Aside from the lower cost and higher speed at which you can build ironclad financial forecasts, there are ways to maximise the value:
1. Do some research 🕵️
Whilst we can build a financial forecast in minutes, the quality of the forecast numbers is based on the quality of your inputs. We suggest that if you are new to an industry that you carry out some research into pricing and volumes.
2. Choose appropriate detail levels 🔬
You can build a financial forecast as complicated or as simple as you need. Whether you want a general overview or granular breakdown of the numbers, the platform offers you the flexibility to choose. For example, you can input each individual team member or cost line and then group these into teams or cost centres. The key is to figure out the level of detail that will be most useful to you. Some people thrive with a simple snapshot of data whilst others want to know all the details, right down to the last paperclip 📎.
3. Use our health check tool 💗
We have an AI driven tool that will benchmark your inputs (and financial forecasts) against similar companies in your sector to show how close you are to where the market is. This is only a guidance and you can be an outlier (let's hope you are). If this is the case, we can tear up the market rule book but until we've worked that out, this pours some realism into your numbers.
4. Use our sensitivity analysis 🌡️
We can't help but turn into a proud Dad when we talk about this nifty little tool. Our sensitivity analysis feature let's you toggle any inputs up or down and see the impact on your numbers in real time (this is where we leave Excel in our wake🌊). You can really dig deep into the inputs and see which ones have the most material impact. You never know, you may find something you never expected!
5. Iterate, iterate and iterate some more 🔁
Your forecasts are not set in stone. As you learn more and gather more feedback, there will inevitably be certain inputs that need updating. On Numberslides, you can iterate your inputs as many times as you like until you land on your best forecasts.
Our last tip: read the guidance 🤓
Should we have mentioned this one first? Well, if you ever do get stuck, we've got a ton of resources that we are always working on. You should be able to find helpful answers, templates, and cool hacks to optimise your financial forecasting. Oh and we also have a blog that has some nice insights, and we post regularly on social media with tips like how to bag an investor. Whenever you need to chat to someone, drop a message in our chat box or send us a message here and we'll be in touch.