Reliable and professional budget forecasting by GoalTegic helps C-suites allocate money effectively for both short term and long term goals.
Budget forecasting is a pivotal financial management tool for the c-suites to allocate resources in the right places, both effectively and efficiently, and for making the best possible informed decisions for daily operational and strategic purposes for companies of all sizes.
VC backed startups need to juggle multiple balls in the air on a daily basis: they need to make specific business decisions of all kinds, formulate operational strategies, and put money where it matters the most in order to optimize the use of limited resources. At the same time they must stay on track to achieve growth goals and show their investors that their investment dollars will generate the promised RIO, while the leadership is constantly expanding the workforce and developing products and services.
Carmen has supported many VC backed startups for almost two decades. As a highly experienced controller, FP&A expert, accountant, and business financial strategist, Carmen Diep, founder and CEO at GoalTegic, shares some important aspects of budget forecasting for VC backed startups and growth companies.
How Budget Forecasting Improves a Startup’s Chance for Success
Budget forecasting is truly necessary for steering the ship of an organization, since it predicts a company’s future financial performance based on its past and present. It is like a compass that gives directions and guides an organization to the right path.
Data-driven decision making: For a wide variety of critical decisions, from hiring new executives, talents, and employees, to new product design and development, to market expansion, budget forecasts provide a financial foundation and reference for making critical operational and strategic decisions. Financial forecasting, when done right, can substantially mitigate risks and bring short term goals in alignment with mid term and long term plans.
Paving the way for more rounds of investment: VC or PE backed startups need to show venture capitalists and private equity funds that their companies are on the right financial trajectory to achieve growth and ROI for their investment. Realistic, reliable, and professional budget forecasting can demonstrate how a startup leadership is allocating their capital to achieve growth and valuation with fiscal responsibility, thus securing investor confidence for future fund-raising.
How GoalTegic Delivers Different Types of Budget Forecasts
Based on financial information regarding profit and loss, cash flow, income statements, balance sheets, and other historical and current financial data, we at GoalTegic have a proven way of streamlining budget forecasting for the C-suites. Our forecasts are easily adjustable with changing assumptions, situations, and plans.
Based on market research, the C-suites are enabled to develop best, worst, and likely scenarios, then apply different scenarios to forecast different financial outcomes, in order to make the best informed decisions for short and long term plans, as well as contingencies for uncertainties.
We then collaborate with the CEO, CFO, COO, and/or other members of the executive teams to monitor financial performance based on initial budget forecasts. We constantly adjust forecasts when the C-suite adopts different tactics and develops new strategies.
GoalTegic specializes in inventory and standard costs forecasting. The types of forecasts include but are not limited to revenue forecasting, cash flow forecasting, estimating SG&A (Selling, General and Administrative Expenses, such as wages and salaries, payments to contractors, marketing spend, office rent and other operating expenses,) etc.
GoalTegic Team Offers Deep and Wide Expertise for Financial Forecasting
With a high level of financial acumen, we at GoalTegic provide reliable financial forecasts for funded startups, small businesses, and mid-sized companies.
We help startups and other companies stay competitive, nimble, and adaptive to achieve growth goals with strategic financial planning. Budget forecasting is one of the important aspects of strategic financial planning for business leaders to efficiently and effectively allocate their resources and stay on course for financial success.
If you have any concerns or questions, please contact us by filling out the contact form on our website: GoalTegic.com