Build it like an analyst

Finance teams follow a few conventions so anyone can open a model and trust it. They're worth copying even if you never touch a DCF.

• Blue for inputs, black for formulas. Anyone can see at a glance what's typed and what's calculated.
• Assumptions live in one place. Growth rates, tax rates and prices sit in labeled cells, and formulas point at them with $ references.
• No numbers inside formulas. =B2*1.12 hides an assumption. =B2*(1+$E$2) shows it.
• Label units. Thousands or millions, dollars or percent, actual (A) or estimate (E).

The next three exercises are the math you'll do most: growth, projections and margins.