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Article | 2-minute read

Forecasting your business’ balance sheet

Business planning

In times of uncertainty and change, it’s important to consider your business’ balance sheet movements. By forecasting your business’ balance sheet, you will be able to more clearly understand what you’re likely to own or owe at a certain date, allowing you to plan for future business decisions.

Inputting your assets

Once you've downloaded the spreadsheet, input the dollar values of your current assets – these are assets that can be converted into cash within 12 months.

Next, input each of your fixed assets – those that can’t easily be changed into cash. Again, the template will automatically calculate your total fixed assets and your total assets. 

Be sure to include all your current and fixed assets in this section.


Including your liabilities

Enter each of your current liabilities. Current liabilities need to be settled in cash by your business within the next 12 months. Ignore the fields that aren’t relevant. Do the same with your long-term liabilities – those liabilities due after 12 months.

The template will total both these columns and calculate the amount of your total liabilities. Both your current liabilities and long-term liabilities should be included here.


Adding your equity

Lastly, enter any goodwill and owner’s equity you have in your business, plus any retained earnings from your previous year’s operations if applicable.

Goodwill is an intangible asset that relates to the perceived value of such assets as:

  • your brand
  • the quality of your business relationships
  • your reputation

Retained earnings is the portion of net income from your business that is retained by the business, once dividends have been paid out. This template will automatically calculate your total equity and key liquidity indicators (current asset and quick asset ratios). These can help you understand the value of the business as well as its ability to pay its current liabilities.

Goodwill, owner’s equity and retained earnings are all part of your equity in this section.


Next steps


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How to forecast your business’ profit and loss

Different events can change your idea of how much money your business will make over the next year. Likewise, your view of the business expenses you will incur during the coming 12 months may have varied. Use our profit and loss template to help forecast for the year ahead.

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Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.

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