I am delighted to announce that I have published an online training programme called ‘Creating Financial Projections for a Local Business‘. One year access is €50 including VAT.
This ONE HOUR online programme is for you if:
You a startup promoter or small business owner who needs to create financial projections for your business to apply for a loan to a bank? Or you need projections to apply for financial support from the Local Enterprise Office or Leader.
The Online Workshop Approach
The online workshop takes a step by step approach to creating Financial Projections. A case scenario called TLC Mobile Dog Grooming is used to illustrate the steps involved. An Excel template is provided for download with all the formulas embedded.
The Introductory Module presents details of the fictitious TLC Mobile Dog Grooming business to include assumptions relating to activity that will allow us to calculate Turnover. It also presents the assumed costs of the business. The promoter needs to buy a Van and fit it out. So he needs a loan from the bank.
Module Two provides a quick overview or introduction to Accountancy to set the scene. This quickly (12 minutes) explains Cashflow, P&L and Balance Sheet. I am not an accountant but i do a lot of projections. BTW, here is the P&L that is produced for TLC by the end of the workshop.
Module 3 and 4 work through the Excel template to create the Cashflow forecast for 3 years, P&L for 3 years and the 3 year Balance Sheet. The smart excel template does a lot of the work as it automatically copies figures from one sheet to the next. So you don’t actually put any figures into the Balance Sheet …… but you do need to double check that it balances. BTW, here is the Balance Sheet that is produced for TLC by the end of the workshop.
This is a relatively simple and hopefully understandable example but the process outlined here is sufficiently advanced that once completed you will be able to use the Template and what you have learned along with figures for your own business to create straightforward financial projections for your local business.
I think that creating robust financial projections is of fundamental importance to startups. It helps firstly to determine the viability of the business and whether you should proceed. It secondly presents the value of the business and highlights funding required and the return achievable. I deliver training workhops on Financial Projections for New Frontiers in IT Sligo and Letterkenny IT (LyIT) and appreciate the difficulty that startups have with projections. I hope this online programme solves a problem for you and provides good value.
Module 3 (of the 5 modules) is available as part of the Free Trial – here is an extract.
The full module is 11 minutes and is avialable as part of the Free Trial (have to set up an account on my Thinkific powered website).
p.s See my earlier blogpost on how to make your business plan look professional which explains how to copy financial projections from Excel into MS Word.