14 January 2021 | News

Scenario Planning and Sharing: Endless Possibilities, Effortless Collaboration

We’ve written previously about why startups should care about financial modeling. A financial model that provides a clear line of sight into key metrics like runway is crucial to survival and scaled growth.

But once that base financial model is in place, it’s important to plan for contingencies. 

If 2020 showed us anything, it’s that things don’t always go as planned. We’ve added some new features in Finmark to help you plan for the unexpected.

Be Prepared for Anything with Scenario Planning

Scenario Comparison Dashboard View

What if your initial assumptions are too aggressive? A downside model that is more conservative and reigns in expenses can help extend runway to allow time to course correct. 

On the other hand, what if your assumptions aren’t aggressive enough? An upside model enables you to invest more aggressively in areas like hiring to capitalize quickly on favorable circumstances and drive faster customer acquisition.

This is why we’re so thrilled to announce Scenario Planning! Finmark now makes it easy for you to create and manage multiple financial plans for your company. You can also visually compare two models directly in your Finmark dashboard.

With these new features, you can create new plans by starting from scratch or by making a copy of an existing plan. Once you have multiple plans in place, you can select which plan you want to view/edit directly from your Finmark Dashboard.  

Collaborate with Scenario Sharing

Scenario Sharing

No man is an island, and no founder is either. An effective financial model should be a cornerstone of your strategic decision-making, so you’ll likely need to share it with others inside and outside your organization. 

For instance:

Now with Scenario Sharing, you can easily share any of your Finmark financial models with others to facilitate collaboration and scenario analysis

This feature set allows you to invite new users into Finmark by providing visibility to plans that you have created. 

Finmark allows you to manage which plans you want to share, and which plans you want to keep private. When you share a plan, you can also set the level of permissions for each user on a plan by plan basis, including edit and read-only access. 

The scenario management capability allows you to see who you have shared each scenario with, share with additional users, edit permissions, and revoke access.

With this new set of powerful tools, you now can plan for multiple scenarios, compare them to one another, and easily share and collaborate with others both inside and outside of your company. 

Ready to get started? Sign up today to start building your custom financial model.

Finmark

This content is presented “as is,” and is not intended to provide tax, legal or financial advice. Please consult your advisor with any questions.

Subscribe to the Finmark Blog

Historically financial modeling has been hard, complicated, and inaccurate. But financials are the lifeblood of any company. They’re too important to be ignored or outsourced. They should be a core part of every founder’s job. This doesn’t have to be scary. And you don’t have to do it alone. The Finmark Blog is here to educate founders on key financial metrics, startup best practices, and everything else to give you the confidence to drive your business forward.

Get all the latest Finmark news directly to your inbox.

You can unsubscribe at any time.

By continuing, you agree to Finmark Terms of Service and Privacy Notice.

Other articles you might be interested in...

Integrated Financial Planning: The Future of FP&A

Tell me if this story sounds familiar: You’re coming up to the end of the financial year, which means it’s about time…
Josh Krissansen
Contributor
9 January 2023 | Financial Planning & Analysis

Budgeting vs. Forecasting: What’s the Difference? (And Why Both Are Important for Startups)

Do you know the difference between budgeting and forecasting? A budget and a forecast are two of the most important tools for…
Charlene Boutin
19 April 2021 | Budgeting

Flexible Budget Variance Analysis: Beginner’s Guide

Do you find that when it comes to preparing financial statements at the end of the year, quarter, or even month, your…
Josh Krissansen
Contributor
7 August 2023 | Financial Planning & Analysis