From the course: Creating a Business Plan
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Financial forecasts
From the course: Creating a Business Plan
Financial forecasts
- Your financial forecast is the heart of your business plan. Without a good forecast, you don't know if you even have a viable business, or what financial results you can expect. When you build your financial forecasts, build them from the bottom up, and build them by month based on unit drivers. So, how many courses are you going to sell? How many widgets are you going to produce? Understand how those drive the financial performance. You'll need to build a full profit and loss statement, with all line items accounted for, and use the assumptions you've already created to drive that financial forecast. You'll forecast your revenues, your costs, how much cash you'll have, what your balance sheet and income statement look like. And if you don't know how to do this, seek professional help from a financial firm. When you build your forecast, you're going to want to have several cases. Build a worst case, where you have…
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