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Diane Goldman Shares Her Expertise With Butterfly

Diane Goldman is a business leader with a CPA background and has extensive experience in operations, financial management, business profitability analysis and improvement, MIS, team building, sales development and customer relations. Diane shares her expertise with Butterfly:
From a business standpoint, what advice do you have for entrepreneurs on how to secure financing, contracts or grants?

In order to secure financing, the first thing a bank or other lender will look for is the obvious source of repayment. If there is no business history, no contracts or committed sales for a new business, an entrepreneur can expect to personally guarantee any loan or credit facility. Also, lenders love to see the business owner’s commitment to the business idea via their own personal investment. Any lender will want to see a well laid out business plan including a written description of the business in addition to pro forma (projected) financials for a three to five year period. Business owners should be able to fully articulate the business plan with conviction and passion.

When trying to obtain contracts or grants I’d always advise business owners to get to know the contracting or grant officer as well as possible. They should know who you are so when the bid comes in you are not another piece of paper.

How might a new business owner prepare for budgeting and payroll?

You can only prepare a good budget if you understand your business operations and market well. Learn as much as you can about your operations, market, competition and product or service costs.

In my opinion, no new business should prepare their payroll internally. The risks of filing errors and late payments are too great and the penalties associated with such are very costly. Hire an outside payroll company and let them take care of all the payroll responsibilities. There are all different sizes of payroll companies -- many cater to small business owners.

Why is disability insurance so vital?

Disability occurs much more frequently than premature death, yet most people feel it will never happen to them. The result of a disability can be devastating and most often the cause for personal bankruptcy. Most families don’t have enough savings to fund the loss of income for an extended period of time. Without appropriate short and long-term disability insurance, the family economic vitality is at risk. Families should ask themselves if they could afford a loss of income or if they would be willing to accommodate through a change in lifestyle. If the answer is “no”, the household earners should seriously consider disability insurance.

Diane can be contacted for advice related to:
• business planning and projections
• finding advisors and other professional resources
• accounting systems
• insurance needs related to the business- commercial insurance, health benefits, life, disability

E-mail Diane Goldman at or call 973.588.1807

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