Description

In this episode, Jerry and Shena discuss the importance of financial forecasting and planning for the future of your business. They emphasize the need to create two different forecasts: one based on the worst-case scenario and one based on growth goals. They also highlight the importance of maximizing profits from existing work before attempting to scale. They discuss the concept of the 20-mile march and the dangers of growing too fast. They stress the significance of financial forecasting for obtaining financing, attracting buyers, and reducing stress as a business owner.

Takeaways

• Create two different forecasts: one based on the worst-case scenario and one based on growth goals
• Maximize profits from existing work before attempting to scale
• Follow the 20-mile march approach to growth: consistent and sustainable
• Financial forecasting is important for obtaining financing, attracting buyers, and reducing stress as a business owner

Chapters

00:00 Introduction: Financial Forecasting and Planning

02:10 Maximizing Profits from Existing Work

07:54 The 20-Mile March Approach to Growth

13:43 The Dangers of Growing Too Fast

17:30 The Significance of Financial Forecasting for Financing and Attracting Buyers

20:21 Reducing Stress as a Business Owner through Financial Forecasting