While most entrepreneurs have completed a business plan and PowerPoint presentation prior to a first meeting, not all have finalized a financial model. A complete financial model does more than help you answer 'How' and demonstrate outputs (e.g., projected revenue, EBITDA, headcount, etc.), it should clearly demonstrate inputs and relationships. Put another way, the most detailed calculations and assumptions of the model should be transparent. This clarity is absolutely critical for helping VCs understand both your projections and your business. Unfortunately, most entrepreneurs submit incomplete models to VCs assuming that only the outputs are important, leaving the VC to invest time in unraveling the mess of inputs and calculations.