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A CFO’s Advice to Entrepreneurs
Posted by Mitchell York under Interviews, Small Business Management
I was introduced to Keith Simmons from B2Bcfo.com by my CPA. I don’t often get together for a cup of coffee with a stranger, but because my accountant is someone I really trust, I decided to do it. We had no particular agenda except to see if there might be some common interests, and indeed there were. Keith is a partner in a fascinating business that helps small firms have access to expert chief financial officers on a temporary basis. His focus is Long Island and the New York metro area, but his company has partners nationwide. He answers some of my entrepreneur-focused questions here.
What are the biggest mistakes new business owners make when it comes to managing the financial side of their business?
I find fewer than 10% of all businesses–new and established–take the time to create a plan. Lack of planning is the most common error of new business owners. Planning encompasses a lot of territory, including the financial responsibility of supporting your business until the business is able to support you. Eighty percent of new businesses fail in the first year. Read more…
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October 20th, 2008 at 8:25 am
Well done interview, Keith. Practical financial advice for entrepreneurs that is often ignored because of the urgency of bringing in sales. — David Pinkowitz (http://www.dcpmarketing.com). . . . P.S. — I met Michell York at an HIA function sponsored by Maui Wowi. Do you think he would join me for a cup of coffee too?
October 20th, 2008 at 10:10 am
Thank you for recognizing CDCLI as a financial resource in the Long Island business arena. CDC offers small business loan alternatives from $1,000 in the SBA Micro-loan to $950,000 under the SBA 7(a) Guarantee Program. With its flexible programs, CDC has provided term loans to over 60 small businesses last year. For more information, please contact Bob Larson at (631)471-1215 xt197.
October 20th, 2008 at 11:57 am
Excellent Advice.
I find the same thing, people dont’ have a plan, and wonder why they can’t accumulate wealth.
December 24th, 2009 at 5:03 am
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