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I want to end up on the classic mistakes, the classic mistakes that entrepreneurs make when doing financial projections.

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First, classic mistake on under revenue. Overestimate the speed at which you're going to get revenue.

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Often it takes a long time. Sometimes you see that we having this incredibly optimistic revenue growth in year four or five and six.

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That doesn't mean anything. You can't build a business on all the revenue coming in for projects unless you have a clear plan of what that is.

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If you're a biotech company, that's the way it works. That's fine. But you sort of want to remain realistic over the long horizon.

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You often miss costs of generating sales, especially if you are having a sales fall.

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Think of all the expenses you're going to have to pay your salesforce.

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By the way,

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that could be you yourself travelling around the country or doing lots of phone calls and going to fancy dinners just to get that first sale.

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Don't forget the cost of generating the sale and and then distinguishing between listed and actual prices because often the list,

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the price is not the one that you're going to get on the cost side.

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Classic mistakes. We forget the cost of running the business.

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We think that all our assets are utilised that capacity right at the start when in fact they're not.

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And often we get the labour costs wrong, especially forgetting all the benefits and training costs and bonuses.

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So these are these are classic mistakes that I see people making on the cash flow side.

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And I briefly touched on it, but it really is important. People underestimate how much work it is to get paid.

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That's to say, most of the time, say you're doing a contract business, you think you've done the work.

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It still takes a month or two or three to chase down to get the bill paid.

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You need to work that out into your cash flow statements. That is part of your financial projections.

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The timing of cash flows underestimate the true cost of trade carried and and then underestimated the days of fundraising.

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You don't want to start fundraising two months before you're running out of cash.

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You want to do that 6 to 12 months before that.