How did you build your business financial model?

Question

I am curious to learn how you came up with the financial model for your business?

Ilija Obocki · Accepted Answer

I spend a lot of time learning online and testing various models before I found the one that works.

Answer

I used Modeliks and saved me a ton of time

Gurkaran Singh · Answer

As a tech enthusiast with diverse industry experience, I'm always intrigued by different approaches to building financial models. It's fascinating to see the creativity and logic behind each entrepreneur's methodology. Looking forward to hearing more unique perspectives from the community!

Bojan Dz · Answer

@aleksandra_trajchevska this is a great and very detailed response. Do you ever find it hard to navigate through Excel spreadsheets, I personaly find it very anoying that I have to adjust formulas all the time and correct broken links.

Aleksandra Trajchevska · Answer

@b_dz1 Yes, it is very difficult and responsible process in creating new business financial model, because one mistake can change the whole picture about company. But at the other side, with excel you can make custom template for any field of finance and you can design that according to your needs.

Aleksandra Trajchevska · Answer

First of all, I determine the goals and needs which I would like to achieve with business financial model. Then, depend of my goals, I create and use different templates in MS Excel. The models usually contain revenues and expenses, accounts receivables and accounts payables, assets, cash flow, revenues by different categories and expenses by different types. In the end of building model process, I always use some control points to ensure model accuracy. Then, based on financial analysis, I add my financial opinion about future financial performance of the business, add conclusions about past performance and note some important key points as internal financial reporting to owners and management team.

Miki Topalovski · Answer

Hired a consultant

Ivo Ivanovski · Answer

After years of using Excel and losing weeks of time, finally with @modeliks I did it in just under a week.

CLeonard CLeonard · Answer

Financial services encompass a broad range of offerings, from banking and investment to insurance and wealth management. One crucial aspect of these services is customer support, which can significantly impact client satisfaction. For instance, rio grande credit union customer service stands out for its commitment to personalized support and problem resolution. With a focus on understanding individual financial needs, they offer tailored solutions and responsive assistance. High-quality customer service in financial institutions like Rio Grande Credit Union helps build trust and ensures that clients receive the guidance they need to make informed financial decisions.

How did you build your business financial model?

Replies