“What are the biggest risks in your plan?”

What they're really asking

Are you self-aware? Investors rarely care about the question on its own. They're testing whether you know your numbers cold, whether your assumptions are honest, and whether you can explain them simply.

How to answer, step by step

1. Name the top two assumptions that could break.
2. Quantify them with a sensitivity.
3. Explain your mitigation.

An example answer

Organic growth and churn. If organic growth is 20% lower, year-3 ARR falls by about $620k. We track both weekly.

Figures are from Loopdesk, the fictional SaaS company in our sample files. Swap in your own numbers and keep the structure.

The answer that loses trust

Where the proof lives

Before the meeting, find the number behind your answer. In our workbooks it lives in: Sensitivity Tables. If you can open that tab and point to it, the follow-up question is easy.