{"id":5488,"date":"2026-09-18T14:49:55","date_gmt":"2026-09-18T11:49:55","guid":{"rendered":"https:\/\/www.dchost.com\/blog\/?p=5488"},"modified":"2026-09-18T06:16:12","modified_gmt":"2026-09-18T03:16:12","slug":"startup-burn-multiple-nedir-verimlilik-olcumu","status":"publish","type":"post","link":"https:\/\/www.dchost.com\/blog\/startup-burn-multiple-nedir-verimlilik-olcumu\/","title":{"rendered":"Startup Burn Multiple Nedir? Verimlilik \u00d6l\u00e7\u00fcm\u00fc"},"content":{"rendered":"<div class=\"dchost-blog-content-wrapper\"><div id=\"toc_container\" role=\"navigation\" aria-label=\"Table of Contents\" data-nosnippet class=\"toc_transparent no_bullets toc_numbered toc_title_center\"><p class=\"toc_title\">\u0130\u00e7indekiler<\/p><ul class=\"toc_list\"><li><a href=\"#Startup_Burn_Multiple_Nedir\"><span class=\"toc_number toc_depth_1\">1.<\/span> Startup Burn Multiple Nedir?<\/a><\/li><li><a href=\"#Hesaplama_formulu_oldukca_basit\"><span class=\"toc_number toc_depth_1\">2.<\/span> Hesaplama form\u00fcl\u00fc olduk\u00e7a basit<\/a><\/li><li><a href=\"#Net_burn_ile_gross_burn_karistirilmamali\"><span class=\"toc_number toc_depth_1\">3.<\/span> Net burn ile gross burn kar\u0131\u015ft\u0131r\u0131lmamal\u0131<\/a><\/li><li><a href=\"#Hangi_gelirleri_dahil_etmek_gerekir\"><span class=\"toc_number toc_depth_1\">4.<\/span> Hangi gelirleri dahil etmek gerekir?<\/a><\/li><li><a href=\"#Burn_multiple_nasil_yorumlanir\"><span class=\"toc_number toc_depth_1\">5.<\/span> Burn multiple nas\u0131l yorumlan\u0131r?<\/a><\/li><li><a href=\"#Bir_raporlama_hatasinin_maliyeti\"><span class=\"toc_number toc_depth_1\">6.<\/span> Bir raporlama hatas\u0131n\u0131n maliyeti<\/a><\/li><li><a href=\"#Burn_multiple_ve_CAC_arasindaki_fark\"><span class=\"toc_number toc_depth_1\">7.<\/span> Burn multiple ve CAC aras\u0131ndaki fark<\/a><\/li><li><a href=\"#Runway_hesabina_nasil_baglanir\"><span class=\"toc_number toc_depth_1\">8.<\/span> Runway hesab\u0131na nas\u0131l ba\u011flan\u0131r?<\/a><\/li><li><a href=\"#Raporlama_icin_pratik_bir_tablo\"><span class=\"toc_number toc_depth_1\">9.<\/span> Raporlama i\u00e7in pratik bir tablo<\/a><\/li><li><a href=\"#Orani_iyilestirmek_icin_nereden_baslanir\"><span class=\"toc_number toc_depth_1\">10.<\/span> Oran\u0131 iyile\u015ftirmek i\u00e7in nereden ba\u015flan\u0131r?<\/a><ul><li><a href=\"#Gelir_tarafini_inceleyin\"><span class=\"toc_number toc_depth_2\">10.1.<\/span> Gelir taraf\u0131n\u0131 inceleyin<\/a><\/li><li><a href=\"#Gider_tarafini_parcalayin\"><span class=\"toc_number toc_depth_2\">10.2.<\/span> Gider taraf\u0131n\u0131 par\u00e7alay\u0131n<\/a><\/li><\/ul><\/li><li><a href=\"#Yatirimci_sunumunda_hangi_hatalar_yapilir\"><span class=\"toc_number toc_depth_1\">11.<\/span> Yat\u0131r\u0131mc\u0131 sunumunda hangi hatalar yap\u0131l\u0131r?<\/a><\/li><li><a href=\"#Bu_metrik_ne_zaman_yaniltir\"><span class=\"toc_number toc_depth_1\">12.<\/span> Bu metrik ne zaman yan\u0131lt\u0131r?<\/a><\/li><li><a href=\"#Iyi_bir_takip_aliskanligi_kurun\"><span class=\"toc_number toc_depth_1\">13.<\/span> \u0130yi bir takip al\u0131\u015fkanl\u0131\u011f\u0131 kurun<\/a><\/li><li><a href=\"#Sik_Sorulan_Sorular\"><span class=\"toc_number toc_depth_1\">14.<\/span> S\u0131k Sorulan Sorular<\/a><ul><li><a href=\"#Startup_burn_multiple_kac_olmali\"><span class=\"toc_number toc_depth_2\">14.1.<\/span> Startup burn multiple ka\u00e7 olmal\u0131?<\/a><\/li><li><a href=\"#Burn_multiple_aylik_mi_hesaplanir\"><span class=\"toc_number toc_depth_2\">14.2.<\/span> Burn multiple ayl\u0131k m\u0131 hesaplan\u0131r?<\/a><\/li><li><a href=\"#Burn_multiple_ile_CAC_ayni_sey_mi\"><span class=\"toc_number toc_depth_2\">14.3.<\/span> Burn multiple ile CAC ayn\u0131 \u015fey mi?<\/a><\/li><li><a href=\"#Geliri_olmayan_startup_burn_multiple_hesaplayabilir_mi\"><span class=\"toc_number toc_depth_2\">14.4.<\/span> Geliri olmayan startup burn multiple hesaplayabilir mi?<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<h2><span id=\"Startup_Burn_Multiple_Nedir\">Startup Burn Multiple Nedir?<\/span><\/h2>\n<p>Bir startup&#8217;\u0131n hesab\u0131nda para azal\u0131yor diye tek ba\u015f\u0131na k\u00f6t\u00fc bir \u015fey s\u00f6yleyemeyiz. \u00dcr\u00fcn geli\u015ftiriliyor, sat\u0131\u015f ekibi kuruluyor ve pazar do\u011frulan\u0131yorsa belli bir s\u00fcre yat\u0131r\u0131m yap\u0131lmas\u0131 normaldir. As\u0131l soru \u015fu: Harcanan her lira ne kadar yeni gelir \u00fcretiyor?<\/p>\n<p><strong>Startup burn multiple<\/strong>, \u015firketin belirli bir d\u00f6nemde t\u00fcketti\u011fi net nakdi, ayn\u0131 d\u00f6nemde olu\u015fturdu\u011fu yeni y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f gelire b\u00f6lerek sermaye verimlili\u011fini \u00f6l\u00e7er. T\u00fcrk\u00e7ede bunu kabaca &#8220;yanma katsay\u0131s\u0131&#8221; veya &#8220;harcama \u00e7arpan\u0131&#8221; diye d\u00fc\u015f\u00fcnebilirsiniz. Oran ne kadar d\u00fc\u015f\u00fckse \u015firket, yeni gelir \u00fcretirken nakdini o kadar verimli kullan\u0131yor demektir.<\/p>\n<p>Buradaki k\u00fc\u00e7\u00fck ama kritik ayr\u0131m \u015fu: Toplam geliri de\u011fil, <em>net yeni geliri<\/em> dikkate al\u0131r\u0131z. Mevcut m\u00fc\u015fterilerden gelen 100 bin liral\u0131k tekrar eden gelir sabit kalm\u0131\u015fsa, bu d\u00f6nemdeki b\u00fcy\u00fcmenin tamam\u0131 say\u0131lmaz. M\u00fc\u015fteri kay\u0131plar\u0131, yani churn, hesab\u0131n i\u00e7ine girmelidir.<\/p>\n<h2><span id=\"Hesaplama_formulu_oldukca_basit\">Hesaplama form\u00fcl\u00fc olduk\u00e7a basit<\/span><\/h2>\n<p>En yayg\u0131n form\u00fcl \u015f\u00f6yledir:<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Burn Multiple = Net Burn \/ Net New ARR<\/code><\/pre>\n<p>Net burn, ayn\u0131 d\u00f6nemde kasadan \u00e7\u0131kan operasyonel nakit ile kasaya giren operasyonel nakit aras\u0131ndaki farkt\u0131r. Net New ARR ise d\u00f6nem sonundaki y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f tekrar eden gelirden d\u00f6nem ba\u015f\u0131ndaki ARR&#8217;\u0131n \u00e7\u0131kar\u0131lmas\u0131yla bulunur.<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Net Burn = Operasyonel Nakit \u00c7\u0131k\u0131\u015f\u0131 - Operasyonel Nakit Giri\u015fi\nNet New ARR = D\u00f6nem Sonu ARR - D\u00f6nem Ba\u015f\u0131 ARR\nBurn Multiple = Net Burn \/ Net New ARR<\/code><\/pre>\n<p>Bu form\u00fcller muhasebe k\u00e2r\u0131n\u0131 de\u011fil, nakit t\u00fcketimini izler. Tahakkuk etmi\u015f ama hen\u00fcz tahsil edilmemi\u015f faturalar, tek seferlik dan\u0131\u015fmanl\u0131k gelirleri veya yat\u0131r\u0131m turundan gelen para hesab\u0131 yan\u0131ltabilir. Ben hesap yaparken yat\u0131r\u0131m gelirlerini operasyonel nakit giri\u015flerinden kesinlikle ay\u0131r\u0131r\u0131m.<\/p>\n<p>\u00d6rnek \u00fczerinden gidelim. Bir startup \u00fc\u00e7 ayda 300 bin TL net burn \u00fcretsin. Ayn\u0131 d\u00f6nemde ARR&#8217;\u0131 1,2 milyon TL&#8217;den 1,65 milyon TL&#8217;ye \u00e7\u0131km\u0131\u015f olsun.<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Net Burn    = 300.000 TL\nNet New ARR = 1.650.000 - 1.200.000 = 450.000 TL\nBurn Multiple = 300.000 \/ 450.000 = 0,67x<\/code><\/pre>\n<p>Buradaki 0,67x, startup&#8217;\u0131n 1 TL yeni y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f gelir olu\u015fturmak i\u00e7in yakla\u015f\u0131k 67 kuru\u015f net nakit t\u00fcketti\u011fini g\u00f6sterir. Oran\u0131n iyi olup olmad\u0131\u011f\u0131 \u015firketin a\u015famas\u0131na, b\u00fcy\u00fcme h\u0131z\u0131na, br\u00fct marj\u0131na ve pazar\u0131na ba\u011fl\u0131d\u0131r. Tek ba\u015f\u0131na karar verdirmez.<\/p>\n<h2><span id=\"Net_burn_ile_gross_burn_karistirilmamali\">Net burn ile gross burn kar\u0131\u015ft\u0131r\u0131lmamal\u0131<\/span><\/h2>\n<p>Startup finans\u0131nda iki farkl\u0131 burn kavram\u0131 s\u0131k s\u0131k birbirine kar\u0131\u015f\u0131yor. <strong>Gross burn<\/strong>, gelir hesaba kat\u0131lmadan ayl\u0131k veya d\u00f6nemsel toplam nakit \u00e7\u0131k\u0131\u015f\u0131n\u0131 anlat\u0131r. Maa\u015flar, ofis, bulut sunucular\u0131, reklamlar, dan\u0131\u015fmanl\u0131k ve di\u011fer i\u015fletme giderleri buraya girer.<\/p>\n<p><strong>Net burn<\/strong> ise bu giderlerden operasyonel nakit gelirlerin \u00e7\u0131kar\u0131lmas\u0131yla bulunur. Burn multiple hesaplan\u0131rken \u00e7o\u011funlukla net burn kullan\u0131l\u0131r. Runway hesab\u0131nda iki rakam\u0131 da g\u00f6rmek faydal\u0131d\u0131r; gelir bir ay gecikti\u011finde \u015firketin ger\u00e7ek nakit ihtiyac\u0131 gross burn seviyesine yakla\u015fabilir.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u00d6l\u00e7\u00fcm<\/th>\n<th>Ne g\u00f6sterir?<\/th>\n<th>Kullan\u0131m alan\u0131<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Gross burn<\/td>\n<td>Gelir yokmu\u015f gibi ayl\u0131k nakit \u00e7\u0131k\u0131\u015f\u0131<\/td>\n<td>Maksimum nakit ihtiyac\u0131 ve maliyet plan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Net burn<\/td>\n<td>Gelirler d\u00fc\u015f\u00fcld\u00fckten sonra t\u00fcketilen nakit<\/td>\n<td>Burn multiple ve ger\u00e7ek runway<\/td>\n<\/tr>\n<tr>\n<td>Burn multiple<\/td>\n<td>Yeni gelirin hangi nakit maliyetle \u00fcretildi\u011fi<\/td>\n<td>Sermaye verimlili\u011fi ve yat\u0131r\u0131m haz\u0131rl\u0131\u011f\u0131<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Peki neden gross burn ile burn multiple hesaplam\u0131yoruz? \u00c7\u00fcnk\u00fc 200 bin TL gelir \u00fcreten bir \u015firketle hi\u00e7 gelir \u00fcretmeyen \u015firket ayn\u0131 gider seviyesine sahip olsa bile ayn\u0131 durumda de\u011fildir. Geliri yok saymak, sat\u0131\u015f verimlili\u011finin \u00f6nemli k\u0131sm\u0131n\u0131 siler.<\/p>\n<h2><span id=\"Hangi_gelirleri_dahil_etmek_gerekir\">Hangi gelirleri dahil etmek gerekir?<\/span><\/h2>\n<p>Burn multiple&#8217;\u0131n g\u00fcvenilir olmas\u0131 i\u00e7in ARR kapsam\u0131n\u0131 ba\u015ftan yaz\u0131l\u0131 hale getirin. SaaS \u015firketlerinde tekrar eden abonelik gelirleri do\u011fal olarak ana girdidir. Y\u0131ll\u0131k s\u00f6zle\u015fmeler ayl\u0131k de\u011filse, s\u00f6zle\u015fme de\u011ferini y\u0131ll\u0131kland\u0131r\u0131rken pe\u015fin tahsilat\u0131 do\u011frudan ARR gibi kabul etmeyin.<\/p>\n<ul>\n<li>Aktif ve tekrar eden abonelik gelirleri ARR&#8217;a dahil edilebilir.<\/li>\n<li>Tek seferlik kurulum, dan\u0131\u015fmanl\u0131k ve \u00f6zel geli\u015ftirme gelirleri ayr\u0131 tutulmal\u0131d\u0131r.<\/li>\n<li>\u0130ndirimli deneme d\u00f6nemi bitmeden olu\u015fan gelirler dikkatle do\u011frulanmal\u0131d\u0131r.<\/li>\n<li>Churn olan m\u00fc\u015fteriler ve k\u00fc\u00e7\u00fclen hesaplar net yeni ARR&#8217;dan d\u00fc\u015f\u00fclmelidir.<\/li>\n<li>Hen\u00fcz imzalanmam\u0131\u015f sat\u0131\u015f f\u0131rsatlar\u0131 hesaplamaya al\u0131nmamal\u0131d\u0131r.<\/li>\n<\/ul>\n<p>Bir m\u00fc\u015fteri 12 ayl\u0131k s\u00f6zle\u015fmeyi imzalad\u0131 ama ilk faturay\u0131 \u00fc\u00e7 ay sonra \u00f6deyecekse iki ayr\u0131 tablo tutar\u0131m: ARR tablosu ticari kazan\u0131m\u0131, nakit tablosu tahsilat\u0131 g\u00f6sterir. Bu iki tabloyu birbirine yap\u0131\u015ft\u0131rmak \u00f6zellikle h\u0131zl\u0131 b\u00fcy\u00fcyen \u015firketlerde yan\u0131lt\u0131c\u0131d\u0131r.<\/p>\n<h2><span id=\"Burn_multiple_nasil_yorumlanir\">Burn multiple nas\u0131l yorumlan\u0131r?<\/span><\/h2>\n<p>Genel bir sezgi vermek gerekirse, 1x&#8217;in alt\u0131ndaki oran sermayenin verimli kullan\u0131ld\u0131\u011f\u0131na i\u015faret eder. 1x ile 2x aras\u0131 baz\u0131 erken a\u015fama \u015firketlerde makul olabilir. Daha y\u00fcksek oran ise \u00fcr\u00fcn-pazar uyumu, sat\u0131\u015f kanal\u0131, fiyatland\u0131rma veya maliyet yap\u0131s\u0131n\u0131n yak\u0131ndan incelenmesini gerektirir.<\/p>\n<p>Bu e\u015fikler yasa de\u011fildir. Hen\u00fcz \u00fcr\u00fcn\u00fcn\u00fc geli\u015ftiren bir pre-revenue startup&#8217;\u0131n burn multiple&#8217;\u0131 teknik olarak \u00f6l\u00e7\u00fclemez; \u00e7\u00fcnk\u00fc paydada yeni ARR yoktur. Yeni bir pazara giren \u015firket de ilk aylarda sat\u0131\u015f ekibine ve altyap\u0131ya yat\u0131r\u0131m yapt\u0131\u011f\u0131 i\u00e7in ge\u00e7ici olarak y\u00fcksek oran g\u00f6rebilir.<\/p>\n<p>Ben oran\u0131 tek bir \u00e7eyrekten okumam. Son \u00fc\u00e7, alt\u0131 ve on iki ayl\u0131k d\u00f6nemleri yan yana koyar\u0131m. Tek ayda b\u00fcy\u00fck bir y\u0131ll\u0131k s\u00f6zle\u015fmenin imzalanmas\u0131 oran\u0131 yapay bi\u00e7imde iyile\u015ftirebilir. Y\u0131ll\u0131k yenileme \u00f6demesinin gecikmesi de tek d\u00f6nemi gereksiz yere k\u00f6t\u00fc g\u00f6sterebilir.<\/p>\n<table>\n<thead>\n<tr>\n<th>Burn multiple<\/th>\n<th>Olas\u0131 yorum<\/th>\n<th>Kontrol edilecek alan<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>0-1x<\/td>\n<td>Yeni gelir \u00fcretimi verimli olabilir<\/td>\n<td>Gelirin kal\u0131c\u0131l\u0131\u011f\u0131 ve br\u00fct marj<\/td>\n<\/tr>\n<tr>\n<td>1-2x<\/td>\n<td>Erken a\u015famada kabul edilebilir olabilir<\/td>\n<td>Sat\u0131\u015f geri d\u00f6n\u00fc\u015f s\u00fcresi ve b\u00fcy\u00fcme h\u0131z\u0131<\/td>\n<\/tr>\n<tr>\n<td>2-3x<\/td>\n<td>Sermaye t\u00fcketimi dikkat \u00e7ekiyor<\/td>\n<td>Fiyatland\u0131rma, churn ve sat\u0131\u015f verimlili\u011fi<\/td>\n<\/tr>\n<tr>\n<td>3x \u00fczeri<\/td>\n<td>Plan varsay\u0131mlar\u0131 sorgulanmal\u0131<\/td>\n<td>M\u00fc\u015fteri edinme maliyeti ve gider disiplini<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Yat\u0131r\u0131mc\u0131lar da bu oran\u0131 genellikle tek ba\u015f\u0131na istemez. B\u00fcy\u00fcme h\u0131z\u0131, br\u00fct k\u00e2r marj\u0131, net revenue retention, CAC geri \u00f6deme s\u00fcresi ve runway ile birlikte bakarlar. Ayn\u0131 burn multiple&#8217;a sahip iki \u015firketten br\u00fct marj\u0131 y\u00fcksek ve churn&#8217;\u00fc d\u00fc\u015f\u00fck olan daha sa\u011fl\u0131kl\u0131 g\u00f6r\u00fcnebilir.<\/p>\n<h2><span id=\"Bir_raporlama_hatasinin_maliyeti\">Bir raporlama hatas\u0131n\u0131n maliyeti<\/span><\/h2>\n<p>Bir SaaS m\u00fc\u015fterisinin nakit tablosunu incelerken yat\u0131r\u0131m turundan gelen paran\u0131n operasyonel nakit giri\u015fi olarak s\u0131n\u0131fland\u0131r\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fcm. Form\u00fcl do\u011fru \u00e7al\u0131\u015f\u0131yordu ama pay ve payda ayn\u0131 ekonomik olay\u0131 anlatm\u0131yordu. Yat\u0131r\u0131m paras\u0131 nakdi art\u0131rd\u0131\u011f\u0131 i\u00e7in net burn yapay bi\u00e7imde d\u00fc\u015f\u00fcyor, burn multiple da oldu\u011fundan iyi g\u00f6r\u00fcn\u00fcyordu.<\/p>\n<p>Yat\u0131r\u0131m gelirini ayr\u0131 sat\u0131ra ald\u0131\u011f\u0131m\u0131zda oran y\u00fckseldi. \u0130lk bak\u0131\u015fta k\u00f6t\u00fc haberdi; asl\u0131nda \u015firketin ger\u00e7ek operasyonel durumunu ilk kez g\u00f6r\u00fcyorduk. Benim dersim net: Form\u00fcl\u00fc \u00e7al\u0131\u015ft\u0131rmadan \u00f6nce her nakit hareketinin kayna\u011f\u0131n\u0131 ve niteli\u011fini yaz\u0131l\u0131 olarak s\u0131n\u0131fland\u0131r\u0131n.<\/p>\n<p>Bu t\u00fcr incelemelerde Google Sheet&#8217;teki tek bir toplam h\u00fccresine g\u00fcvenmem. Banka hareketlerini, fatura kay\u0131tlar\u0131n\u0131 ve ARR de\u011fi\u015fimini ayr\u0131 sayfalarda tutar\u0131m. Her ay\u0131n kapan\u0131\u015f\u0131nda aradaki fark\u0131 a\u00e7\u0131klar\u0131m. A\u00e7\u0131klanamayan fark, yat\u0131r\u0131mc\u0131 sunumundaki g\u00fczel bir orandan daha de\u011ferlidir.<\/p>\n<h2><span id=\"Burn_multiple_ve_CAC_arasindaki_fark\">Burn multiple ve CAC aras\u0131ndaki fark<\/span><\/h2>\n<p><strong><a href=\"https:\/\/www.dchost.com\/blog\/startup-cac-nasil-hesaplanir-musteri-edinme-maliyeti\/\">Startup CAC Nas\u0131l Hesaplan\u0131r? M\u00fc\u015fteri Edinme Maliyeti<\/a><\/strong> rehberinde m\u00fc\u015fteri kazanmak i\u00e7in yap\u0131lan sat\u0131\u015f ve pazarlama harcamalar\u0131n\u0131n yeni m\u00fc\u015fteri say\u0131s\u0131na oran\u0131n\u0131 ele al\u0131yoruz. Burn multiple ise sadece m\u00fc\u015fteri edinme maliyetini de\u011fil, \u00fcr\u00fcn, m\u00fchendislik, operasyon, y\u00f6netim ve di\u011fer nakit t\u00fcketimini de kapsar.<\/p>\n<p>Bu nedenle CAC d\u00fc\u015ferken burn multiple y\u00fckselebilir. \u015eirket yeni m\u00fc\u015fteriyi daha ucuza getiriyordur ama gere\u011finden b\u00fcy\u00fck bir ekip, pahal\u0131 altyap\u0131 veya d\u00fc\u015f\u00fck kullan\u0131ml\u0131 bir ofis ta\u015f\u0131yordur. Tersi de m\u00fcmk\u00fcn: Burn multiple iyi g\u00f6r\u00fcn\u00fcrken CAC \u00e7ok y\u00fcksek olabilir; bunun nedeni tek seferlik b\u00fcy\u00fck bir kurumsal sat\u0131\u015f veya ba\u015fka bir gelir kaleminin tabloyu desteklemesidir.<\/p>\n<p>\u0130ki metri\u011fi birlikte izleyin. CAC geri \u00f6deme s\u00fcresi uzunken burn multiple&#8217;\u0131n d\u00fc\u015f\u00fck olmas\u0131 kal\u0131c\u0131 bir avantaj olmayabilir. Sat\u0131\u015f gideri bug\u00fcn kasadan \u00e7\u0131kar, gelir ise aylar sonra tahsil edilir. Nakit takvimi burada belirleyicidir.<\/p>\n<h2><span id=\"Runway_hesabina_nasil_baglanir\">Runway hesab\u0131na nas\u0131l ba\u011flan\u0131r?<\/span><\/h2>\n<p>Runway, \u015firketin mevcut nakitle ka\u00e7 ay faaliyet g\u00f6sterebilece\u011fini anlat\u0131r. Basit yakla\u015f\u0131m \u015f\u00f6yledir:<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">Runway (ay) = Kasadaki Nakit \/ Ayl\u0131k Net Burn<\/code><\/pre>\n<p>Ayl\u0131k net burn son \u00fc\u00e7 ayda 150 bin, 210 bin ve 270 bin TL olmu\u015fsa ortalama 210 bin TL&#8217;dir. Kasada 2,1 milyon TL varsa kaba runway on ay \u00e7\u0131kar. Burn multiple y\u00fckseliyorsa gelecek aylarda daha fazla nakit t\u00fcketme ihtimali vard\u0131r; ge\u00e7mi\u015f ortalamay\u0131 k\u00f6rlemesine kullanmay\u0131n.<\/p>\n<p>Ben \u00fc\u00e7 senaryo haz\u0131rlamay\u0131 tercih ederim:<\/p>\n<ul>\n<li>Temel senaryo: Mevcut sat\u0131\u015f h\u0131z\u0131 ve gider plan\u0131 devam eder.<\/li>\n<li>Temkinli senaryo: Yeni m\u00fc\u015fteri kazan\u0131m\u0131 yava\u015flar, churn artar ve baz\u0131 tahsilatlar gecikir.<\/li>\n<li>Kesinti senaryosu: \u0130\u015fe al\u0131mlar durur, d\u00fc\u015f\u00fck getirili kanallar kapat\u0131l\u0131r ve zorunlu olmayan harcamalar ertelenir.<\/li>\n<\/ul>\n<p>Her senaryoda burn multiple ile runway birlikte de\u011fi\u015fir. Yaln\u0131zca &#8220;ka\u00e7 ay param\u0131z kald\u0131?&#8221; diye bakmak yerine &#8220;bu parayla hangi gelir seviyesine ula\u015faca\u011f\u0131z?&#8221; sorusunu da sorun.<\/p>\n<h2><span id=\"Raporlama_icin_pratik_bir_tablo\">Raporlama i\u00e7in pratik bir tablo<\/span><\/h2>\n<p>Ayl\u0131k kapan\u0131\u015fta \u015fu alanlar yeterli bir ba\u015flang\u0131\u00e7 sa\u011flar:<\/p>\n<ul>\n<li>D\u00f6nem ba\u015f\u0131 nakit ve d\u00f6nem sonu nakit<\/li>\n<li>Operasyonel nakit giri\u015fleri<\/li>\n<li>Operasyonel nakit \u00e7\u0131k\u0131\u015flar\u0131<\/li>\n<li>D\u00f6nem ba\u015f\u0131 ve d\u00f6nem sonu ARR<\/li>\n<li>Yeni m\u00fc\u015fteri ARR&#8217;\u0131<\/li>\n<li>Churn ve downgrade kaynakl\u0131 ARR kayb\u0131<\/li>\n<li>Net burn, net new ARR ve burn multiple<\/li>\n<li>Runway ve bir sonraki finansman ihtiyac\u0131<\/li>\n<\/ul>\n<p>Her sat\u0131r\u0131n kayna\u011f\u0131 belli olsun. ARR CRM&#8217;den, tahsilatlar banka veya muhasebe sisteminden, giderler de nakit hareketlerinden gelmeli. CRM&#8217;deki &#8220;closed won&#8221; kayd\u0131 ile bankadaki tahsilat\u0131 ayn\u0131 \u015fey sanmak, bu metrikte en s\u0131k g\u00f6rd\u00fc\u011f\u00fcm hatalardan biri.<\/p>\n<p>Basit bir veri setini Python ile kontrol etmek isterseniz, a\u015fa\u011f\u0131daki \u00f6rnek burn multiple hesaplar:<\/p>\n<pre class=\"language-bash line-numbers\"><code class=\"language-bash\">net_burn = 300000\nbegin_arr = 1200000\nend_arr = 1650000\n\nnet_new_arr = end_arr - begin_arr\nburn_multiple = net_burn \/ net_new_arr\n\nprint(f&quot;{burn_multiple:.2f}x&quot;)<\/code><\/pre>\n<p>Bu \u00f6rne\u011fin \u00e7\u0131kt\u0131s\u0131 <code>0.67x<\/code> olur. Kodun kendisi zor de\u011fil; zor olan, <code>net_burn<\/code> ve ARR de\u011ferlerinin ayn\u0131 d\u00f6nemi ger\u00e7ekten temsil etti\u011finden emin olmakt\u0131r.<\/p>\n<h2><span id=\"Orani_iyilestirmek_icin_nereden_baslanir\">Oran\u0131 iyile\u015ftirmek i\u00e7in nereden ba\u015flan\u0131r?<\/span><\/h2>\n<p>Burn multiple y\u00fcksek \u00e7\u0131kt\u0131 diye ilk refleks b\u00fct\u00fcn ekibi k\u00fc\u00e7\u00fcltmek olmamal\u0131. \u00d6nce art\u0131\u015f\u0131n nereden geldi\u011fini ay\u0131r\u0131n. Gelir paydas\u0131 m\u0131 k\u00fc\u00e7\u00fcld\u00fc, yoksa burn paydas\u0131 m\u0131 b\u00fcy\u00fcd\u00fc?<\/p>\n<h3><span id=\"Gelir_tarafini_inceleyin\">Gelir taraf\u0131n\u0131 inceleyin<\/span><\/h3>\n<ul>\n<li>Fiyatland\u0131rma, m\u00fc\u015fterinin ald\u0131\u011f\u0131 de\u011feri yans\u0131t\u0131yor mu?<\/li>\n<li>Deneme hesab\u0131ndan \u00fccretli hesaba ge\u00e7i\u015fte hangi ad\u0131m kaybediliyor?<\/li>\n<li>Churn eden m\u00fc\u015fteriler ortak bir kullan\u0131m veya sekt\u00f6r \u00f6zelli\u011fi g\u00f6steriyor mu?<\/li>\n<li>Sat\u0131\u015f ekibi d\u00fc\u015f\u00fck fiyatl\u0131 ve y\u00fcksek destek maliyetli m\u00fc\u015fterilere mi odaklan\u0131yor?<\/li>\n<\/ul>\n<p>Fiyat\u0131 art\u0131rmak her zaman \u00e7\u00f6z\u00fcm de\u011fildir. Bazen paketleri sadele\u015ftirmek, minimum s\u00f6zle\u015fme de\u011ferini netle\u015ftirmek veya kurulum s\u00fcrecini \u00fccretlendirmek daha sa\u011fl\u0131kl\u0131 bir sonu\u00e7 verir.<\/p>\n<h3><span id=\"Gider_tarafini_parcalayin\">Gider taraf\u0131n\u0131 par\u00e7alay\u0131n<\/span><\/h3>\n<p>Maa\u015f giderini tek kalem olarak g\u00f6rmek yerine ekiplerin gelir \u00fcretimine katk\u0131s\u0131n\u0131 ve kritik operasyon y\u00fck\u00fcn\u00fc ay\u0131r\u0131n. Gereksiz sunucu kapasitesi, kullan\u0131lmayan SaaS lisanslar\u0131 ve d\u00fc\u015f\u00fck d\u00f6n\u00fc\u015f\u00fcml\u00fc reklam kampanyalar\u0131 h\u0131zl\u0131 incelenebilecek alanlard\u0131r. Hosting taraf\u0131nda da benzerini g\u00f6r\u00fcyorum: \u015eirketler bazen m\u00fc\u015fteri say\u0131s\u0131 artmadan kapasiteyi birka\u00e7 kat b\u00fcy\u00fct\u00fcyor, sonra da bu maliyeti &#8220;b\u00fcy\u00fcme yat\u0131r\u0131m\u0131&#8221; diye s\u0131n\u0131fland\u0131r\u0131yor.<\/p>\n<p>\u00dcr\u00fcn ve g\u00fcvenlik yat\u0131r\u0131mlar\u0131n\u0131 s\u0131rf k\u0131sa vadede ARR \u00fcretmiyor diye kesmek de hatal\u0131d\u0131r. Yedekleme, izleme, eri\u015fim kontrol\u00fc ve hata tolerans\u0131 gelir tablosunda do\u011frudan g\u00f6r\u00fcnmeyebilir; bir kesinti oldu\u011funda etkileri \u00e7ok g\u00f6r\u00fcn\u00fcr hale gelir. Verimlilik, k\u00f6r tasarruf de\u011fildir.<\/p>\n<h2><span id=\"Yatirimci_sunumunda_hangi_hatalar_yapilir\">Yat\u0131r\u0131mc\u0131 sunumunda hangi hatalar yap\u0131l\u0131r?<\/span><\/h2>\n<p>En yayg\u0131n hata, en iyi \u00e7eyre\u011fi se\u00e7ip genel e\u011filim gibi g\u00f6stermektir. Buna yak\u0131n bir hata da burn multiple&#8217;\u0131 yaln\u0131zca gross burn \u00fczerinden hesaplayarak geliri yok saymakt\u0131r. Kullan\u0131lan tan\u0131m\u0131 sunumun dipnotuna yaz\u0131n: D\u00f6nem nedir, net burn nas\u0131l hesaplanm\u0131\u015ft\u0131r, net new ARR&#8217;a churn dahil midir?<\/p>\n<p>Bir di\u011fer sorun, ARR ile toplam ciroyu kar\u0131\u015ft\u0131rmakt\u0131r. E-ticaret veya proje bazl\u0131 gelir yap\u0131s\u0131nda ARR her zaman do\u011fru metrik olmayabilir. B\u00f6yle bir \u015firket i\u00e7in net burn \/ net new revenue, katk\u0131 pay\u0131 ve nakit d\u00f6n\u00fc\u015f\u00fcm s\u00fcresi daha anlaml\u0131 olabilir. Metrik \u015firketin i\u015f modeline uymuyorsa, s\u0131rf startup d\u00fcnyas\u0131nda pop\u00fcler diye kullanmay\u0131n.<\/p>\n<p>Yat\u0131r\u0131m haz\u0131rl\u0131\u011f\u0131nda finansal kay\u0131tlar\u0131n yan\u0131nda belge d\u00fczeni de \u00f6nemlidir. <strong><a href=\"https:\/\/www.dchost.com\/blog\/startup-veri-odasi-yatirimciya-hazirlik-rehberi\/\">Startup Veri Odas\u0131 Nedir? Yat\u0131r\u0131mc\u0131ya Haz\u0131rl\u0131k Rehberi<\/a><\/strong> i\u00e7inde s\u00f6zle\u015fmeler, finansal tablolar ve operasyon kay\u0131tlar\u0131n\u0131n nas\u0131l d\u00fczenlenebilece\u011fini anlat\u0131yoruz. Burn multiple&#8217;\u0131n arkas\u0131ndaki veriyi g\u00f6stermek, parlak bir grafik haz\u0131rlamaktan daha ikna edicidir.<\/p>\n<h2><span id=\"Bu_metrik_ne_zaman_yaniltir\">Bu metrik ne zaman yan\u0131lt\u0131r?<\/span><\/h2>\n<p>Pre-revenue d\u00f6nemde payda s\u0131f\u0131ra yak\u0131n oldu\u011fu i\u00e7in sonu\u00e7 anlams\u0131zla\u015f\u0131r. \u00c7ok uzun sat\u0131\u015f d\u00f6ng\u00fcs\u00fcne sahip kurumsal \u00fcr\u00fcnlerde sat\u0131\u015f ekibi aylard\u0131r \u00e7al\u0131\u015f\u0131rken yeni ARR bir sonraki \u00e7eyrekte gelebilir. Mevsimsel i\u015flerde de tek \u00e7eyrek kar\u015f\u0131la\u015ft\u0131rmas\u0131 sa\u011fl\u0131kl\u0131 de\u011fildir.<\/p>\n<p>B\u00fcy\u00fck bir y\u0131ll\u0131k s\u00f6zle\u015fme ayn\u0131 d\u00f6nemde imzalanm\u0131\u015fsa burn multiple ola\u011fan\u00fcst\u00fc d\u00fc\u015f\u00fck \u00e7\u0131kabilir. S\u00f6zle\u015fmenin yenilenme ihtimali, kullan\u0131m oran\u0131 veya tahsilat riski y\u00fcksekse bu oran\u0131 ba\u015far\u0131 kan\u0131t\u0131 gibi sunmak do\u011fru olmaz.<\/p>\n<p>Sermaye harcamalar\u0131n\u0131 ve tek seferlik giderleri nas\u0131l s\u0131n\u0131fland\u0131rd\u0131\u011f\u0131n\u0131z\u0131 da kontrol edin. Yeni bir veri merkezi yat\u0131r\u0131m\u0131 veya b\u00fcy\u00fck bir hukuki masraf, birka\u00e7 ayl\u0131k oran\u0131 bozabilir; bunu gizlemek yerine ayr\u0131 bir sat\u0131rda a\u00e7\u0131klamak daha g\u00fcvenilirdir.<\/p>\n<h2><span id=\"Iyi_bir_takip_aliskanligi_kurun\">\u0130yi bir takip al\u0131\u015fkanl\u0131\u011f\u0131 kurun<\/span><\/h2>\n<p>Her ay\u0131n ayn\u0131 g\u00fcn\u00fcnde kapan\u0131\u015f yap\u0131n. \u00d6nce nakdi, sonra ARR&#8217;\u0131, ard\u0131ndan burn multiple&#8217;\u0131 hesaplay\u0131n. De\u011fi\u015fimi bir \u00f6nceki d\u00f6nemle ve son 12 ayl\u0131k ortalamayla kar\u015f\u0131la\u015ft\u0131r\u0131n.<\/p>\n<p>Ben dashboard&#8217;a tek bir skor koymak yerine \u00fc\u00e7 soru eklerdim: Yeni gelir \u00fcretmek i\u00e7in ne kadar nakit harcad\u0131k? Bu gelir ne kadar kal\u0131c\u0131? Ayn\u0131 h\u0131z devam ederse kasadaki para ne zaman kritik seviyeye iner? Bu sorular yan\u0131tlanm\u0131yorsa 0,8x gibi g\u00fczel g\u00f6r\u00fcnen bir de\u011fer de fazla anlam ta\u015f\u0131maz.<\/p>\n<p>Startup burn multiple, \u015firketi iyi veya k\u00f6t\u00fc ilan eden bir not de\u011fildir. Harcanan sermaye ile \u00fcretilen yeni gelir aras\u0131ndaki ili\u015fkiyi g\u00f6r\u00fcn\u00fcr k\u0131lar. Benim tablolar\u0131mda en de\u011ferli sat\u0131r \u00e7o\u011fu zaman oran de\u011fil, o oran\u0131n neden de\u011fi\u015fti\u011fini a\u00e7\u0131klayan nottur.<\/p>\n<h2><span id=\"Sik_Sorulan_Sorular\">S\u0131k Sorulan Sorular<\/span><\/h2>\n<h3><span id=\"Startup_burn_multiple_kac_olmali\">Startup burn multiple ka\u00e7 olmal\u0131?<\/span><\/h3>\n<p>Tek bir do\u011fru e\u015fik yoktur. Erken a\u015famadaki bir \u015firket i\u00e7in 1-2x aras\u0131 oran makul olabilir; 1x&#8217;in alt\u0131 genellikle daha verimli bir tabloya i\u015faret eder. B\u00fcy\u00fcme h\u0131z\u0131, br\u00fct marj, churn ve sat\u0131\u015f d\u00f6ng\u00fcs\u00fc birlikte de\u011ferlendirilmelidir.<\/p>\n<h3><span id=\"Burn_multiple_aylik_mi_hesaplanir\">Burn multiple ayl\u0131k m\u0131 hesaplan\u0131r?<\/span><\/h3>\n<p>Ayl\u0131k hesaplanabilir ancak tek ay dalgalanmalar\u0131 yan\u0131lt\u0131c\u0131 olabilir. \u00dc\u00e7, alt\u0131 veya on iki ayl\u0131k hareketli d\u00f6nemleri birlikte izlemek, b\u00fcy\u00fck s\u00f6zle\u015fmelerin ve geciken tahsilatlar\u0131n etkisini daha do\u011fru g\u00f6sterir.<\/p>\n<h3><span id=\"Burn_multiple_ile_CAC_ayni_sey_mi\">Burn multiple ile CAC ayn\u0131 \u015fey mi?<\/span><\/h3>\n<p>Hay\u0131r. CAC yeni bir m\u00fc\u015fteri edinmenin maliyetini \u00f6l\u00e7er; burn multiple ise \u015firketin t\u00fcm operasyonel net nakit t\u00fcketimini olu\u015fturdu\u011fu net yeni ARR ile kar\u015f\u0131la\u015ft\u0131r\u0131r. \u0130kisini birlikte kullanmak sat\u0131\u015f verimlili\u011fi ile genel sermaye verimlili\u011fini ay\u0131rmay\u0131 sa\u011flar.<\/p>\n<h3><span id=\"Geliri_olmayan_startup_burn_multiple_hesaplayabilir_mi\">Geliri olmayan startup burn multiple hesaplayabilir mi?<\/span><\/h3>\n<p>Yeni ARR s\u0131f\u0131rsa klasik burn multiple hesaplanamaz veya anlaml\u0131 bir sonu\u00e7 vermez. Bu d\u00f6nemde gross burn, net burn, runway, \u00fcr\u00fcn do\u011frulama g\u00f6stergeleri ve sat\u0131\u015f pipeline&#8217;\u0131 daha uygun takip metrikleridir.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Startup burn multiple, harcanan net nakdin olu\u015fturulan yeni ARR&#8217;a oran\u0131n\u0131 g\u00f6sterir. Form\u00fcl\u00fc, yorumlanmas\u0131 ve runway ba\u011flant\u0131s\u0131n\u0131 \u00f6rneklerle a\u00e7\u0131kl\u0131yorum.<\/p>\n","protected":false},"author":4,"featured_media":5484,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[549,547,548,550,545,546,551],"class_list":["post-5488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup","tag-arr","tag-burn-multiple-hesaplama","tag-net-burn","tag-runway","tag-startup-burn-multiple","tag-startup-finansi","tag-startup-verimliligi"],"_links":{"self":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/comments?post=5488"}],"version-history":[{"count":1,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5488\/revisions"}],"predecessor-version":[{"id":5490,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/posts\/5488\/revisions\/5490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media\/5484"}],"wp:attachment":[{"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/media?parent=5488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/categories?post=5488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dchost.com\/blog\/wp-json\/wp\/v2\/tags?post=5488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}