Interest rates are on the rise. The stock market recently entered into bear territory. How will a potential recession affect your church? Thom and Sam discuss six ways you can help prepare your church for an economic downturn. Discipleship cannot happen without stewardship, and your budget is a major way to steward the resources of the church.
- Start practicing zero-based budgeting.
- Project revenue before considering expenses.
- Set the budget slightly lower than your actual revenue from the previous year.
- Consider the impact of inflation on the personnel budget.
- Make sure you understand the timing of your expenses for cash flow purposes.
- Be careful with additional debt and new personnel.
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