How can I make a business Plan without CFO?

mmzalewskimmzalewski Posts: 1subscriber Member
help

Answers

  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,017administrator Site Admin
    edited October 2017
    @mmzalewski, if you don't have a CFO, you still need to have somebody on staff who can calculate your financial projections and expenses. I don't think you necessarily need a CFO for that, but at the very least you need a bookkeeper or accountant if you are unable to handle that aspect of the business. 

    Here is a good article about when startups should hire a CFO:
     https://www.toptal.com/finance/interim-cfos/hiring-a-startup-cfo
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Gregory101Gregory101 JacksonvillePosts: 51subscriber Bronze Level Member
    In my experience the CFO is the last Co-founder needed. Most of the financials required in a business plan are straightforward common sense and basic math skills. However, that would apply to basic fundraising (seed etc). If you’re on A or further rounds you should be able to hire a fiscal tactician or at least an accountant experienced in corporate fiscal planning.
  • PZagottiPZagotti Houston, TXPosts: 22subscriber Bronze Level Member
    Unfortunately 50% of all new business go out of business within 12 to 18 months. A good budget / business plan can help you avoid making mistakes and failure.

    When it comes to business plans and budget the main reason you need a CFO or accountant or CPA or some other kind of numbers person is not because of the math. As Gregory101 rightly pointed out the math is elementary. The reason you need someone with both numbers and business since to get involved is because business owners are historically bad at gauging their business ideas and projecting income and expenses.

    So your question was if you could do a business plan without a CFO and the answer is of course you can but if you want to have the best chance of success you will get someone who has some good business experience and numbers skills who has no personal interest in the success of failure of the business to look at your plan and try to shoot it down.
    Phillip Zagotti
    Partner
    Zagotti & Burdette CPA, LLC
    ZnBcpa.com
  • CurtisMLeeCurtisMLee Posts: 34subscriber Bronze Level Member
    Inc published DIY on this a ways back good enough for me to bookmark it. Have a read and I’m sure you’ll find its not a task thats impossible to complete on your own; 
    https://www.inc.com/guides/business-plan-financial-section_pagen_2.html
  • saravanansaravanan Posts: 389subscriber Silver Level Member
    Creating financial projections for your startup will depend on your industry, where you are in your financing, and where you plan to take the business.
  • EntreflowEntreflow Posts: 15subscriber Bronze Level Member
    You can create business plan on Liveplan. You also have the option to outsource your CFO. 

    Helina
    Entreflow Consulting Group
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