At Tavern Community’s March 25, 2025 gathering in New York City, Ben Mills, founder of Cardigan Consulting LLC, led a focused discussion on one of the most overlooked yet essential components of financial strategy: cash flow projections.
Speaking to a room of early-stage founders and operators, Mills called cash flow forecasting not just a finance function, but “a leadership discipline that sets the tone for how seriously a startup takes its future.”
Startups often default to top-line growth as their north star, but without a clear view of when cash is coming in and going out, that growth can quickly become unsustainable.
Cash flow projections allow businesses to anticipate shortages before they happen, make smarter hiring and investment decisions, and establish credibility with investors and lenders. Mills emphasized that projections should not be static documents created once and filed away.
“A cash flow model isn’t a spreadsheet you build and forget,” he said. “It’s something you revisit—monthly, if not weekly—because your business evolves fast.” They should be dynamic, regularly updated tools that inform key decisions across the organization.
He also addressed a common gap among startups: many don’t build financial models until they’re preparing to fundraise. By then, it’s often too late to identify issues or adjust strategy.
“If you wait until a pitch deck is due, you’re already behind,” Mills warned. Instead, integrating cash flow forecasting early gives founders better control, more confidence, and fewer surprises.
The session served as a reminder that sound financial management isn’t a post-Series A concern—it’s something that should shape decisions from day one.
For startups focused on long-term sustainability, Mills made the case clear: understanding and managing your cash runway is just as important as hitting product milestones. “Revenue is sexy, but a clear runway comes from solid forecasting,” he added.