Money. It is a topic that many of us are thinking a lot about right now. Will we have enough money to get through this crisis? How do we make decisions about money when there is so much uncertainty around us?
In this episode, we make the case for why you need a financial forecast right now. We explain what that is and how you can make some quick calculations on the back of an envelope. These calculations will capture what you think might happen in the next six months. You’ll be defining a best, middle of the road, and worst case scenario to help you imagine the pathways you may be walking as you move forward. Our goal is to help you think about the numbers so you can sleep better at night.
Questions to reflect on before you listen:
How are you currently feeling about your organization’s financial position?
- What resonated with you about this conversation? What would you like to take back to your organization?
- What is your current culture when it comes to money? For example, do you have conversations at the board level in which everyone is involved, or are financial conversations limited to a few people? Are people open to generative conversations about various scenarios?
- Think about a significant income source or expense item. What is a best case and worst case scenario for your organization?
Word of the Week: Resolve
What does “resolve” mean to you and your organization right now?