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1308: Building Forecasts from the Bottom Up by Dr. Jeff Cornwall on Thoughtful Business Growth
Apr 30, 2024
Dr. Jeff Cornwall discusses a 'bottom-up' approach to business growth, emphasizing planning and financial discipline. Using his daughter and son-in-law's business, Harpeth Painting, as an example, he highlights the importance of balancing entrepreneurial pursuits with personal life. Cornwall touches on the necessity of knowing the size and financial targets of a business to meet personal and family goals, advocating for a thoughtful approach to growth.
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Quick takeaways
- Utilize 'bottom-up' forecasting to determine the necessary size and financial targets of a business for personal goals.
- Prioritize work-life balance by understanding the right scale of growth required to meet personal and professional goals.
Deep dives
Importance of Smart Planning for Business Growth
Planning for business growth is crucial to avoid potential pitfalls, even when initial revenues seem promising. Using tools like a Bottom Up income statement can help entrepreneurs make informed decisions on how big they want their business to become.
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