3/15/2021 Tip: Weak Financial Models

Today’s Quote

“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.”
~ Seth Godin

 

Today’s Tip

One important area where otherwise solid companies falter is in their failure to create realistic financial projections.

Specifically, particularly in your business plan, you should create financial projections that show the potential impact on your bottom line should you choose to pursue different opportunities.

In developing these projections, be sure to identify the resources required to execute on the opportunity (including cash and human resources), the time needed (in months) to execute on the opportunity, and best, worst and average case scenarios.

Developing accurate financial projections for each potential growth opportunity will help you choose the one(s) that will have the greatest return on investment for your company.

 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here <—

 

Trivia

Today’s Question: Which computer legend is said to have possessed a “Reality Distortion Field”?

Previous Question: In 2008, Google used a specially branded version of what personal hygiene product to market its Gmail email filtering technology to a Russian market?

Answer: Bars of soap

When photos of the soap appeared with the Gmail logo on the box and imprinted on the bar, most believed it was just a clever Photoshop trick. But it was actually a clever wordplay on Google’s part using the sound-alike Russian slang for email and soap. The text under the logo on the box read: “Gmail: The Cleanest Soap” (to explain how Gmail filtered out junk email messages).

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