Annual Financial Planning Resources for Startups

A strong financial plan gives you and your team clarity on where your startup is headed, the resources you’ll need to get there, and the choices that will have the biggest impact on growth. With the right financial foundation, you can stay ahead of cash flow challenges and move decisively when opportunity knocks. If your plan hasn’t been updated recently, start now. Your future self will thank you.

To help you get started, I’ve curated a list of nine articles from Burkland’s blog, each covering a different aspect of financial planning for startups:

1. What Types of Financial Plans Do Startups Need?
   Startups need three types of financial plans: a Long-Range Financial Plan, an Annual Financial Plan, and an Intra-Year Forecast. This article explains each plan in detail, how they work together, and the best timing and frequency for preparing them.
2. Three-Step Approach to Annual Financial Planning for Startups
   This article simplifies annual financial planning into three steps: building your financial model, gathering inputs and evaluating scenarios, and finalizing your plan for board approval. Following these steps will help your startup build a solid foundation and a clear roadmap for the upcoming year.
3. Annual Financial Planning for Startups: Part One – Preparation
   The first part of this series focuses on preparing for financial planning by understanding the six key objectives and designing an efficient planning process. It includes practical tips on who should be involved, when to start, and which tools to use, tailored to your company’s size.
4. Annual Financial Planning for Startups: Part Two – Projections & Plans
   Part two shifts the focus to building out your financial projections and plans with a walkthrough of the critical deliverables from your annual financial plan. It provides a sample forecast model and guidance on building a comprehensive plan, including revenue, expenses, cash flow, KPIs, and incentive compensation.
5. Annual Financial Planning for Startups: Part Three – Executing on Your Plan
   The final part of the series covers executing your financial plan. It offers strategies for updating forecasts throughout the year and setting up scenario plans to quickly adapt to significant changes or pivots.
6. The Importance of Scenario Analysis in Financial Planning
   This article emphasizes the importance of scenario analysis for planning around various “what-if” situations. It recommends setting clear triggers and pre-planned actions for different scenarios, helping your startup stay agile and make better strategic decisions amid uncertainty.
7. How Do I Build a Financial Model My Startup Can Actually Use?
   Part one of Burkland’s three-part financial modeling series, this article covers the basics, including what a financial model is, how startups use their model, important inputs, when to use a top-down vs bottom-up model, how far out to project finances, and more.
8. How Do I Build a Financial Model That Supports My Startup’s Growth?
   Part two of our financial modeling series focuses on modeling for growth, with key insights including how to use internal and industry data to develop a realistic revenue forecast, common early-stage revenue modeling mistakes, demonstrating scalability, and modeling headcount.
9. Do I Really Need a Financial Model to Raise Venture Capital for My Startup?
   For the final part of our financial modeling series, we move over to fundraising, examining the role of a financial model in raising venture capital, important metrics and KPIs, and what makes a financial model investor-ready.

Take the Next Step with Professional Financial Planning

Getting your financial planning right is essential for your startup, but it’s not always easy to handle all the details on your own. Burkland’s fractional CFOs and strategic finance team are here to help you develop a tailored financial plan that fits your unique needs and sets you up for success. Contact us to request more information.