[Case Study] Cash-flow Planning in Startup - Miret
Updated: Mar 23
Boljar brothers (Source: Miret.co)
No matter how big they are, there are some companies you want to work with because they are doing amazing things in their industries, and to paraphrase Steve Jobs, they’re among the crazy ones.
Miret is one of those companies. We are proud to onboard them as a client early on: because they are making a difference, and the world a better place.
The Story of Miret
Miret is a company making high-quality, eco-friendly sneakers founded by the Boljar brothers who stepped into the industry alongside their father.
Domagoj and Hrvoje Boljar inherited the family business, and they were doing great for a while. They worked for some of the biggest brands in the world until one day, it shined on them that they were making trash. Quite literally.
There is a dark side to mass sneaker production, you see. Regular shoes are built to be durable but at a low production cost and within a short period. To achieve that, companies use rubber, plastic, and other harmful synthetic materials. Once used, sneakers end up in landfills and become a source of micro-plastics, polluting everything around us.
Domagoj and Hrvoje wouldn’t have it, so they founded Miret.
They committed themselves to thoughtfully designing and ethically making products that put people, the planet, and the future of humanity first. Today, their sneakers are natural, made almost exclusively of plants. Their goal is to get to 100% natural sneakers as soon as possible.
Miret’s eco-friendly, durable, lightweight sneakers (Source: Miret.co)
Financial Planning Problems
The Boljar brothers found out about Farseer in 2019 because we took part in the accelerator program where their office was located at the time. A mutual friend introduced us, and we got to talking, exchanging ideas about business development and the ever-present issue of startup finances.
Just like any other startup, Miret was having trouble getting precise insight into their cash flow. They were constantly struggling with spreadsheets and their accounting software, trying to make sense of their transactions, figuring out their exact cash runway.
One of Miret’s main goals was to shorten the time needed to build P&L and cash-flow statements. They had multiple data sources that needed to be reconciled in one financial and reporting model. Five monthly bank statements with transaction data, combined with accounting software, meant that one person in charge of finances had to do everything manually. For a startup like Miret, losing time can quite literally mean losing money, so they needed help, and fast.
We sat down with them, and through several workshops, we helped them connect the puzzle pieces in Farseer.
Customizable Farseer Dashboard with interactive widgets
How Farseer Helped
The first step was to build their model in Farseer and gather all of their financial data in one place. To accomplish this, Miret used Farseer’s simple importing system. Every month, they can simply drag and drop their bank statements and other spreadsheet files to Farseer, and the model gets updated with the latest actuals. Without any manual work.
The next thing was to figure out the best way to build their reports for better insight into their business activities and complex supply-chain expenses with shipping and material expenses constantly changing. For this, they leveraged Farseer’s live dashboards that update automatically after each new model entry.
Miret arranged their dashboard to see the most important KPIs updated in real-time. They track live P&L statements, shipping costs (for both selling and sourcing), the total number of products sold, and cash runway.
Most importantly, Farseer also made it way easier for Miret to talk to investors. With cash flow and P&L statements updated in real-time, it became easy for Miret to compile and export financial data and build comprehensive reports to share with VCs.
If you think that your financial models are overgrowing spreadsheets, and you need a better financial modeling tool, you might want to check out Farseer: - Financial modeling in Farseer is centralized, fast, consistent - you won’t need to worry about errors and mistakes. - Natural language formulas are intuitive, error-proof and cannot be deleted by accident. - Sharing and exporting your work is granulated - you can share only parts of your model relevant to your user - Built-in hierarchy makes modeling transparent by default - Reorganize models by simply dragging and dropping entire spreadsheets to a specific location in the model LEARN MORE ABOUT FARSEER HERE