# Creating Financial Projections

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1 Creating Financial Projections Modified from the following source: Dr. Stan Abraham, College of Business Administration, CA State Polytechnic University, Pamona

2 What Must Be Included Two years of projections (in Excel) Project cash flow, not income statements or balance sheets By month, with subtotals for each year Of revenues (and components of revenues) Of expenses (all that are likely) All subtotaled Assumptions as to how the numbers were derived (in Word) In detail, accounting for every number in the projections (do line by line)

3 Three Types of Projections 1. Most likely case - Contains your very best estimates - Forms the basis of your operating plan 2. Worst-case scenario - Proves you can survive a disastrous start - Useful for calculating capital required and B/E 3. Best-case scenario - Useful for anticipating problems of higher-thanexpected demand and too-rapid expansion - Will not be required this quarter

4 Most Critical Requirement Realism Anyone can string together numbers Unrealistic numbers can be spotted easily All credibility is lost Using realistic numbers Requires research Requires experience Requires resisting making them look better than they are The numbers used also reflect how you will manage the company How you will drive revenues (targets to achieve) How you will control costs and expenses (budgets to be adhered to)

5 The Revenue Model Include a separate line for each component of revenue, and one for Total Revenues, e.g., Sales of main product Sales of accessories Sales from consulting and service calls This comes from what you have already done in your marketing plan Remember to write down how all the numbers were derived (include only cash receipts, not accounts receivable)

6 The Revenue Model (cont.) If you have reason to believe that you will get paid according to a pattern, e.g., 50% within 30 days, 30% 60 days, 10% 90 days, 5% 120 days, and 5% never, then cash receipts must take into account this pattern (see next slide) This is how accounts receivable are factored into a cash projection

7 Factoring in A/R Month>>> Revenues Factoring in the pattern introduced earlier: 150 Revenues Revenues Revenues Revenues Revenues Revenues Total Revenues etc.

8 Expenses Include every kind of cash expense your company will possibly incur, e.g., Salaries Wages Benefits Equipment Supplies Telephone Hardware/software Leases (autos, equipment) Rent (or mortgage payments) Commissions Travel and entertainment Brochures Advertising & promotion Coupons and discounts Consulting/accounting services Legal services Insurance (pay only when due) Website development/maintenance Training Conferences/trade shows, etc.

9 Expenses (cont.) You may need supplemental schedules These contain details that would clutter the main projections Only the totals from these schedules are transferred to the main projection For example, numbers of people hired at different times and at different salaries (only the total salary line is transferred to the projections) Remember to build in benefits (typically 15% for partial and 25% for full, as a percent of someone s salary; hourly-wage earners don t get benefits) Remember to allow for raises or other increases (e.g., bonuses) in costs from year 1 to year 2

10 For Each Set of Projections Include a row called Monthly Surplus (Loss) which is monthly total revenues less monthly total expenses Note that these numbers are not profit numbers (yet) Under that, include a row called Cumulative Surplus (Loss) which is the sum, in any one month, of all previous surplus (loss) figures This cumulative surplus line will initially be negative for several months The month in which it becomes permanently positive, in the most likely case, is called the BREAKEVEN MONTH

11 Startup Capital Required This is derived from the worst-case scenario The most negative number in the cumulative surplus (loss) row is the startup capital required If \$1.5M is the startup capital required as determined above, then were you to start off with that amount of capital, you could survive the worst times you could imagine for this business

12 Financial Projections Results You should be able to give the following results or objectives to an investor from your financial projections Est. total revenues, Yrs 1 and 2 (from ML case) Est. profit (EBIT), Yrs 1 and 2 (from ML case) Startup capital required (from worst case) Breakeven month (from ML case) Return on investment, Year 2, assuming the investment is the startup capital and the profit earned is the sum of Years 1 and 2 (ML case)

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