Ensuring to have a healthy business is to have a working financial plan that will help with managing the business to make the right strategic financial decisions. Especially for startup businesses, creating a financial plan is a critical factor for the business’ survival against countless competitors and other risks that one might encounter especially for startups that’s new to the industry. Hence, it is very important to create a financial plan for startups.
Usually, when creating a financial plan, it is better to build it in Excel spreadsheets since it is more convenient and easier to understand by any user who knows how to use Excel. But simply knowing how to use Excel is not enough. You will need the right components, logic, and know-how regarding the factors that need to be considered for a startup business. Thus, making use of ready-made startup financial model template Excel version is very beneficial to serve as a base to start with as well as a reference to build their very own financial model for a startup models.
When creating a financial model from scratch, a lot of time is needed to be set aside just to build a financial model for your business or for an investment. Not to mention that you at least need to have an acceptable amount of industry know-how to make the financial model reliable, make sense for investors, and work as a guide for decision-making.
If you want to build a financial plan for your startup business, try to use a startup financial model template in Excel first to help you familiarize on how to create financial models for startup businesses. You can acquire a copy from here: Startup Financial Model Templates in Excel to help you lessen the time spent with your financial modeling tasks. You can also use other industry-specific financial model templates at eFinancialModels, a platform which offers a wide range of financial model templates for different use cases.