Financial Model Template

F
Welcome!
This financial model template is designed to help entrepreneurs provide a simple view of the financial projections for their
This document is made up of two main parts: an editable INPUT section where all assumptions on costs, revenue, growth r
Summary. The OUTPUT sections detail projections made from assumptions from the input sheet.
This document has been designed for simplicity and ease of use. You only need to input data into one tab - the ASSUMPT
Instructions
1. Fill your name, company name and Training ID in the fields below
2. Proceed to the ASSUMPTIONS tab and enter your business data/assumptions in the appropriate input cells.
3. Confirm the financials in the Cash flow, Balance Sheet and Income Statement tabs match your projections for your busi
4. Save your document and upload to the NIRSAL portal along with your completed Business Plan for review and approva
Entrepreneur Name:
Company Name:
Training ID:
Financial Model
e financial projections for their business.
ions on costs, revenue, growth rates and financing structures are made, and four non-editable OUTPUT sections containing the Income Stat
sheet.
ta into one tab - the ASSUMPTIONS tab - and the three financial statements and financial summary will be automatically generated
ropriate input cells.

h your projections for your business. Adjust assumptions if required
ess Plan for review and approval for seed capital disbursement
ntaining the Income Statement, Balance Sheet, Cash flow and Financials
tically generated
Go to "ASSUMPTIONS" tab
Input data in cells colored like this
These cells contain formula, so they will be automatically updated. Don't input data in th
Assumptions
Assumptions unit Baseline Year 1 Year 2 Year 3 Year 4
Provide the requested information for your business in each of the ten Assumption sections below. Terms with an asterisk in front of them are defined in the section glossary at the end of each section
A. General
Income Statement Select your business country, business currency (local currency or US Dollar), and list the names/descriptions of your business offerings below. Also, input the applicable tax, interest and inflation rates
Business Country 37
Balance Sheet Business Currency 2
Business Products/Services
Product/Service 1
Cash flow Statement Product/Service 2
Product/Service 3
Company tax rate % 5%

Summary Bank interest rate % 9%
Inflation rate % 12%
Depreciation rates
Building % 5%
Furniture % 15%
Equipment / Machinery % 25%
Vehicles % 20%
Installations % 10%
B. Growth Rates
Enter the expected yearly growth rates for your business below. You can use the growth rates to demonstrate projected expansion plans for your business
Revenue
Product/Service 1
Sales volume % 10% 10% 10% 10%
Price % 10% 10% 10% 10%
Product/Service 2
Sales volume % 10% 10% 10% 10%
Price % 10% 10% 10% 10%
Product/Service 3
Sales volume % 10% 10% 10% 10%
Price % 10% 10% 10% 10%
Costs
Direct costs % 2% 2% 2% 2%
Salaries % 5% 5% 5% 5%
Rent % 2% 2% 2% 2%
Utilities* % 2% 2% 2% 2%
Marketing/Advertisement % 2% 2% 2% 2%
Administrative % 2% 2% 2% 2%
Maintenance % 2% 2% 2% 2%
Insurance % 2% 2% 2% 2%
Transport % 2% 2% 2% 2%
Subscription/Licenses % 2% 2% 2% 2%
Glossary
Utilities: covers costs for electricity, water, gas, internet and telephone usage
C. Startup Costs
Enter the costs you expect to incur in the process of setting up your business below. Note that not all costs may be relevant to your business, so only fill where necessary
* Re-purchase of CAPEX costs automatically compute in the year after assets reach salvage value of 0, at compounded inflation r
Land ₦ - - - -
Building / Civil Works ₦ - - - -
Furnitures and Fittings ₦ - - - -
Equipment and Machinery ₦ - - - -
Vehicles ₦ - - - -
working capital ₦ - - - -
Automatically compute the additional startup costs by selecting from the drop-down menus to the right:
Opening Inventory* ₦ -
Initial Working Capital* ₦ -
Contingency ₦ - 10% of total startup cost
Total ₦ - - - -
Glossary
Opening Inventory: allocation for purchase of initial stock of products for sale or services to be delivered in the first few months of operating the business
Initial Working Capital: allocation for payments to vendors and employees in the first few months of operating the business
D. Headcount analysis
Enter the salary and number of employees you expect for each key business function. Note that not all headcount groups may be relevant to your own business, so only fill if necessary.
Benefits* % of salary %
Senior Management (CEO, COO, CFO, etc) * Future salary costs are automatically computed from annual growth rates entered in Section B above
Number of employees # 1.00 1.00 1.00 1.00
Base annual salary ₦ 0.00 0.00 0.00 0.00
Total Salaries & Benefits for Senior Management personnel 0.00 0.00 0.00 0.00
Farm manager
Number of employees (Manager) # 1.00 1.00 1.00 1.00
Number of employees (Associate) # 1.00 0.00 0.00 0.00
Base annual salary (Manager) ₦ 0.00 0.00 0.00 0.00
Base annual salary (Associate) ₦ 0.00 0.00 0.00 0.00
Total Salaries & Benefits for Business Development personnel 0.00 0.00 0.00 0.00
FARM ATTENDANT
Total Salaries & Benefits for Sales/Customer Support personnel 0.00 0.00 0.00 0.00
Marketing
Total Salaries & Benefits for Marketing personnel 0.00 0.00 0.00 0.00
CASHIER
Number of employees (Developer) # 1.00 1.00 1.00 1.00
Base annual salary (Developer) ₦ 0.00 0.00 0.00 0.00
Total Salaries & Benefits for IT personnel 0.00 0.00 0.00 0.00
Back office support (Legal, Finance, HR, Supply Chain, Administration)

Total Salaries & Benefits for back office support personnel 0.00 0.00 0.00 0.00
Operations support (Front Desk, Records, Fleet Management, Facility Management, Catering, etc)
Total Salaries & Benefits for operations support personnel 0.00 0.00 0.00 0.00
Glossary
Benefits: other elements of the employee remuneration package expected to cover medical insurance, allowances, pension, training and development, etc
Business Development: refers to personnel involved in consultations or extensive engagement with customers to identify the best-fit product or service, before sales can be made.
Some businesses allot this task to the Sales personnel: only businesses which consider this a separate responsibility from Sales need to fill this section
E. Operating Costs
Fill the following with data for your business. Note that not all fields may be relevant for your business, so fill as required.
Direct costs * Future direct and fixed costs are automatically computed from annual growth rates entered in Section B above
Raw material ₦ - - - -
Direct labor ₦ - - - -
Factory overheads* ₦ - - - -
Inbound transport ₦ - - - -
Fixed costs
Salaries and Wages ₦ - - - -
Rent ₦ - - - -
Utilities ₦ - - - -
Marketing/Advertisement ₦ - - - -
Administrative* ₦ - - - -
Maintenance ₦ - - - -
Insurance ₦ - - - -
Transport ₦ - - - -
Subscription/Licenses ₦ - - - -
Glossary
Direct costs: costs associated with input and labour required to develop your product or service
Factory overheads: covers costs associated with manufacturing such as electricity and rent for the factory, maintenance and insurance costs for factory equipment, etc
Administrative: covers costs such as office consumables, travel, and expenses associated with legal and accounting activities
F. Revenue
Product/Service 1
Base monthly sales volume #
Base product/service price ₦
Seasonality estimates
Monthly revenue may vary due to seasonal trends (holidays, festivities, seasonal discounts & promos, off-peak seasons, etc.) Account for monthly spikes or slumps in your forecasted sales using the mod
JAN FEB MAR APR MAY JUN

Monthly sales volume 0.00 0.00 0.00 0.00 0.00 0.00
% of sales revenue realized 100% 100% 100% 100% 100% 100%
Reason for seasonality
Seasonality Trend
120%
100%
80%
60%
40%
20%
0%
J AN FEB MAR AP R MAY JUN JUL
Seasonality Trend
120%
100%
80%
60%
40%
20%
0%
* Future annual volume and price are automatically computed from annual growth rates entered in Section B above
Annual sales volume # - - - - -
Annual product/service price ₦ - - - - -
Product/Service 2

Seasonality Trend
120%
100%
80%
60%
40%
20%
0%
Product/Service 3

Seasonality Trend
120%
100%
80%
60%
40%
20%
0%
G. Working Capital
Working capital is an estimate of the amount of cash your business requires to fund day-to-day operations. Availability of working capital depends on how fast you can collect cash from your customers a
you can afford to wait till you pay your vendors/suppliers.
Provide realistic estimates based on the peculiarities of your local economy and business industry for these below:
Receivable Days* days 1

Payable Days* days 1
Inventory Days* days 7
Glossary
Receivable Days: average number of days customers take to pay your business for services rendered
Payable Days: average number of days that your company takes to pay its suppliers
Inventory Days: average number of days required for your business to sell one batch of inventory
H. Startup Financing
To start your business, you need cash. Estimate what proportion of your startup costs will be sourced from the various financing sources provided below. Ensure all percentages add up to exactly 100%
Personal savings (Owner's Capital) % 0%

Grants* % 0%
Equity* % 0%
Debt* % 100%
100%
Glossary
Grants: money provided as gifts or donations, with no conditions of payback or part ownership of business. They may come from friends, family or other sources
Equity: money given to the business by venture capitalists or other sources in exchange for part ownership/shares in the business
Debt: money borrowed from a bank or other lending institution that must be paid back with interest at a future date
I. Equity Financing
Additional financing may be required during the course of running a business, to address foreseeable cash shortage or to finance business expansion efforts.
Use the table below to estimate how much equity you will need to source in the 2nd - 10th year of business operations to ensure adequate cash for operations. You may decide to not source for additional
Equity Injection ₦ -
Opening Balance ₦ - - -
Closing Balance ₦ - - - -
J. Debt Financing
Additional financing may be required during the course of running a business, to address foreseeable cash shortage or to finance business expansion efforts.
Use the table below to estimate how much debt you will need to source in the 2nd - 10th year of business operations to ensure adequate cash for operations. Each debt facility represents a new loan to be
computed based on your entry in Section H. You may decide not to take out any loans, so only fill if applicable:
Debt Facility 1
Year loan will be borrowed year
Amount to be borrowed ₦ -
Repayment period years
Loan end years 0
Debt Facility 2
Year loan will be borrowed year You have already selected this year for a debt facility
Amount to be borrowed ₦
Loan end years 0
Debt Facility 3
Year loan will be borrowed year You have already selected this year for a debt facility
Amount to be borrowed ₦
Loan end years 0
Schedules
Schedules
The schedules below are automatically computed from the data provided in the Assumptions section above. Do not edit any of the cells below
Debt Amortization Schedule (straight-line)

Year of operation 1 2 3 4
Debt Facility 1
Opening ₦ 0.00 0.00 0.00 0.00
Addition ₦ 0.00 0.00 0.00 0.00
Principal Repayment ₦ 0.00 0.00 0.00 0.00
Closing ₦ 0.00 0.00 0.00 0.00
Interest Expense ₦ 0.00 0.00 0.00 0.00
Total Debt Service ₦ 0.00 0.00 0.00 0.00
Debt Facility 2
Opening ₦ 0.00 0.00 0.00 0.00
Addition ₦ 0.00 0.00 0.00 0.00
Closing ₦ 0.00 0.00 0.00 0.00
Debt Facility 3
Opening ₦ 0.00 0.00 0.00 0.00
Addition ₦ 0.00 0.00 0.00 0.00
Closing ₦ 0.00 0.00 0.00 0.00
Annual Debt
Total Loan Taken ₦ 0.00 0.00 0.00 0.00
Total Loan Repayment ₦ 0.00 0.00 0.00 0.00
Total Interest Expense ₦ 0.00 0.00 0.00 0.00
Total Loan Balance ₦ 0.00 0.00 0.00 0.00
Working Capital Schedule
Days Receivable ₦ - - - -
Inventory ₦ - - - -
Days Payable ₦ - - - -
Net Working Capital ₦ - - - -
Change in Net Working Capital ₦ - - - -
PPE & Depreciation Schedule

Year of operation 1 2 3 4
Cost
Opening
Land ₦ - - - -
Building ₦ - - - -
Installations ₦ - - - -
Total ₦ - - - -
Additions
Land ₦ - - - -
Total ₦ - - - -
Closing
Land ₦ - - - -
Total ₦ - - - -
Accumulated Depreciation
Opening
Land ₦ - - - -
Total ₦ - - - -
Charge for the Year
Land ₦ - - - -
Total ₦ - - - -
Closing
Land ₦ - - - -
Total ₦ - - - -
Net Book Value
Land ₦ - - - -
Total ₦ - - - -
cells colored like this
be automatically updated. Don't input data in them
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

tion glossary at the end of each section
applicable tax, interest and inflation rates for your country, and depreciation rates for your business assets
10% 10% 10% 10% 10% 10%

10% 10% 10% 10% 10% 10%
10% 10% 10% 10% 10% 10%
10% 10% 10% 10% 10% 10%
10% 10% 10% 10% 10% 10%

10% 10% 10% 10% 10% 10%
2% 2% 2% 2% 2% 2%
5% 5% 5% 5% 5% 5%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
2% 2% 2% 2% 2% 2%
h salvage value of 0, at compounded inflation rate

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so only fill if necessary.
ed in Section B above
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1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00
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1.00 1.00 1.00 1.00 1.00 1.00

3.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
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1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00
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0.00 0.00 0.00 0.00 0.00 0.00
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1.00 1.00 1.00 1.00 1.00 1.00

1.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00
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0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
sales can be made.
tes entered in Section B above

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mps in your forecasted sales using the model below:
JUL AUG SEP OCT NOV DEC

0.00 0.00 0.00 0.00 0.00 0.00
100% 100% 100% 100% 100% 100%
Seasonality Trend
JUN JUL AUG SEP OC T NOV D EC

Seasonality Trend
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0.00 0.00 0.00 0.00 0.00 0.00
100% 100% 100% 100% 100% 100%
Seasonality Trend
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0.00 0.00 0.00 0.00 0.00 0.00
100% 100% 100% 100% 100% 100%
Seasonality Trend
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you can collect cash from your customers after providing goods/services to them, how long it takes your business to turn over inventory, and how long
re all percentages add up to exactly 100% to adequately account for financing needs:
ou may decide to not source for additional equity if you have sufficient cash, so only fill if applicable
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h debt facility represents a new loan to be incurred, and the amount to be borrowed in the first one (Debt Facility 1) has been automatically
5 6 7 8 9 10
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0.00 0.00 0.00 0.00 0.00 0.00
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0.00 0.00 0.00 0.00 0.00 0.00
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0.00 0.00 0.00 0.00 0.00 0.00
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Income Statement
Assumptions All figures expressed in thousands
unit Year 1 Year 2 Year 3 Year 4 Year 5
'000 '000 '000 '000 '000
Revenue
Product/Service 1 ₦ - - - - -
Income Statement Product/Service 2 ₦ - - - - -
Product/Service 3 ₦ - - - - -
Total Revenue ₦ - - - - -
Direct Costs ₦ - - - - -
Balance Sheet Gross Profit ₦ - - - - -
-
Salaries and Wages ₦ - - - - -
Rent ₦ - - - - -
Cash flow Statement Utilities ₦ - - - - -
Marketing/Advertisement ₦ - - - - -
Administrative ₦ - - - - -
Maintenance ₦ - - - - -
Summary Insurance ₦ - - - - -
Transport ₦ - - - - -
Subscription/Licenses ₦ - - - - -
Depreciation ₦ - - - - -
Operating Profit ₦ - - - - -
Interest Expense ₦ - - - - -
Profit Before Tax ₦ - - - - -
Taxation ₦ - - - - -
Profit After Tax/Net Income ₦ - - - - -
Year 1 Year 2 Year 3 Year 4 Year 5
Revenue - - - - -
Expense - - - - -
Net inc - - - - -
OFFSET Year 4
Revenue - - -
Cost of - - -
Selling, - - -
Interest - - -
Taxes - - -
Net inc - - -
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Balance Sheet
'000 '000 '000 '000 '000
Assets
Current Assets
Income Statement Cash & cash equivalents ₦ - - - - -
Accounts Receivable ₦ - - - - -
Inventory ₦ - - - - -
Total ₦ - - - - -
Balance Sheet Non-Current Assets
Property, Plant and Equipment ₦ - - - - -
Total Assets ₦ - - - - -
Cash flow Statement Liabilities and Equity

Liabilities
Accounts Payable ₦ - - - - -
Tax Payable ₦
Summary Total ₦ - - - - -
Non-Current Liabilities
Long Term Loan ₦ - - - - -
Shareholder's Equity
Investment Capital ₦ - - - - -
Retained Earning ₦ - - - - -
Total ₦ - - - - -
Total Liabilities & Equity ₦ - - - - -
'000 '000 '000 '000 '000
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Cash flow Statement
'000 '000 '000 '000 '000
Operating Activities
Net Earnings ₦ - - - - -
Income Statement Plus: Taxation ₦ - - - - -
Plus: Interest Expense ₦ - - - - -
Plus: Depreciation ₦ - - - - -
Minus: Changes in Working Capital ₦ - - - - -
Balance Sheet Net Operating Cashflow ₦ - - - - -
Investing Activities
Cash flow Statement Purchase of CAPEX ₦ - - - - -
Net Investing Cashflow ₦ - - - - -
Financing Activities
Summary Equity injection ₦ - - - - -
Loan taken ₦ - - - - -
Loan repayment ₦ - - - - -
Loan interest ₦ - - - - -
Net Financing Cashflow ₦ - - - - -
Cash Generated During the Year ₦ - - - - -

Cash at Beginning of Year ₦ - - - -
Cash at the End of Year ₦ - - - - -
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cash flow 0 - - - - -
'000 '000 '000 '000 '000
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Financials
Profile Summary
Assumptions
Annual projections
Income Statement Annual P/L Waterfall Chart
Year 1 1.00
0.90
Year 2 0.80
0.70
Balance Sheet Year 3 0.60
● Year 4
0.50
0.40
Year 5 0.30
0.20
Cash flow Statement Year 6 0.10
-
Year 7
Interest Expenses
Taxes
Revenue
Net income
Selling, General and A...
Cost of Goods Sold
Year 8
Year 9
Summary
Year 10
Interest Expenses
Taxes
Net income
-
0
0
0
0
1
1
1
1
1
Year 1 1
Year 2
10-year P/L Chart
Year 3
Revenue
Year 4
Year 5
Expenses
Year 6
Year 7
Year 8
Net income
Year 9
Year 10
10-year Cashflow Chart
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
Year 9
Year 10
0.1
0
Yea
Yea
Yea
Yea
Yea
Yea
Yea
Yea
Yea
Yea
Yea
Glossary
Term Definition
Opening Inventory Allocation for purchase of initial stock of products for sale or services to be delivered in
Initial Working Capital Allocation for payments to vendors and employees in the first few months of operating t
Benefits Other elements of the employee remuneration package expected to cover medical insu
Business Development Refers to personnel involved in consultations or extensive engagement with customers
Direct costs Costs associated with input and labour required to develop your product or service
Factory overheads Covers costs associated with manufacturing such as electricity and rent for the factory,
Administrative Covers costs such as office consumables, travel, and expenses associated with legal a
Receivable Days Average number of days customers take to pay your business for services rendered
Payable Days Average number of days that your company takes to pay its suppliers
Inventory Days Average number of days required for your business to sell one batch of inventory
Grants Money provided as gifts or donations, with no conditions of payback or part ownership o
Equity Money given to the business by venture capitalists or other sources in exchange for par
Debt Money borrowed from a bank or other lending institution that must be paid back with int
or services to be delivered in the first few months of operating the business
first few months of operating the business
expected to cover medical insurance, allowances, pension, training and development, etc
e engagement with customers to identify the best-fit product or service, before sales can be made.
op your product or service
ctricity and rent for the factory, maintenance and insurance costs for factory equipment, etc
penses associated with legal and accounting activities
iness for services rendered
its suppliers
ll one batch of inventory
of payback or part ownership of business. They may come from friends, family or other sources
er sources in exchange for part ownership/shares in the business
that must be paid back with interest at a future date

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Financial Model Template

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F

e financial projections for their business.

ropriate input cells.

Balance Sheet Business Currency 2

Company tax rate % 5%

Back office support (Legal, Finance, HR, Supply Chain, Administration)

JAN FEB MAR APR MAY JUN

JAN FEB MAR APR MAY JUN

JAN FEB MAR APR MAY JUN

Receivable Days* days 1

Personal savings (Owner's Capital) % 0%

Debt Amortization Schedule (straight-line)

PPE & Depreciation Schedule

Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

10% 10% 10% 10% 10% 10%

10% 10% 10% 10% 10% 10%

h salvage value of 0, at compounded inflation rate

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00

sales can be made.

tes entered in Section B above

mps in your forecasted sales using the model below:

JUL AUG SEP OCT NOV DEC

JUN JUL AUG SEP OC T NOV D EC

JUN JUL AUG SEP OC T NOV D EC

mps in your forecasted sales using the model below:

JUL AUG SEP OCT NOV DEC

JUN JUL AUG SEP OC T NOV D EC

mps in your forecasted sales using the model below:

JUL AUG SEP OCT NOV DEC

JUN JUL AUG SEP OC T NOV D EC

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

Cash flow Statement Liabilities and Equity

Cash Generated During the Year ₦ - - - - -

Income Statement Annual P/L Waterfall Chart

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