From the course: Business Financials Explained
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Justify your financials—don't guesstimate
From the course: Business Financials Explained
Justify your financials—don't guesstimate
- Here's a very important thing. You can't just plug numbers into a spreadsheet and guess, oh, I think my revenue this month is going to be this, and it feels like it's going to be this. You can't do that. You've got to justify. You have to have everything in the financials, has to be justified and you have to have assumptions that go onto that. So you're not going to know, you can't predict the future, I get that, but your assumptions are what drives the financial statements and what we call, creates a justified version of your financial statements. That means that everything in the financials are justified, they're not made up. So we know things like conversion rates, the cost to acquire customers, things such as that. We know your pricing strategy, how much you're going to charge your customers we need to know. Your product strategy, what is the different products or services that you're going to offer, your going…
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