当涉及到 金融建模、陈述事项. 金融模型不仅仅是 电子表格 full of numbers; it’s a powerful tool that tells the story of your business, outlining its potential 和 demonstrating its viability. 当你 向投资者推销,你的 创业公司的财务模式 can help you communicate your company’s value proposition, 在谈判, 确保你成长所需的资金.

与 风险资本现在明显更加稀缺 than it was in 2021, a strong financial model is all the more important. 根据 Crunchbase实际上, not even the rush to fund AI startups in the second quarter of 2023 was enough to pull global VC out of the doldrums.

作为一个 创业咨询师，我帮助我的客户 M&一个顾问, 融资策略, 节演讲, 金融建模, 估值分析等等. I have witnessed firsth和 the challenges startup founders face when they don’t follow one simple rule: Consider your financial models from an investor’s perspective.

与 investors paying such close attention to a company’s financials, you may be tempted—especially if you don’t have a great deal of financial experience yourself—to turn to a professionally designed financial model template for startups. But I don’t recommend this because, in most cases, a template isn’t as plug-和-play as it seems. You could find yourself stuck with large blank areas that don’t apply to your company’s business model, or, 更糟糕的是, parts of the model that you can’t use because you are unable to tweak the embedded formulas the way you need to. 虽然这是在前端的额外工作, you’ll get a more useful 和 professional-looking result if you start from scratch.

在本文中, I discuss how I have helped founders build a financial model with investors in mind—和 how to use the model to create a 有说服力的球场.

关注关键绩效指标(kpi)

在你的财务模型中, it’s important to strike the right balance between including enough information to provide a comprehensive picture of your startup’s financial health, 和 not overwhelming investors with excessive detail. 放大 最重要的指标, 称为关键绩效指标(kpi), which demonstrate your startup’s progress 和 potential. This can seem obvious at the strategic level, but startup founders often get mired 详细.

I once worked with a startup that had developed an innovative e-commerce platform. It was preparing to pitch to investors for its next funding round, 和 had built a financial model so overwhelmingly detailed that the primary KPIs were difficult to find. I helped the founders identify 和 prioritize their startup’s 最重要的kpi 并将它们整合到财务模型中. Here’s how to approach getting the balance right:

了解你的业务和行业

Start by developing a deep underst和ing of your business model, 你的行业, 和 the factors that drive growth 和 profitability. This knowledge will help you pinpoint the specific metrics that investors are likely to focus on when evaluating your 创业的潜力. 例如，a 软件即服务(SaaS)初创公司 might prioritize metrics like monthly recurring revenue (MRR) 和 获得客户成本 (CAC), 而一个 零售业务 might focus on metrics like average transaction value 和 inventory turnover. 在这个例子中 电子商务创业，我们确定了这些指标 获得客户成本, lifetime value, 和 monthly average users would need to be prominent.

使kpi与战略目标保持一致

Make sure you highlight the KPIs that most clearly reflect your startup’s overall strategic objectives 和 growth plan. 例如, if your primary goal is to rapidly exp和 your customer base, you might prioritize KPIs such as the number of new customers, 获得客户成本, 以及客户终身价值. If your goal is to improve operational efficiency, you might focus on KPIs related to 成本控制, such as gross margin 和 operating expenses as a percentage of revenue. 的 aforementioned 电子商务创业 I worked with knew how much money it needed to make in sales to break even, but not how that translated to the type 和 number of customers it needed. We created a dashboard that tracked the number of customers for each sales channel to ensure the startup stayed on target.

明确和突出kpi

Ensure that your chosen KPIs are easy for investors to find 和 underst和 within your financial model. 考虑创建一个专门的 KPI仪表板 or tab that 现在s these metrics in a visually appealing 和 easy-to-read format, 使用图表, 图, 在适当的地方加上表格. You can also include KPIs within your financial statements or in a separate analysis section. Wherever they are, always be certain that they’re clearly labeled 和 easy to interpret.

I helped the 电子商务创业 create a dedicated dashboard that highlighted its key metrics, making it much easier for the investors to see the startup’s performance 和 potential at a glance. In the end, the company was able to secure its desired funding. 的 investors specifically mentioned how the clear 演讲 of KPIs helped them underst和 the business better 和 gave them the confidence to invest.

整合你的上限表

An equally essential step to demonstrate a comprehensive underst和ing of your startup’s financial 和 ownership structures is to incorporate the capitalization (or “cap”) table into your financial model 演讲. 的 帽表 serves as a snapshot of your startup’s ownership, detailing the following components:

• 创始人股票: Ownership percentages held by each founder, reflecting their roles 和 contributions to the startup
• 投资者权益: 天使投资人持有的股份, 风险投资家, 以及其他金融支持者, 以及他们各自的投资回合
• 雇员股票: Stock options 和 grants allocated to employees as part of their compensation packages
• 可转换证券: 可转换票据 or 安全协议, specifying the conversion terms 和 potential dilution effects
• 稀释场景: Potential outcomes of future fundraising rounds, demonstrating your 创业的潜力 growth 和 the impact on current stakeholders

Ensuring consistency between your financial model 和 the 帽表 provides investors with a cohesive 和 accurate picture.

创造紧迫感

一个健壮的 financial model can help you emphasize any opportunities 和 market trends that 现在 unique windows for your startup’s growth—if investors act fast. You can demonstrate urgency by highlighting a number of important factors:

• 对时间敏感的机会: I once worked with an innovative company that developed a groundbreaking 人工智能医疗 解决方案. It used its financial model to highlight the potential for substantial revenue from a new government initiative in telehealth with a limited application window.
• 不作为的后果: 一家科技公司开发了一种新的 物联网设备 for smart homes that is unique, but there are competitors on the horizon. Investors would be able to tell from the financial model that delays in funding could rapidly compromise the company’s projected 市场份额.
• 上市速度: A 食品科技企业 with a lean business model 和 established partnerships might use its financial model to show how quickly it could generate revenue after receiving funding.
• 先行优势: A fintech启动 that is first in its niche could leverage its financial model to show the potential for increased 市场份额 和 br和 recognition with investor support.
• 可扩展性和增长潜力: A SaaS公司 with an impressive growth strategy might use its financial model to highlight its scalable business model, demonstrating how monthly recurring revenue could skyrocket with increased investment.

Highlighting time-sensitive opportunities can help persuade investors that acting fast is essential for a stronger market position 和 higher returns—especially useful today, when capital is much less available than it was a few years ago, 投资者也越来越谨慎.

Format Your Financial Model for Clarity 和 Impact

Now that you know what you need to include, it’s time to sit down 和 build your model. Thoroughness is important, of course, but don’t underestimate the power of smart design too. A good financial model should be as easy to navigate as a well-organized filing cabinet. 以下是如何做到这一点:

• Separate each major component of your financial data into its own tab. 的 must-have tabs usually include assumptions, income statements, balance sheets, 和 现金流量表. 的re may also be tabs for scenario planning 和 your 帽表.
• 避免混乱: You don’t need a separate tab for every view or analysis. 每个语句或主题使用一个选项卡, 和 simply tweak variables to toggle between relevant views.
• 区分你的内容: Use prominent headings 和 subheadings to divide sections. 标题使用粗体, 不同的字体颜色的假设, 输入, 和输出, 斜体表示评论或注释. 如果需要的话, use lines 和 background colors to further differentiate tables, 指示板, 以及其他大块的信息.
• 是一致的: Apply consistent formatting 和 styling throughout. 这意味着所有的头应该看起来一样, 所有的副标题应该看起来一样, 所有的输入看起来应该是一样的, 所有输出看起来应该是一样的, 等. This will go a long way toward making your model’s hierarchies 和 equivalencies easier to underst和.
• 开发视觉辅助工具来展示你的模型: 创建清晰简洁的图表, 图, or tables that re现在 key aspects of your financial model. 这些 数据可视化 can help investors quickly grasp the most important information 和 make your 演讲 更吸引人.

Presentation may seem like a superficial aspect of your model, 和你的实际想法相比, but I can’t overemphasize how much impact it can have. Let’s consider a real-life example, a SaaS company that I once helped. Its product was great—a financial management 和 payments tool targeted at SMBs— 和 its pitch deck was impressive. 它的财务模式, 然而, was like a kitchen where you couldn’t tell the ingredients from the cooked food; the investors told the founders that their model made it impossible for them to see the company’s financial potential.

I saw that the company needed someone to step in 和 help clean up its “kitchen.” I applied consistent formatting to differentiate between the 输入 和 the outputs, 并使每个选项卡更容易浏览. 立即, it was much easier for the founders to manage their own numbers 和 for the investors to underst和 the company’s potential. 作为一个 result, the SaaS startup secured the funding it needed.

Test Your Financial Model—和 Never Stop Testing It

一个健壮的, well-tested financial model demonstrates your underst和ing of the business 和 increases your credibility. To 确保你的模型是准确的, reliable, 和 effectively communicates your 创业的潜力, consider this advice:

• Double-check assumptions, 输入, 和 计算: Make sure all the assumptions 和 输入 in your financial model are based on solid data 和 market research. Check that your 计算 are accurate 和 logically derived from your 输入. Use industry benchmarks or historical data to validate your assumptions 和 provide a foundation for your projections.
• 对你的模型进行压力测试: 行为 敏感性分析 by changing key variables 和 assumptions in your model to see how the outcomes are affected. This helps you underst和 the potential risks 和 uncertainties associated with your business, 和 prepares you to address investor concerns or questions about different scenarios.
• 向值得信赖的专家寻求反馈: 分享 your financial model with experienced professionals, 比如顾问, 导师, or peers who have successfully navigated the fundraising process. 的y can help you identify any weaknesses, inconsistencies, or areas for improvement.
• 定期重新审视和更新你的模型: As your business evolves, so should your financial model. 定期 用新数据更新模型, market research, 和 any changes in your business strategy. This not only ensures that your model remains accurate but also demonstrates your ongoing commitment to underst和ing 和 managing your startup’s financial health.

Be Prepared to Answer Questions 和 Defend Your Assumptions

根据我的经验, investors—especially for early-stage companies—prioritize two things: whether the numbers are reasonable, 和 whether the founder actually underst和s how their business works. To effectively address inquiries 和 instill confidence, you must know every aspect of your model inside 和 out so you can explain 和 defend your assumptions, 计算, 和 财务预测 详细. 以下是如何准备:

• 理解你的假设: 这似乎是显而易见的, but you’ll need to be able to explain to investors where your assumptions come from—for example, industry research may reveal trends or cycles you can expect to replicate.
• 解释你的方法: 你到底是怎么得出这些数字的? Transparency 和 willingness to share your process reassures investors 和 builds credibility.
• 做好调查研究: Your investors likely know more about 你的行业 than you do. Use reputable sources relevant to your field to show that your assumptions are based on information your investors can 和 do trust.
• 预测常见问题: Prepare for likely inquiries about your model 和 practice your responses. 例如, 如果你有一家SaaS公司, you should be ready to answer questions about how you manage your churn rate, 你计划如何扩大客户支持, 以及其他相关问题.

一次又一次, I’ve seen how much a simple model refresh can change the game for a startup struggling to break through to investors. A 格式良好的财务模型 ensures that investors can quickly grasp key insights 和 see the potential in your startup. 格式不佳的模型, 另一方面, 会造成混乱, which undermines the story you’re trying to tell.

同样重要的是, a model that is well-organized 和 customized to your business makes it easier for you, 作为创始人, 阅读和使用. A financial model is the foundation upon which you will build your company. It’s what you will use to make virtually every decision that affects your company’s future: tracking your progress, 测试你的想法, 分配资源, 寻求资金, 分析风险, 预测你的成长. Imagine how damaging it would be to make a decision based on unclear, 不准确的, 或者不完全信息, 因为你的模型太混乱了.

Not every founder is a nuts-和-bolts finance expert—和 you don’t have to be. 具有专业的设计和日常护理,你的 创业公司的财务模式 can make it easier to run your company 和 increase your chances of securing the investment you need to grow your business 和 achieve lasting success.