Harvey's wisdom and other controversial tidbits are on full display in “Don’t Bust The Budget: Toss It!”, now available!
The outspoken Goldstein takes several shots at his own profession. “Conventional accounting tells you where you’ve been. Think about the amount of money companies spend on CFOs, controllers, bookkeepers, outside accountants, and a myriad of other advisers who counsel on the financial past. Yes, they will tell you your sales were up or down. As if you didn’t know. They’ll also counsel that you may have spent too much here and maybe not enough there. You’ll spend thousands of dollars analyzing what you did. What is the major problem with this exercise? You cannot change the past! It’s not possible. The only thing that is important is the future….what lies ahead.”
Goldstein discourages the use of budgets by entrepreneurial companies, but preaches the need for developing “dynamic financial plans” that will both change as facts and circumstances change and also allow management and their counsel to predict and manage the future financial activities of the business. He explains, “The three most important questions that all entrepreneurs need the answer to at all times are: How much cash will I need? When will I need it? Where will I get it? If you don’t know the answer to those three questions I guarantee sleepless nights.”
The main emphasis of “Don’t Bust The Budget: Toss It!” is how to develop and manage a “dynamic financial plan” that will increase cash flow, profitability, and help management foresee its financial future.
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