On 21st November the MBA Finance students attended a conference on « Small Business and Entrepreneurship » given by Stuart Goldstein, who has worked as a Strategic Planning Manager and Finance Director, and now runs his own consulting practice that specialises in helping small businesses: Goldart Consulting LLC in New York.
Mr.Goldstein spoke about the role of the CFO in small businesses.
Every business starts small, but he warned that 90% of new businesses in the US fail in the first 5 years. The essential thing, he said, is to remember that the CFO is the only realist in a room full of dreamers : the parent, the bad guy who always says « no »… often the only business person.
But the CFO must tread a narrow line between saving the business from bankruptcy, and killing the dream !
Amongst the rules to live by were « cash is more important than your mother », and « review cash and sales first thing every morning ».
You must be very conservative in your projections, and analyse every variance from what was planned : « under promise, then overperform ».
He ended with the advice not to try and do everything : « specialisation is the key to success ! »
The MBA Finance provides students with the theoretical tools required to master practical issues in the financial management of business entities anywhere in the world. Courses relate to the subjects of finance, accounting and strategy.
The program enables students to consider an international career as an entrepreneur, a financial consultant, or as a CFO or a Controller of a corporation, with the capacity to understand the preoccupations of all branches of management.
Don’t hesitate to contact the admissions service for more information !