This code uses snippet from @Milo to suit your requirement.
Replace the code you’ve provided in question with this –
<li>
<h2><a href="http://growingedgecoaching.com/blog">Growing Edge Blog</a></h2>
<?php
$latest = new WP_Query( array( 'posts_per_page' => 1 ) );
while( $latest->have_posts() ) : $latest->the_post();
?>
<h2><a href="<?php the_permalink(); ?>"><?php the_title(); ?></a></h2>
<?php the_excerpt(); ?>
<div class="forward-link">
<a href="<?php the_permalink(); ?>">Read More..</a>
</div>
<?php endwhile; ?>
</div><!-- end forward-link -->
</li>
- Consider checking out WordPress codex page for
the_loop
that has great info