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Financial planning for startups

March 25, 2013

“Financial planning is the process of meeting your goals through the proper management of your finances.” — Certified Financial Planner Board of Standards

Following a break in the series to host MaRS Future Leaders over the March Break (click here for pictures), Entrepreneurship 101 is back to talk about a hot topic for startups: money.

Speaker Andrew Graham, senior director of insurance at President’s Choice Financial, focused his talk on financial planning and budgeting for the startup CEO.

Good finances are important for running a successful startup, as they are a sign of a sustainable business model and make it easier to pay bills and put money in your pocket. However, managing finances can be a daunting task for many entrepreneurs. In his talk, Andrew explained how to spend less time focusing on numbers and more time on growing your business.

Using case studies, Andrew defined and examined three tools for financial planning:

  • income statements;
  • cash flow forecasts; and
  • balance sheets.

More importantly, he explained how these tools differ from each other and how to avoid common pitfalls when analyzing these statements.

This is just a start to understanding financial planning. If you need specific advice for your company, it is important to turn to the experts. MaRS offers advisory services that cover a range of topics, including  financial management and accounting.

Learn why cash is king by watching Andrew’s full lecture here.

Produced by MaRS Media.

Short on time? Check out our Hot Tips video on financial forecasting.

Next lecture: Recruiting on Wednesday, March 27, 2013

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Lauren Seymour

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Lauren works with the entrepreneurship programs team at MaRS. She helps keep track of thousands of event attendees and assists in marketing efforts to keep them coming back for more.

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