Wolf of Wall Street tactics for CFO’s and Travel Expenditure

[fa icon="calendar"] 05-Sep-2017 09:55:51 / by Kate Jackson

Kate Jackson

He is one of the most infamous names in the stockbroking business, widely known for his controversial lifestyle while at the helm of one of the most dynamic and successful sales organisations on Wall Street.


In his heyday, Jordan Belfort, the former owner of stock broking company Stratton Oakmont, employed over 1,000 stockbrokers, started more than 30 million-dollar-companies from scratch and netted over $1.5 billion in revenue streams. He also earned over $50 million a year to earn himself the moniker, the Wolf of Wall Street.


But the madness caught up with him and the New Yorker was soon jailed for securities fraud between 2004 and 2006 after conning his way to earning hundreds of millions in the 1990s.

Yet the disgraced Wolf of Wall Street, now a convicted felon (as our friends across the pond would say) can somehow still manage to net $150,000 a day in fees for motivational talks to businesses around the world.


Say what?


Although his past is littered with reckless spending, dubious business deals, self-indulgence and a propensity for the absurd, you must hand it to Jordan Belfort, this man sticks to his tried and tested theory and clearly still knows how to be successful.


So how does he do it?


Well, Jordan Belfort has a theory (that he has sworn by before, during and after his fall from grace) that every person has the ability to be both powerful and successful and it’s all down to two simple things: planning and vision. ‘The Wolf’ sticks to the mantra – ‘Where Focus goes – Energy flows’ (taken from life coach Tony Robbins) and maintains that having a clear plan and vision are pivotal to success.


Planning

Belfort regularly gives talks to CFO’s of huge corporations on the key recipe for success in business and continually reiterates the importance of these two factors.

So, we decided to take these two pillars – vision and planning –to see what a boss like Jordan Belfort would advise CFO’s looking after travel expenditure where issues like hotel spending, travel expense compliance and balancing the books for auditors needs to be in tip top shape.


  1. Vision –  A successful CFO would have the ultimate vision of eliminating all the obstacles that regularly pose issues for financial planners in companies – the excessive costs of hotel spending, enforcing travel expense compliance, costs related to employing staff to manage travel bookings, and all the while making sure that spending is so efficiently controlled that an auditor could pop in at the drop of a hat to scrutinise the books.

  1. Planning – Like the Wolf, a clever CFO would look for ways to achieve this vision. Here’s where Roomex comes in. With Roomex bookings are all invoiced and consolidated per cost codes, hotel spending is reduced (by up to 21%) thanks with pre-negotiated corporate hotel rates, cost of staff is diminished with one click of a booking, and all expenses are filed in one Roomex account with no contracts involved.

Sounds too good to be true?


What it comes down to is that Roomex is pretty much like having an in-house travel management company but without any of the associated costs. It’s all free and every hotel booking is price checked, comparing the rate you paid on Roomex to the hotel’s own rate so that savings on each booking are measured. And the cherry on the financial cake is that there is an option on the website to implement your own company travel policy and spending limits along with various billing and payment options including credit cards, AirPlus, or monthly accounts with one itemised invoice for all your hotel bookings so that all internal cost codes and PO’s are in the booking flow, allowing for easy breakdown and accounts reconciliation.

Belfort is a firm believer that once you have decided on your vision, all you have to do is map out your plan and key motivators and then just take action.


Simple as that.


If you’re a financial controller or CFO, here’s what we say: why do all of this work when Roomex can do it for you?


Remember, Where Focus Goes — Energy Flows.


We know what Jordan Belfort would choose.

Topics: Tips for CFO’s, cost savings in business

Kate Jackson

Written by Kate Jackson

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