Business planning and financial modeling online: Andreas Feofanov and Startup Feo.finance
Introducing automation of financial models
They say, to create a business there are 2 things that need to be done: business idea and the will to execute it according to your plan. As rainbow and butterflies this all sounds, in fact creating a business from scratch is challenging and has many pitfalls.
Whether you are an entrepreneur already and wish to raise the stakes, or are just willing to start out, learn everything you need to know as a basis before making the next huge step.
What is automatization?
Finance has always been a very predictable yet very thorough sphere, meaning that before you start doing your business or decide to grow the one you have now, you must carefully consider all the possible outcomes.
The first step in thinking about starting a business would be to prepare the financial model. Every entrepreneur and start-up needs one, whether you’re planning to have a loan from the bank or you have savings, or if you need to convince the investor.
Automatization is a very simple tool that helps you save a lot of energy and time, and instead of visiting banks and leaving large sums of money at consulting companies, financially wise, automatization will allow you to have it all with a simple unlock button on your phone.
What is a financial model and who needs it?
You need a financial model in a few cases, mostly it is when you need to get a loan from the bank or an investor. Whether you’re opening a pizza restaurant, manicure salon, producing toys, and even reselling clothes - you definitely need that financial model to get a loan from the bank
Let's say you’re planning on opening a toy-making factory. You need a starting capital of $1 000 000, therefore you need to prepare a proper forecast from 5-10 years ahead.
You’ll need to build production, buy components, hire staff, and so on, and at first, you plan to sell 3 types of toys for 10$ each. You are looking for a turnover of $500 000 by the end of the year, to keep your business afloat, and in 7 years your plan for the income is to be $ 1 000 000 monthly. Sounds like a fair deal.
However, you need to keep in mind the inflation, stocks, the market and so many other things that may make you feel so overwhelmed, you think it’s too much to handle.
“This is where you go for help from a consulting company. You pay them
money for consulting and ask them to provide you with a financial model
excel table - and of course, they do one ‘just for you’. “ -
says the founder of Feo Finance, Andreas Feofanov, a German startupper.
What do I start with?
Before even thinking about starting a business of your own, you may already get the answer of how will it turn out. Will produce of children’s toys pay off in 50 years? Or what if you need to get a bigger investment, in the beginning, to pay it all off in 3 years?
Therefore, before learning the hard way, you may get all the answers in the palm of your hand just like that in 5 minutes, learning right from the beginning, whether the thing you want to do is going to be profitable - this is what automatization is about. The biggest goal of Feo Finance.
More about Feo Finance
Andreas Feofanov is the main character behind this story. Worked in finance for 12 years and helped small and big businesses by creating their own financial models, to calculate all the risks and opportunities for growing their potential. A true professional in the financial sphere, Andreas is more than happy to share his thoughts on how to start creating the business model that will work.
“It took me 10 years of learning finance from the bottom to the top, that every financial model is quite the same! You do not need to start all over every time as I did before while starting my career. Restaurant, delivery, phone case making, pastry shop, massage salon - everything is pretty much the same. And then I realized - I do not wish to waste my time or the time of my clients, I want to make this process so easy and accessible for everyone - they can do it themselves. This is how I came up with the Feo Finance”
2 years ago he wanted to make the business plan templates accessible, easy, and automatized for as many entrepreneurs in the world as possible, and he came up with an app that has it all.
The app Feo Finance allows simple users without any financial knowledge but with the will to grow their business to hop onto a new level, and get their financial model fast and efficiently to start working right away.
“The biggest lie and biggest truth is: financial models are all the same, and you do not need a consulting agency to help you out, take every last penny off of you and wait for months for them to “learn the sphere”.”
The app saves you cash, time, and nerves. In case when you go to a company to do it for you - something is off, or someone is on paid leave, sick and other things you cannot control get in the way - nothing gets in the way between you and the fast-calculating app.
“The app is quite simple, you do not need to know a lot about finance or computers to understand how it works. You simply click your account and then browse through available business models - which one looks the most similar to your current business idea? The app will help you out every step of the way, introducing you to more and more details, by making this financial model as narrow as possible. After that, you just need to write down the needed data, and numbers, and in a few seconds, you will be given a perfect financial model to support your business. Or, if the idea is not the best - you’ll get the prognosis right away.”
Think of Wix, for example. Before creating your own website you need to hire a designer, the IT team, think about the layout, and invest a huge amount of time and money. But, after Wix appeared on the market, you can save so much energy by just using their service. Fast and easy. The Feo Finance is pretty much has same agenda in this case.
“The market is definitely amazing at its core, the consulting companies - we are not trying to replace them. They do also provide essential and important things for many small and big businesses, our goal here is to make this very simple financial model accessible and automatized. Automatization is the key to the future. You can step into the future here and now by using safe and simple technologies”
After setting up the financial model this startup project won’t stop. After creating the business plan template, the Feo Finance team is planning to add a management accounting service too.
“When you get the financial model, you may also be interested in getting the plan-fact analysis, where you can add the data for banking, and payments, integrate the accounting software and so much more. It will be so easy and convenient to have everything about your businesses’ finance in one place.”
A very convenient tool indeed.
“The app will prescribe a very detailed plan, whether you choose the 5-year, 7, or even 10-year financial plan. Here is the money income, here is what you’ve spent and this is how much you have left. It will also make it easier to follow, without carrying around a huge notebook like in those western moves, you just unlock your phone and there you have it.”
To have one app to replace them all - is the maximum automatization Feo Finance is planning to achieve.
Prodigy Press Wire
