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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