Entrepreneur Insights: The Importance of Financial Planning for Startups

Do you want to steer your business toward financial success? Then it’s never too early to lay down your plan for finances. Many entrepreneurs get so caught up in the excitement of their new venture, and the execution of their ideas that they overlook the crucial aspect of financial planning. But financial planning for startups is often crucial to laying a strong foundation. 

Today we’re exploring the insights from some entrepreneurs about the need for strong financial planning for startups. 

Omar Deryan

Omar Deryan is the co-founder of OJ Digital Solutions. From managing PPC campaigns to optimizing listings, OJ Digital Solutions handles a variety of services for Amazon sellers. Here are a few words from Omar Deryan about financial planning for startups. 

“Cash flow challenges have been the demise of many startups. Always have a clear grasp of your finances, minimize unnecessary expenses, and plan for contingencies.”

Read more about his entrepreneurial journey in his full interview here. 

Kent Wilson

Kent Wilson is the COO of RV SnapPad, a company catering to diverse RV accessories. Here are his views on the importance of financial planning for startups. 

“Know your numbers and finances early. Once you are off the ground, having a solid financial understanding and foundation for your business is absolutely critical. We did not pay enough attention to this initially, and it took us a long time to untangle that knot.”

Read about RV SnapPad and Kent Wilson’s entrepreneurial journey in his full interview here. 

The Need for Financial Planning for Startups 

In a gist, financial planning for startups is definitely a topic that should be discussed more in the entrepreneurship realm. Here are a few reasons why: 

• Strong financial planning helps propel stable long-term growth for businesses. Because with a clear plan in place, navigating uncertainties and making informed decisions becomes easier. 
• A clear financial roadmap helps entrepreneurs focus better on their goals and adapt to changes in the market. The way some businesses were able to successfully pivot during the pandemic is a good example of staying prepared for the worst of times. 
• In addition to all these measures, recession-proofing your marketing strategies is essential.