Forums: Discussions for entrepreneurs and small business.

I believe that entrepreneurs should build their own financial projections themselves. Getting an accountant to deal with it and washing your hands is just not good enough. Entrepreneurs should take the time to understand financial planning in relation to their start-up. It's actually quite easy. Entrepreneurs will have a greater understanding of their business model and be able to formulate a better business strategy.

Here is a slidecast tutorial that introduces how to do financial projections for entrepreneurs.

http://www.lostjobstartbusiness.com/blog/how-to-construct-financial-projections-for-entrepreneurs/

What's your opinion?

I agree completely that an entrepreneur must create their own financial statements whether for their own use or for a formal business plan.

The business owner must be in complete control and have absolute knowledge of how each conclusion or assumption was reached. If you plan to present your business plan to investors or loan officers or the SBA you must be able to defend your numbers. You WILL be questioned on your financials and you better be prepared to respond with confidence.

Very good tutorial. 

Nice presentation.  I also agree that every business owner should know their numbers.  However, most don't.  As I listened to your audio and slide it seemed to me that most budding entreprenuer's would find even your presentation over their heads, specially in the balance sheet and liability phase.  So how can we make it simple?