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How to make a financial and economic plan for your startup

To know if your emerging company is viable, it is necessary to make a financial and economic plan that brings together the studies that the entrepreneur must carry out on income and expenses, as well as the collections and payments of the project.

This is necessary for those entrepreneurs who already have their startup developed as well as for those who have a business idea and want to materialize it.

Before starting with the economic plan, we recommend that you prepare your business plan, although doing so in a very detailed and exact way can be almost a chimera, since in this type of company there are multiple adaptations.

Therefore, a financial plan allows you to know the short-term financing needs (routine operation of the startup) and long-term (investment financing).

It allows you to know the economic viability and the possible returns and conversions.

It allows you to analyze the minimum volume of sales necessary to start making money, to overcome the deadlock.

It allows studying the factors that can affect both positively and negatively the company.

Next, we are going to present the essential points for your financial plan.

Investment plan: start by defining what the necessary investments are or will be for the start-up of your emerging company, as well as detailing the needs for operational cash, payment to suppliers, stock of materials, etc.
Balance: performs an exhaustive analysis of the financial situation of the startup and determines its value, how much it owes and how much it has.
Profit and loss account: it is essential to have a forecast of future results in which you include the volume of sales and other income and the costs necessary to offer your products and services.

Cash budget: know in detail what is the sum of the different budgets such as sales, administration, development, capital, etc. And perform sales forecast, staffing plan and cost of sales, as well as check cash flow status.

Treasury plan: at this point the outflows and inflows of money will be reflected based on the operations that a company is going to carry out during a certain time. In this way, we will be able to know at all times the liquidity situation of the project and if it is necessary to resort to external financing or not.

5 de April de 2022

Colaborador ICC



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