Edmonton Accountant | Benefits Of Having A Business Plan
Even if entrepreneurs are doing quite well in their business, Edmonton accountant says business plans can be very beneficial. And any entrepreneurs should have one, regardless of how long they have been in operation. Or if they have a business plan or not.
In fact, the software manufacturing company Palo Alto did a study. In order to see if business plans were effective at helping entrepreneurs. And if they were, how much they help businesses grow. What the results of this survey found, was that business owner who had a plan. Were 50% more likely to grow their revenue. Then entrepreneurs that did not have a plan at all.
Therefore, entrepreneurs who are struggling can overcome their obstacles with the business plan. And entrepreneurs that are not struggling, can grow their revenue and increase their business. By creating a business plan for their organization.
However, the reason why many business owners do not have business plan. Is that they do not know how to create one. And they do not know what information needs to go into the plan. Or, they think it is going to take them dozens of hours. And they do not have that kind of time.
The good news, is that by making an appointment with their Edmonton accountant. And spending about four additional hours of their own time. Business owners can end up with an effective business plan. That not only will be able to help them overcome common obstacles entrepreneurs face.
But creating a business plan can also help entrepreneurs that are not struggling learn what they have to do each day in their business. To increase their sales, and grow their revenue.
One of the things that doing a business plan will help entrepreneurs with. Is staying focused on their objectives. Edmonton accountant says entrepreneurs often get pulled into so many different directions.
Often, they are being pulled by the people that are closest to them such as suppliers, customers and even their own employees. And it can get very easy to get off track.
By having a business plan, that can be a constant reminder to the business owner on what they need to be doing each day in their business. So that if they get pulled in a different direction. They can easily come back to where they need to be.
In fact, once an entrepreneur creates a business plan. They should ensure that they set time aside every year. So that they can do this exercise regularly. By updating their own personal circumstances. As well as updating when they have hit goals. And setting new goals, can help them succeed year after year.
Any entrepreneur that wants to succeed. Whether it is because they are struggling. Or if they are already successful, and would like an easy way to help them grow even larger. Should consider creating a business plan in their business.
By spending just a few hours each year. They can learn exactly what they need to do each year. To help them succeed.
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One of the most common problems that Edmonton accountant says they see when business owners meet with them for the first time. Is that they know that their business is not growing.
But they have no idea why. It is most likely that these entrepreneurs do not have a business plan, have a business plan and are not following it. Or they have a plan, but it is not a very good one.
Sometimes, business owners only have a business plan. Because they needed financing. And so they use the template given to them by their bank. While this can help them get the financing they need in their business. It is not likely to help them grow their business.
Business owners need a well-rounded business plan. That does not just focus on their finances. But also focuses on things like a marketing plan, who their ideal likely customers are, their pricing, their differentiation factors just to name a few.
In fact, according to industry Canada, not being able to find enough customers is the number one reason why entrepreneurs in Canada say they fail.
By having a business plan, this can help business owners overcome this obstacle for a variety of reasons. The first is understanding their pricing. Because if entrepreneurs know what their pricing should be at in order to turn a profit, they can ensure that they are always making money on every single sale.
They will also be able to figure out exactly what their differentiation factors are. So that they can focus on delivering those factors to extremely high degree of excellence. While there might be several things that set an entrepreneur apart from their competition.
Choosing two or three differentiation factors to focus on. And delivering to high degree. Can help attract customers that are looking for businesses who do those things well. And can help them find their ideal and likely customers.
And a sales and marketing plan is very important. Because even if entrepreneurs have an idea of what they are going to do to find customers. They might not have a quantified plan in place, or are not consistent says Edmonton accountant.
For example, an entrepreneur might say that they are going to send out flyers to help them find customers. But do not know how many flyers they are going to send out at a time. Or how often they are going to send those flyers out. Making it hard for them to be consistent in their marketing.
Or, they say they are going to advertise using Google AdWords, but they do not commit to a monthly marketing budget. Or they are not consistently spending money each month. Which makes it hard to generate results.
By creating business plan. Can help entrepreneurs define all of these different factors. So that they can be more consistent. And find the customers they need to sell their products to, and grow their revenue.
When business owners want to either overcome obstacles that they are facing. Or if they are interested in growing their business even more than they have been able to. Making an appointment with their Edmonton accountant to create a business plan. Can be very critical to their success.