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Here’s what we will cover today:

• Create a financial plan to secure funding & ensure long-term viability

• Grab a business plan template used by thousands to raise billions

• Uncover the hidden danger of "strategy myopia" & learn Paul Graham's advice    

Quote of the Day

“Challenges are what make life interesting and overcoming them is what makes life meaningful.”
~Joshua J. Marine

Today’s Tip

In this week’s newsletters, we've explored various aspects of business planning, from refining your vision to optimizing operations. Now, let's turn our attention to the financial health of your business.

A well-crafted financial plan is essential for making informed decisions, securing funding, and ensuring the long-term viability of your business. Accurately predicting your future financial performance can proactively address potential challenges and capitalize on opportunities.

Here are the key components of your financial plan:

• Revenue Projections: Forecast your future revenue based on historical data, market trends, and sales projections.

• Expense Budgeting: Create a detailed budget that outlines your anticipated expenses, including operational costs, marketing expenses, and salaries.

• Cash Flow Analysis: Project your cash inflows and outflows to identify potential cash shortages or surpluses.

• Profit and Loss Statement: Forecast your net income or loss for a specific period.

• Balance Sheet: Project your assets, liabilities, and equity at a specific point in time.

Here are some tips for preparing accurate financial projections:

• Use Historical Data: Analyze past financial performance to identify trends and patterns.

• Consider External Factors: Account for economic conditions, industry trends, and competitive pressures.

• Be Realistic: Avoid overly optimistic or pessimistic forecasts.

• Regularly Review and Update: Monitor your actual performance and adjust your forecasts as needed.

• Consult with a Financial Advisor: Seek expert advice to ensure the accuracy of your financial projections.

Take some time to review your financial records. What trends do you see in your revenue and expenses? How can you use this information to improve your financial forecasting?

Today’s Resource

Get The Template & Data You Need To Grow Your Business

If you're writing a business plan, you'll want to use this template. It's helped over 100,000 entrepreneurs raise billions of dollars.

And if you need help conducting market research, we've got you covered. We've conducted research for over 10,000 businesses and can help you get the data you need to make critical decisions for your company.

​Click to learn about our Market Research Service

Trivia

Today’s Question: What does the acronym EBITDA stand for?

Previous Question: What was the name of the first commercial desktop computer?

Previous Answer: The Programma 101.

Released in 1965, the Programma was the first commercial "desktop computer.”

By today’s standards, it would be considered a programmable calculator with printing capabilities.

News

The Problem with Strategy Myopia

Advice Paul Graham gave Sam Altman that not enough people take

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