In my banking and consulting career, I helped many struggling companies become profitable. Many businesses have folded recently, and many more are doing all they can to survive. In this series, I will highlight five steps that can help your business get financially stable and move towards thriving. The first step is to Know the Condition of Your Flocks. You ...
Leonard and Shawn’s business had been approved for the government’s PPP forgivable loan. They were days away from receiving close to $1 million when they both experienced a nagging feeling that something was wrong. Maybe God didn’t want them to take this money. As Leonard, Shawn and I discussed their situation, I learned that their business was flourishing despite the ...
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 ...
The American Psychological Association recently surveyed workers to determine what causes the most work stress. 49% of these interviewees said that low salaries were their highest stress factor. The perception of low wages can be due to employees living beyond their means. Their stress may need to be relieved with financial training. Some employers, however, may be guilty of enhancing profits ...
An article by Investopedia says, “Your chances of being an American billionaire are similar to your chances of getting struck by lightning.” The odds of billionaire status are low, yet Wall Street and American Businesses seem fraught and consumed with focus on becoming wealthy. Proverbs 23:4 says, Do not weary yourself to gain wealth, Cease from your consideration of it.” Today ...
My first job after college was with a large CPA firm. After my first performance review and raise, I decided I deserved a reward. So, I bought a new Chevrolet Monte Carlo, borrowing every dime the bank would lend. The net result was my monthly car payment far exceeded my monthly pay increase. I parlayed prosperity into poverty. Corporate America seems to ...
Bill Gates once stated at a TED conference that his most fulfilling act has been to establish The Giving Pledge. Mr. Gates has encouraged at least 120 of the wealthiest people in the world to give away at least half of their wealth. These wealthy philanthropists are discovering causes to which they are pledging large sums of money. True generosity ...
One of the unconventional concepts in the Bible is generosity. Imagine when the Israelites first learned of God’s requirement to give the first ten percent of their harvest to God. I can imagine one of these farmers saying, “Let me get this right. I planted seeds, cultivated the ground and worked hard to harvest my crops and, now, that I’ve ...
A recent article from the Small Business Chronicles states, “cash scarcity is common for small businesses.” Due to capital expenditures, supply chain disruptions, competitive labor costs and more, cash flow in many cases can be lean. When things get tight, there may be a temptation to withhold paying what is due. Proverbs 11:24 says, “One gives freely, yet grows all ...
An article by Small Business Trends claims, “a bit more than half of all startups actually survives to their fourth year.” With this staggering statistic, it is no wonder that the initial years of a start up business can feel like a drought financially, emotionally and spiritually. A season of financial drought can mask the fruit that is growing in ...
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