Supercharge your startup with a strong business plan

By Mauro Mereu

Most startup founders’ concern at the beginning of their entrepreneurial journey is making sure that the idea they have in mind works out and has an impact. Those developing hardware will resonate as they initially need to put more effort into testing, improvement, and developing a concept. At the same time, a startup is no different than any other business, and keeping an eye—from the beginning—on the financial side of things is as crucial to facilitating a startup’s growth. 

Forvis Mazars is a global network that provides audit and assurance, tax, advisory, sustainability, and consulting services. The group employs over 40,000 people worldwide in over 100 countries. Forvis Mazars is one of the partners of the startup event LEVEL UP, which will be held on September 30 at the Evoluon in Eindhoven.

Koen Tomassen is the director of Forvis Mazars’s Eindhoven branch and specializes in advising, optimizing, and supporting Small and Medium Enterprises (SMEs). In addition to supporting family businesses, he also works with startups and scaleups. He provides support and advice to help them in their growth path to cope with challenges and get the most out of the opportunities. 

A sound business plan

“Startuppers take a lot of time to think about their business plan; sometimes, they even have a financial forecast to present to their stakeholders or investors. But then, as soon as they start the business, that plan disappears in a drawer,” underlines Tomassen. In the early moments since a startup’s inception, from a management perspective, more attention goes to administrative and financial flows, diverting it from the business plan’s performance indicators.“All financial outputs and information are connected to the business plan in the head of the founder, which, at that moment, is the company,” he adds. 

In Tomassen’s view, setting up a business plan is often underestimated. Having it in place at all times can help on several levels. “A detailed business plan helps the entrepreneur communicate their vision. It gives perspective on the company’s growth trajectory, informs potential investors and stakeholders, and provides the other employees with a clear focus on the goals to be achieved.”

Koen Tomassen

Director at Forvis Mazars Eindhoven

In addition to working with SMEs, Koen Tomassen also helps startups and scaleups grow. Questions? You can reach out to Koen via email: [email protected] or via telephone: +31(0)88 277 16 99.

According to the director, the power of a good business plan is to be able to write it down “on just “a piece of paper.” “That’s a realization founders have as we support them in sketching it out. ‘I should have done it earlier,’ they often tell me,” he says. To this extent, financial and management experts consider a business plan that is well-structured, clear, and compelling, providing a realistic roadmap for the firm’s future. The first step is to have it clear and tangible from the start. 

Scaling up

When a startup grows and becomes a scaleup—a startup that has grown 20% in turnover or employees in three consecutive years—new challenges arise. This expansion might involve entering new markets. Complying with different tax regulations or following different procedures for hiring personnel in a new country are two examples Tomassen sees as typical. 

In this transition moment, assessing possibilities and threats is topical. Setting up a good financial management system can’t be done without a gap analysis. Companies use this evaluation process to compare their current performance with their desired, expected performance. It determines, for example, if expectations are being met and if resources are being used efficiently. 

“It helps us see what opportunities the company can tap into and how to mitigate risks. This helps structure a business plan better,” Tomassen stresses. An overarching vision makes scaleups better prepared for what can happen and steer their goals and business intentions accordingly. 

Given its worldwide presence, Forvis Mazars can provide its clients with insights from other companies. Tomassen: “We are in the position to give companies background information on how a market is developing. These bits of information can be valuable for other companies to rethink their strategies if a risk is coming.” 

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Stimulus

On the whole, the director enjoys working with innovative companies. “Working with business owners makes me learn new things every day; it is an aspect of my job that I like.” Tomassen will attend LEVEL UP for Forvis Mazars. Meet him and his colleagues at the LEVEL UP Clubhouse, in Evoluon’s restaurant, the meeting point for investors, startups, and all ecosystem stakeholders. The Investor Café will also take place there; Forvis Mazars will participate in the opening of the Investor Café.