For a startup, where historical data may not provide sufficient insights into resource needs, using industry benchmarks as a reference can be a valuable approach when applicable. The key lies in fostering cross-functional collaboration during the resource planning process. This ensures that each function contributes meaningfully and brings depth to the discussion. Incorporating spot checks, such as obtaining quotes from strategic suppliers, can also enhance accuracy in costing and pricing. As finance professionals, we often lean toward a more conservative approach—this isn’t necessarily a drawback. Overestimating costs can serve as a buffer, and any resulting upside can be a nice surprise.

Forecasting startup growth requires analyzing past trends, staying in sync with team needs, and building scalable, flexible systems for evolving demands.