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This week’s Founder Fundamentals session explored financial modelling for startups, featuring , CFO and COO at Growth Partners. Irene is a seasoned finance executive with deep expertise in financial management, M&A, and operational improvement across the CPG, manufacturing, and software sectors. Through her session, participants learned how to demystify financial modelling, strengthen their understanding of key business drivers, and create models that tell a compelling story to investors, lenders, and teams alike.

Turning Numbers into Narrative

Irene began by redefining financial modelling as more than a spreadsheet—it’s a decision-making tool that connects vision with reality. “Numbers tell the story of your business,” she explained, emphasizing that a good model helps founders understand their runway, unit economics, and path to profitability.

While founders often focus on sales and growth, she urged them to also focus on cash flow. “Revenue is vanity. Profit is sanity. Cash is reality,” Irene shared, reminding participants that forecasting isn’t about predicting the future—it’s about preparing for it.

Drawing from her work with startups across Canada, Irene highlighted how financial storytelling builds credibility with investors and confidence within teams. “A model isn’t just for fundraising—it’s for founders who want to sleep better at night.” - Irene de Gooyer-Collins

The Core Purpose of Financial Modelling

Candice structured the session around five foundational pillars that help startups scale with confidence:

1. Decision-Making Tool

A financial model empowers founders to make informed strategic decisions—from hiring and marketing to expansion and pricing. It answers the question: Can we afford this—and when?

2. Valuation and Investor Readiness

A strong model supports your story and builds trust. It helps investors understand your assumptions, your growth potential, and your plan to deliver returns.

“When you take other people’s money,” Irene reminded participants, “they care deeply about how you forecast and perform.”

3. Operational Insight

From inventory and staffing to rent and benefits, financial modelling clarifies the cost of running your business. It highlights where efficiency gains or cash leaks occur—turning operations into measurable, actionable insights.

4. Risk Management

Irene emphasized that modelling isn’t about perfection—it’s about preparedness. “If you think you might breach a bank covenant or miss payroll, model it now, not when it’s too late.” Anticipating risks helps founders build credibility with investors and resilience in uncertainty.

5. Cash Flow Forecasting

Perhaps the most critical takeaway: cash is king. Irene encouraged founders to update cash flow weekly, track actuals against projections, and understand their “cash-out” moments. “You want to see problems six months ahead—not six days.” - Irene de Gooyer-Collins

Building a Financial Model That Works

Together with Mark Young, Director of Technology and Operations at Growth Partners, Irene walked founders through how to build a model that connects finance, operations, and technology.

Mark shared how integrated systems—from accounting to ERP tools—help automate financial reporting and improve data accuracy. “A financial model is only as good as the data that feeds it,” she noted.

Irene then outlined the building blocks of an effective startup model:

• Clear assumptions about pricing, customers, and costs
• Revenue projections rooted in data, not hope
• Expense breakdowns that reflect real operations
• Sensitivity analysis to test best- and worst-case scenarios
• Key performance indicators (KPIs) tied to cash, margin, and growth

She encouraged participants to start small, create internal AI playbooks, and focus on human strengths like creativity, judgment, and relationship-building.

From Growth to Profitability

Irene also addressed a recurring founder dilemma: growth versus profit. While many early-stage startups focus on top-line sales, she reminded participants that sustainable success depends on margin and cash flow.

“You can’t scale losses,” she explained. “Profitability isn’t the enemy of growth—it’s what makes growth last.” - Irene de Gooyer-Collins

For service-based businesses, Irene urged founders to price their time properly, accounting for overhead and benefits. For product-based companies, she recommended designing with margins in mind: “If you’re not making 30% per unit, you’re probably losing money.” - Irene de Gooyer-Collins

She encouraged startups to project at least 24 months ahead, allowing space to anticipate funding needs, manage runway, and adapt as assumptions evolve.

Irene closed the session by encouraging founders to see financial modelling as a source of confidence, not anxiety.

“Financial models don’t have to be perfect—they just have to be useful,” she shared. “When you know your numbers, you lead from a place of clarity, not fear.”

Through her practical guidance, founders left equipped with the tools to forecast responsibly, manage growth strategically, and use financial modelling to drive smarter, more confident decisions.

About Founder Fundamentals

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