Financial Model -one of the most important drivers of growth
March 10, 2021 @ 10:30 am - 11:30 am
Part 1 of a 2-part series, where Jim Gabriel, Entrepreneur in Residence at Bucks Health Tech & Digital Hubs, shares a secret of his success. A financial model is one of the most important drivers of growth.
It’s the engine that powers decisions on:
• Starting a business
• Raising funds
• Valuing your business
• Understanding your business
• Making informed decisions
• Business planning
• Bank financing
Jim will show you how to construct and develop your very own model and will be giving away copies of his very own model
Your financial model should be a complete and accurate representation of the financial overheads and revenues behind your business plan. In essence it is a living document. At the beginning, it’s ‘forward-looking’ because it’s all about forecasts. If you manage to get off the ground with an actual working business, or if you’re already up and running, you should make the financial model a central part of your day-to-day decision making. All of your forecasting on sales and costs are in it, and if you don’t think you can trust that or there’s not enough detail, you need to change that until you can trust it and there is enough detail.
In Part 2 you will find out how to use the financial model to plan your fund raising and to give investors all the information they need to back your project.