I have seen hundred’s of business plan models, whether for getting ready to raise capital, evaluate an acquisition or complete a budget. Many of these models have come from entrepreneurs who are very sharp about most parts of their business, but struggle with their financial modeling despite the best of intentions.

Here is my top 15 list of items that need to be fixed, ranging from cosmetic changes to changes that affect the core of the business. Even experienced users might find some advanced ideas to help them in their next model.

1. No Cash Flow Schedule.

2. Financials Not Linked Together.

3. Hockey Stick, Rocket Ship Results.

4. Detail in Wrong Places.

5. Doesn’t Scale Up- Hard Coded Assumptions.

6. Long Formulas.

7. Assumptions Buried in the Model.

8. Layout is Hard to Navigate.

9. Printing Not Set Up.

10. What’s Your Cost of Acquisition? Cost of Retention?

11. No Summary.

12. No Charts.

13. Not Tied In With Financial System.

14. No Sensitivity Analysis.

15. No Thoughts From Investor Perspective.

A well done financial model can challenge your thinking. It can bring insights and perspectives you had not thought of. You can see how to change your strategy and your execution. It also can give you a process to revisit your business going forward.

While nobody gets approved just on a model, you can get knocked out early. When done right, a financial model can increase your odds of getting in the door and getting funded, getting your budget approved or making the right decision on an acquisition or divestiture.

By covering these points in your model, you can take your it further in some ways or realize that there is a value in getting outside help in taking your model to the next level. A good consultant will go beyond just the mechanics of building the model.