Listen to the latest 60 second episode of Integrity Moments with Rick Boxx
In this series, we are looking at what we can learn from entrepreneurs about restarting our businesses post-lockdown. Sadly, many of us don’t know whether our businesses can survive this restart.
That is why many startups use bottoms-up financial models to quickly test new scenarios and whether they have enough cash to survive. They make decisions to increase cash, reduce burn rate and extend how long their cash will last.
In Luke 14, Jesus used a practical analogy for discipleship saying, “For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it.”
To count your cost, develop a financial model that lets you easily modify your assumptions. It will help you better understand your cash flow.
Today’s Integrity Moment was adapted with permission from the writings of Russ McGuire.
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