Edmonton Accountant | Business Owners Should Have A Business Plan
Business plans will help entrepreneurs be 50% more likely to grow the revenue in their business says Edmonton accountant. And although this has been proven in a study done by Palo Alto, the software manufacturing company. Many entrepreneurs still do not have a business plan in their business.
Not only can business plans help entrepreneurs grow their revenue. But they can also help business owners overcome common obstacles. That Canadian entrepreneurs face every year, that can negatively impact their business.
In fact, industry Canada did a survey and found that while 50% of all Canadian entrepreneurs failed. There were only three main reasons why failed entrepreneurs said they were not successful.
The first reason that failed entrepreneurs say they were not successful. Is because they could not find or keep staff in their business. This impacted 23% of all unsuccessful entrepreneurs.
The second reason that Canadian entrepreneurs said they were not successful. Is because they ran out of money in this affected 29% of failed entrepreneurs in Canada.
And third reason, as well as the most common reason why business owners failed. Is that because they could not find enough customers. To sell their products and services to. Affecting 42% of all failed entrepreneurs in Canada.
Business plans can help entrepreneurs overcome these obstacles. Or help entrepreneurs prepare. So that they never encounter these problems according to Edmonton accountant.
Therefore, business owners should realize that not only will they be able to be 50% more likely to grow their revenue. It will also be more likely to be able to either overcome the most common obstacles. That Canadian entrepreneurs face.
Or will help them prepare so diligently. That they will never encounter these problems in the first place. Helping them the odds, and succeed where many other entrepreneurs failed.
However, even though many business owners understand that business plans can be beneficial. They still do not have one in their business. Either because they do not know how to go about creating one.
Or they think it is going to take them so much time. That they will not be able to spare that time in their business.
However, by contacting their Edmonton accountant, business owners can have the help they need to know what information should go into a great business plan.
And by using their accountants expertise. It will take them a significant amount of time. And in about four meetings, and four hours outside of those meetings. Entrepreneurs can end up with an extremely effective business plan. That will not only help them be 50% more likely to grow their business.
But also can help them overcome the odds that most Canadian businesses face. And use business plan to help them succeed.
It does not matter how long a business owner has been operating their business without a plan. It is never too late for entrepreneurs to create one. Whether they have been operating their business for a few months. Or they have been operating their business for several years.
Taking the initiative to create a business plan, will help any entrepreneur succeed. No matter how long they have been in business.
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If entrepreneurs did not require financing to open their business, Edmonton accountant says they often do not have a business plan at all that there following. But even if they did create a business plan to get financing. That does not necessarily mean business owners are using them.
While Palo Alto, the software manufacturing company found that entrepreneurs with a plan were 50% more likely to grow their business. Edmonton accountant says by regularly reviewing this plan. Updating it, and changing every year to reflect the business’s situation. Will significantly help entrepreneurs succeed.
Many entrepreneurs take forty hours or more at the beginning of their business ownership. To create a business plan. But then never look at it again. Or do not go through the exercise more than once. Which is not going to help them succeed.
As much as it would help them succeed if they spent less time on their business plan, but went through the exercise every year.
Edmonton accountant says that in four meetings, at the beginning of an entrepreneurs year. They can end up with a great document. That will help them know what they need to do to reach their goals. And stay on track.
The first meeting will allow the business owner to explain their personal circumstances. From all of their debt servicing and bills. Such as car payments, and mortgage. To investments and other streams of revenue. And if they have any other family members contribute into household bills.
This will allow their Edmonton accountant to create a tax plan and financial plan. That is based on entrepreneurs reality. So that the business plan will be more likely to help an entrepreneur succeed.
The second meeting will be for the business owner to review those tax and financial plans. And then put their own vision into the business. Defining their goals, their idea for what they want to their business to eventually look like.
Understanding business owners vision and goals. Can help their accountant to create a marketing plan and schedule. That a business owner can follow. To achieve all of their objectives.
This marketing plan and schedule help business owners stay focused on strategic objectives. As well as knowing exactly what they need to do each day in their business. In order to market their business, and hit all of their goals.
The final meeting will be for business owners and their accountant to sit down and review the plan. See if there are any problems with it, mistakes that they can fix. And that it reflects the business owners circumstances. And that they are willing to implement it. In order to achieve their goals.
By going through these four meetings at the beginning of the year. Every single year, business owners can end up with a great business plan. That will help them reach their new goals that they set every year in their business. That they know what they need to do in order to reach those important goals and succeed.