mic 2014 workshop financial plan (nov 2014)
DESCRIPTION
Financial Plan workshop (Nov 18th, 2014) for Microsoft Innovation Center Brussels' boostcamp programme, together with Catherine Blondiau of impulse.brusselsTRANSCRIPT
Xavier Corman | Martin van Wunnik 1 07/02/2012 Xavier Corman | Martin van Wunnik 1 17/04/2012
MIC boostcamp - Finance workshop
P&L “Carton de bière”, what’s next?
Key parts and logic behind your financial plan
Catherine Blondiau
Martin van Wunnik
18 Nov ’14
Xavier Corman | Martin van Wunnik 2 07/02/2012
Who are we ?
Martin van Wunnik
Catherine Blondiau
18 Nov ’14
Xavier Corman | Martin van Wunnik 3 07/02/2012
This presentation is available for free:
http://www.slideshare.net/FinanceCoach24
18 Nov ’14
Xavier Corman | Martin van Wunnik 4 07/02/2012 Xavier Corman | Martin van Wunnik 4 17/04/2012
Why a Financial Plan ?
If you don't think about the future,you cannot have one.
John Golsworthy
where you want to go
how you are supposed to get there
You need to know
18 Nov ’14
Xavier Corman | Martin van Wunnik 5 07/02/2012 Xavier Corman | Martin van Wunnik 5 17/04/2012
Financial PlanThe Financial Plan is a forecast about the future : basically the financial translation of your project /business model which allows you to :
• Check the viability of your project• Estimate the financial need of your startup • Calculate the break-even point• Understand the key metrics that influence
your business
18 Nov ’14
Xavier Corman | Martin van Wunnik 6 07/02/2012 Xavier Corman | Martin van Wunnik 6 17/04/2012
Financial Plan
18 Nov ’14
Some key elements not to forget :
• Be coherent • With your business model / business plan
• Costs versus Sales
• Cash is key • Working Capital Requirement • Each financial need has an appropriate source of
financing • A financial plan is also a legal obligation to launch a
company
Xavier Corman | Martin van Wunnik 7 07/02/2012 Xavier Corman | Martin van Wunnik 7 17/04/2012
Financial Plan
Content– Assumptions– Profit & Loss– Balance Sheet / Investment– Cash-Flow -> Cash needed Cash=king! CIMITYM
– Valuation of the project– Profitability / return of the project
18 Nov ’14
P&L “Carton de bière”
Xavier Corman | Martin van Wunnik 8 07/02/2012 Xavier Corman | Martin van Wunnik 8 17/04/201218 Nov ’14
Xavier Corman | Martin van Wunnik 9 07/02/2012 Xavier Corman | Martin van Wunnik 9 17/04/2012
Accounting: Profit & Loss (P&L)
Revenues (Sales…)
COGS (Cost of Sales)
General Expenditures
Personnel Costs
Depreciation
Financial cost
Profit
Taxes
EBIT
18 Nov ’14
Xavier Corman | Martin van Wunnik 10 07/02/2012 Xavier Corman | Martin van Wunnik 10 17/04/2012
Accounting: Balance Sheet
Non Current Assets(Actifs Immobilisés/
Vast Activa)
Equity + Reserves (Capital/Kapitaal)
LT Debts
ST Debts
Current Assets (Actifs circulants/Vlottend Activa)
ACTIVE PASSIVE
18 Nov ’14
Xavier Corman | Martin van Wunnik 11 07/02/2012 Xavier Corman | Martin van Wunnik 11 17/04/2012
Required Cash-Flow
18 Nov ’14
Xavier Corman | Martin van Wunnik 12 07/02/2012 Xavier Corman | Martin van Wunnik 12 17/04/2012
How to finance your startup ?
18 Nov ’14
Xavier Corman | Martin van Wunnik 13 07/02/2012 Xavier Corman | Martin van Wunnik 13 17/04/2012
Impulse template
Don’t hesitate to use different colors to better identify
hypothesis vs facts
18 Nov ’14
Xavier Corman | Martin van Wunnik 14 07/02/2012 Xavier Corman | Martin van Wunnik 14 17/04/2012
Sales & Costs
(find your specific drivers for both aspects)
18 Nov ’14
Xavier Corman | Martin van Wunnik 15 07/02/2012 Xavier Corman | Martin van Wunnik 15 07/02/2012
Financial assumptionsHow to estimate your Sales?
Xavier Corman | Martin van Wunnik 16 07/02/2012 Xavier Corman | Martin van Wunnik 16 17/04/201218 Nov ’14
2.1. Chiffre d'affaires : Volume de vente (= nombre d'unités vendues, mois par mois, pour chaque produit-service)
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
2.2. Chiffre d'affaires : Prix de vente (= prix unitaire, mois par mois, pour chaque produit-service, hors TVA)
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
(-) 21% - - - - - - - - - - - -
Année 1 - 2014Taux de TVA
Xavier Corman | Martin van Wunnik 17 07/02/2012 •17
SALES
•Market potential = (Average Purchase * How Much * How Often)
•Market potential = (Average Purchase * How Much * How Often)
Xavier Corman | Martin van Wunnik 18 07/02/2012
What ?
Xavier Corman | Martin van Wunnik 19 07/02/2012
Price?
Pricing of alternative solutions
How much is the customer ready/willing to pay?
Price:- Not too low- Not too high- Coherent
Evolution of the selling prices?
What is the average amount per purchase?
Test it!Test it!
Xavier Corman | Martin van Wunnik 20 07/02/2012
How Much?
2 methods to evaluate How Much you will be able to sell
•Top Down •approach starts with market and industry data.
•Top Down •approach starts with market and industry data.
•Bottom Up•approach starts
with your customers and your resources
•Bottom Up•approach starts
with your customers and your resources
Xavier Corman | Martin van Wunnik 21 07/02/2012
How Much? – Top Down A Top Down analysis is calculated by determining the total
market, then estimating your share of that market.
It works in 3 steps :
1. Total Available Market (TAM) : How large is the market if all customers buy your product ?
2. Serviceable Available Market (SAM) : Focus on your own technology/services
3. Serviceable Obtainable Market (SOM) : Which realistic market share can be obtained by myself, considering competition, countries, my sales/distribution channels and other market influences?
Xavier Corman | Martin van Wunnik 22 07/02/2012
How Much? – Top Down : Example
You want to sell internet access in Europe
Each account will yield €250 per year.
Expected revenue : € 1 billion (4 millions ×€250/customer)
TAM Total population of Europe 500 millions
SAM% of the population who want
internet access80%
400 millions
SOMBased on your market study, you
expect to achieve 1% of that potentiel audience
1%4 millions
Xavier Corman | Martin van Wunnik 23 07/02/2012
How Much? – Bottom-Up
This approach allow you to estimate the sales considering the client and your resources.
The idea is to understand how much you will be able to sell considering the resources of your company : - Time- People- Money
Xavier Corman | Martin van Wunnik 24 07/02/2012
How Much? – Bottom Up: Example
You want to sell internet access in Europe
Each account will yield €250 per year.
Expected revenue : € 150 000 (600×€250/customer)
We can bring on board five salespeople 5 salespeople
Each salesperson can make ten phone sales calls a day that get through to a prospect.
10 calls/day
There are 240 working days per year. 240 days
5% of the sales calls will convert within six months 5%
Estimated sales 600
Xavier Corman | Martin van Wunnik 25 07/02/2012
How Much?
Combine both approaches
- Use top-down analysis to estimate the market opportunity for your company—to decide whether you want to try it in the first place
- Use bottom-up analysis to get a realistic and testable estimate of what you can achieve within the first years of your startup
Challenge both approaches and present a coherent global perspective of your estimated sales
One-off/recurring/bundled sales?
What are the supporting trends of your market ?
How fast will the market grow?
Xavier Corman | Martin van Wunnik 26 07/02/2012
When & How ? How and When are you going to sell your products ?
Sales channels: Direct / Indirect – focus may shift over time
Xavier Corman | Martin van Wunnik 27 07/02/2012
When & How ? - COCA Impact on the cost of customer acquisition (COCA)
€?
Xavier Corman | Martin van Wunnik 28 07/02/2012
When & How ? - COCA Impact on the cost of customer acquisition (COCA) :
- It costs money to achieve each sales
- How much resources (time, €, HR) does it require (cf Bottom Up approach)?
- Includes unsuccessful prospects
- To be taken into account in your financial plan
- Choice of channels :
Financially sustainable?
Xavier Corman | Martin van Wunnik 29 07/02/2012
When & How ? - COCA & LTVOAC COCA & Life time value of an acquired customer
- Cost of Customer Acquisition (COCA)
- Life time value of an acquired customer (LTVOAC)
- Each acquired customer will provide you with revenues during his life time (as a client of your company)
- Put those revenues in perspective with the COCA
COCA = Sales & Marketing Costs / Customers
LTVOAC = revenue over life time x gross margin
Xavier Corman | Martin van Wunnik 30 07/02/2012
When & How ? - COCA & LTVOAC
Lifetime value of a gym member who spends €20 every month for 3 years?
- €20 X 12 months X 3 years = €720 in total revenue (or €240 per year)
How much will it cost you to acquire this client? Allowable acquisition cost?
How to optimize LTVOAC?
Discount while managing CF
Xavier Corman | Martin van Wunnik 31 07/02/2012
Don’t Forget …
Probably one of the most important parameters … and certainly the most difficult to estimate !!
Consider different (sub)categories of products and/or services
Consider the volume of units (products/services) sold and the respective selling prices
Outputs– Per product (category)– Per client / market / segment– Per channel– Combine ?
Xavier Corman | Martin van Wunnik 32 07/02/2012
Don’t Forget …
Gross sales or Net sales (e.g. after commission, bad debts…)
Consider the initial volumes and the growth rates for each line of products/services without forgetting the market’s dynamic (seasonality, evolution of the selling prices, growth…)
Be aware of potential delays and lower (initial) volumes & growth rates than expected.
Consider the sales without VAT (unless you do not recuperate it !)
Xavier Corman | Martin van Wunnik 33 07/02/2012
Don’t Forget …
The sales data should be based on tangible elements and hypothesis directly linked to the business plan
In no circumstances should the volume of sales be based on the costs … : “ spontaneous sales creation ” in order to achieve break even or benefit on paper does not help and could possibly endanger your credibility in the eyes of third parties
To keep in mind:
- User friendliness, avoid too much items- Internal logic : price, discount, cost of sales, payment
conditions… & cycle
Xavier Corman | Martin van Wunnik 34 07/02/2012 Xavier Corman | Martin van Wunnik 34 17/04/2012
Your answers to...
18 Nov ’14
Xavier Corman | Martin van Wunnik 35 07/02/2012 Xavier Corman | Martin van Wunnik 35 07/02/2012
Financial assumptionsHow to estimate your Costs?
Xavier Corman | Martin van Wunnik 36 07/02/2012 Xavier Corman | Martin van Wunnik 36 17/04/2012
Fixed costs
1. What is the structure to run the business: SPRL/BVBA or SA/NV?
How many (co)founders and employees (1, 5 or 50)? Employees or outsourced workforce?
2. Back-office services required?
3. Required operational fixed costs?
4. Where: in Brussels, Wallonia, Flanders? Any outsourced activities outside Belgium?
R&D
1. Budget and estimated period? Type of R&D? Recurrent?
2. How many people for R&D?
Investments
1. Planned investments? Computers, software licence, machines, etc…
2. Budget and schedule of the investments. Subsidies ?
18 Nov ’14
Xavier Corman | Martin van Wunnik 37 07/02/2012 Xavier Corman | Martin van Wunnik 37 07/02/2012
• Costs of goods/services sold
• (Other) Operating Costs
Xavier Corman | Martin van Wunnik 38 07/02/2012 Xavier Corman | Martin van Wunnik 38 17/04/201218 Nov ’14
3. Coûts des ventes
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
3.1. Achats de marchandises : Coûts d'achat des marchandises liées aux produits-services vendus, mois par mois, pour chaque produit-service, exprimés en pourcentage du chiffre d'affaires, hors TVA
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3.2. Autres coûts de vente liés au produit-service vendu, mois par mois, pour chaque produit-service, exprimés en pourcentage du chiffre d'affaires, hors TVA
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
(-) 21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Taux de TVA
Année 1 - 2014
Xavier Corman | Martin van Wunnik 39 07/02/2012 Xavier Corman | Martin van Wunnik 39 07/02/2012
= Cost of SalesVariable costs directly linked to the goods / services sold
and highly or totally proportional to the sales
Can be close to zero for some kind of activities
Much easier to predict than the volume of sales itself (should logically be based on tangible elements)
COGS : Cost of Goods / Services sold
Xavier Corman | Martin van Wunnik 40 07/02/2012 Xavier Corman | Martin van Wunnik 40 07/02/2012
Two main categories:
a) goods purchased and/or manufactured
means a potential inventory and an additional financial need
b) other costs, linked to sales, with no impact on inventory
eg. Transport, payment or packaging costs
COGS : Cost of Goods / Services sold
Xavier Corman | Martin van Wunnik 41 07/02/2012 Xavier Corman | Martin van Wunnik 41 07/02/2012
Deducted from the sales, it will give the gross margin or gross revenues
Often an important parameter, notably to monitor the evolution of profitability & to make comparison
with company in similar business
In some cases, there is a grey zone whether some costs « should » be integrated in the COGS or the general expenses, with some freedom to choose
COGS : Cost of Goods / Services sold
Xavier Corman | Martin van Wunnik 42 07/02/2012 Xavier Corman | Martin van Wunnik 42 17/04/201218 Nov ’14
5. Stocks et délais de paiement
0 0.0
0 0.0
0 0.0
0 0.0
0 0.0
0 0.0
Délai moyen de paiement des clients (de 0 à 6 mois) 1.0
Délai moyen de paiement aux fournisseurs (de 0 à 6 mois) 1.0
5.1 Stocks
5.2. Délais moyen de paiement des clients
(-)
(-)
(-)
(-)
(-)
(-)
Stock Minimum (en valeur achat)
(euro htva)
Rotation moyenne du stock tous les
mois(euro htva)
mois
mois
(euro htva)
mois
mois
5.3. Délais moyen de paiement aux fournisseurs
mois
mois
(euro htva)
(euro htva)
(euro htva) mois
Xavier Corman | Martin van Wunnik 43 07/02/2012 Xavier Corman | Martin van Wunnik 43 07/02/2012
• Costs of goods/services sold
• (Other) Operating Costs
Xavier Corman | Martin van Wunnik 44 07/02/2012 Xavier Corman | Martin van Wunnik 44 17/04/201218 Nov ’14
6. Frais généraux (mois par mois, hors TVA)
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
610 - Loyers et charges locatives 21% - - - - - - - - - - - -
6120 - Fournitures - Eau, gaz, électricité, vapeur 21% - - - - - - - - - - - -
6121 - Fournitures - Téléphone, GSM, Internet 21% - - - - - - - - - - - -
6124 - Fournitures - Autres 21% - - - - - - - - - - - -
6131 - Assurances hors RH (incendie, vol, autos, crédit) 21% - - - - - - - - - - - -
61321 - Honoraires d'experts - Comptables & fiscalistes 21% - - - - - - - - - - - -
61321 - Honoraires d'experts - Secrétariats sociaux 21% - - - - - - - - - - - -
61321 - Honoraires d'experts - Avocats 21% - - - - - - - - - - - -
61321 - Honoraires d'experts - Autres 21% - - - - - - - - - - - -
61330 - Frais Transport - Personnel 21% - - - - - - - - - - - -
61331 - Frais Transport - Voyages d'affaires 21% - - - - - - - - - - - -
61332 - Frais Transport - Autres 21% - - - - - - - - - - - -
6140 - Frais Commerciaux - Annonces et insertions 21% - - - - - - - - - - - -
6143 - Frais Commerciaux - Foires et expositions 21% - - - - - - - - - - - -
6144 - Frais Commerciaux - Autres 21% - - - - - - - - - - - -
615 - Autres Sous-traitances 21% - - - - - - - - - - - -
6230 - Frais HR - Assurances du personnel 21% - - - - - - - - - - - -
6400 - Taxes et impôts - Véhicules et autres 21% - - - - - - - - - - - -
6402 - Taxes et impôts - Région, Provinces, Communes 21% - - - - - - - - - - - -
66 - Imprévus 21% - - - - - - - - - - - -
- - - - - - - - - - - -
Année 1 - 2014Taux de TVA
TOTAL (hors TVA)
Xavier Corman | Martin van Wunnik 45 07/02/2012 Xavier Corman | Martin van Wunnik 45 07/02/2012
General Expenses or « Fixed » costsCosts Depends on
Rent & Maintenance expenses # ETP
Utilities, Telephone, Internet & Licences, etc # ETP
Insurance & Bank fees % CA
Third parties / subcontracters, notably : Accountants, Lawyer fees, External sales, etc
% CA # ETP
Marketing & Communication expenses % CA
Travel & representation expenses % CAGeographic
# ETP
HR costs other than salary and related costs # ETP
Other Taxes than on profit
Unexpected expenses
Xavier Corman | Martin van Wunnik 46 07/02/2012 Xavier Corman | Martin van Wunnik 46 17/04/201218 Nov ’14
7. Frais des ressources humaines : Employé - Ouvrier / Administrateur - Gérant
Brut mensuel de départ
Date d'entrée
Brut mensuel de départ
Dated'entrée
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
0 1/01/14 0 1/01/14
3.0% 3.0%
34.0% 38.0%
7.2. Rémunération mensuelle brute des administrateurs-gérants, mois par mois
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
Ouvrier 19
Ouvriers
Personne ou fonction à remplir
Ouvrier 1
Ouvrier 2
Ouvrier 3
Ouvrier 9
Ouvrier 11
Ouvrier 7
7.1. Rémunération mensuelle brute des employés et ouvriers
Employé 5
Taux moyen cotisation patronale ONSS
Ouvrier 20
Augmentation annuelle à prévoirAugmentation annuelle à prévoir
Employé 19
Employé 13
Ouvrier 4
Ouvrier 5
Ouvrier 10
Année 1 - 2014
Taux moyen cotisation patronale ONSS
Ouvrier 14
Ouvrier 15
Employé 20
Employés
Employé 18
Ouvrier 16
Ouvrier 17
Ouvrier 18
Ouvrier 12
Employé 17
Employé 10
Employé 11
Employé 12
Employé 7
Ouvrier 6
Ouvrier 13
Employé 14
Employé 15
Employé 6
Employé 8
Employé 9
Ouvrier 8
Employé 16
Personne ou fonction à remplir
Employé 1
Employé 2
Employé 3
Employé 4
Administrateur-Gérant 3
Administrateur-Gérant 1
Administrateur-Gérant 2
Administrateur-Gérant 4
TOTAL
7.2. Rémunération mensuelle brute des administrateurs-gérants, mois par mois
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
- - - - - - - - - - - -
- - - - - - - - - - - -
Année 1 - 2014
Administrateur-Gérant 1
Administrateur-Gérant 2
Xavier Corman | Martin van Wunnik 47 07/02/2012 Xavier Corman | Martin van Wunnik 47 07/02/2012
Employees versus Workers
Director (self-employed) versus staff under contract
NB: social costs linked to the shareholder of a company working for it under a self-employed status is not to be
included in the FP of the company, unless specifically foreseen
The differences in the fiscal status and in the costs for the company are quite significant
(eg multiplication effect x 1.34 x 13.92 !)
General Expenses : HR costs
Xavier Corman | Martin van Wunnik 48 07/02/2012 Xavier Corman | Martin van Wunnik 48 17/04/201218 Nov ’14
8. Investissements à réaliser
Taux de TVA
21% 5 ans
21% 5 ans
Taux de TVA
21% 5 ans
21% 5 ans
21% 5 ans
Taux de TVA Durée d'amort.
21% 5 ans
21% 5 ans
21% 5 ans
21% 5 ans
21% 5 ans
21% 5 ans
21% 5 ans
21% 5 ans
8.1. Investissements de l'année 2014
Durée d'amort.
Durée d'amort.
Total des investissements de l'année
Total
Date prévue
-
-
-
-
-
Montant
Total -
(-)
Montant
-
1/01/14
1/01/14
Montant
1/01/14
Date prévue
Date prévue
1/01/14
1/01/14
1/01/14
-
-
1/01/14
-
-
-
-
1/01/14
Total
(-)
(-)
1/01/14
1/01/14
b) Immobilisations incorporelles
a) Frais de constitution
-
1/01/14
(-) -
1/01/14 -
(-)
c) Immobilisations corporelles
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-) 1/01/14
-
Xavier Corman | Martin van Wunnik 49 07/02/2012 Xavier Corman | Martin van Wunnik 49 07/02/2012
Amortization, Depreciation & Provisions :(= costs not implying a direct cash out)
Amortization is automatically calculated in the template based on the investments (and the amortization tenor)
Depreciation & Provisions are not included at this stage (not relevant for a starter)
Costs with no impact on treasury
Xavier Corman | Martin van Wunnik 50 07/02/2012 Xavier Corman | Martin van Wunnik 50 17/04/2012
Tips for assumptions• Office: 10-25 m²/person• EUR 100/m²/year + 15 % for maintenance
[ or COWORKING !]• Insurances: 1 -3 % of revenues• Marketing: define a % of revenues + starting
investment• Don’t forget lawyers, accountant, social
secretary, office supplies…
18 Nov ’14
Xavier Corman | Martin van Wunnik 51 07/02/2012 Xavier Corman | Martin van Wunnik 51 17/04/2012
• Car leasing : 300 – 800 EUR per month
• Salary : Gross monthly x 19,2 = Yearly cost
• Revenues: worst-case & best-case– First 3 to 6 months: 0 EUR – Maximum ‘billable’ hours per day
(one-off events, holidays, prospecting, etc...)
• Own salary : “0 EUR” / Realistic different ‘hats’
18 Nov ’14
Xavier Corman | Martin van Wunnik 52 07/02/2012 Xavier Corman | Martin van Wunnik 52 07/02/2012
What’s next? How to use this financial plan?
Xavier Corman | Martin van Wunnik 53 07/02/2012 Xavier Corman | Martin van Wunnik 53 07/02/2012
Does the big picture make sense?
2014 2015 2016
Actifs immobilisés 5,200 3,900 2,600
Actifs circulants 9,254 12,690 39,871
Stocks 2,000 6,000 10,000
Créances 12,100 36,300 60,500
Trésorerie -4,846 -29,611 -30,629
Total de l'actif 14,454 16,590 42,471
Capitaux propres 9,100 1,998 18,640
Capital 20,000 20,000 20,000
Réserves et résultat reporté -10,900 -18,002 -1,360
Dettes bancaires et emprunts 0 0 0
Autres dettes 5,354 14,592 23,831
Total du passif 14,454 16,590 42,471
BILANS
Prévisions financières - Résumé
2014 2015 2016
Chiffre d'affaires 48,000 150,000 270,000
Marge brute d'exploitation 24,000 75,000 135,000
Charges d'exploitation 33,600 80,802 117,058
Frais généraux 25,600 26,880 28,224
Ressources humaines 8,000 53,922 88,834
EBITDA -9,600 -5,802 17,942
Résultat avant impôts -10,900 -7,102 16,642
Résultat après impôts -10,900 -7,102 16,642
RESULTATS
Xavier Corman | Martin van Wunnik 54 07/02/2012 Xavier Corman | Martin van Wunnik 54 07/02/2012
Look at the cashflows
1/2014 2/2014 3/2014 4/2014 5/2014 6/2014 7/2014 8/2014 9/2014 10/2014 11/2014 12/2014
1. Cash-flow opérationnel
2. Cash-flow financier
3. Investissements
Variation de trésorerie 12,135 -3,388 -2,420 -3,057 -758 -758 -3,104 452 452 -5,304 452 452 -4,846
Trésorerie 12,135 8,747 6,327 3,270 2,512 1,754 -1,350 -898 -446 -5,750 -5,298 -4,846 -4,846
Prélèvement sur crédit de caisse - - - - - - - - - - - - -
Valeurs disponibles sur compte 12,135 8,747 6,327 3,270 2,512 1,754 -1,350 -898 -446 -5,750 -5,298 -4,846 -4,846
Cash-flow statement
Année 1 - 2014
TOTAL 2014
Xavier Corman | Martin van Wunnik 55 07/02/2012 Xavier Corman | Martin van Wunnik 55 07/02/2012
Make it yours and understand the key metrics
2014 2015 2016
Actifs immobilisés 5,200 3,900 2,600
Actifs circulants 9,254 12,690 39,871
Stocks 2,000 6,000 10,000
Créances 12,100 36,300 60,500
Trésorerie -4,846 -29,611 -30,629
Total de l'actif 14,454 16,590 42,471
Capitaux propres 9,100 1,998 18,640
Capital 20,000 20,000 20,000
Réserves et résultat reporté -10,900 -18,002 -1,360
Dettes bancaires et emprunts 0 0 0
Autres dettes 5,354 14,592 23,831
Total du passif 14,454 16,590 42,471
BILANS
Prévisions financières - Résumé
2014 2015 2016
1. Cash-flow opérationnel -18,346 -24,765 -1,018
Résultat hors amortissements -9,600 -5,802 17,942
Variation du BFR -8,746 -18,962 -18,960
2. Cash-flow financier 20,000 0 0
Sources de financement 20,000 0 0
Remboursement des dettes 0 0 0
3. Investissements -6,500 0 0
Variation de trésorerie -4,846 -24,765 -1,018
Total cash 4,846 - 29,611 - 30,629 -
# quantity sold 48 150 270
# ETP
# Sales & Marketing Expenses
…
CASH-FLOW
Xavier Corman | Martin van Wunnik 56 07/02/2012 Xavier Corman | Martin van Wunnik 56 17/04/201218 Nov ’14
http://www.slideshare.net/FinanceCoach24/
Xavier Corman | Martin van Wunnik 57 07/02/2012 Xavier Corman | Martin van Wunnik 57 17/04/2012
Martin van Wunnik
0475 / 96.95.91
18 Nov ’14
Xavier Corman | Martin van Wunnik 58 07/02/2012
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