Edmonton Accountant | Business Plans Help Entrepreneurs Find Customers
If business owners are operating their business without a plan in place, Edmonton accountant says they are missing out on many opportunities. Not only can business plans help entrepreneurs overcome many common obstacles. That business plans can also help business owners grow their revenue and succeed.
Even if an entrepreneur is able to find the customers that they need to cover their expenses. By having a business plan that they follow, entrepreneurs are able to find more customers. And learn what they need to do in order to grow their business and increase their revenue even more.
One of the first things that having a business plan can help entrepreneurs understand better is their pricing. Knowing and understanding the price points is critical for a business. And having a business plan can help entrepreneurs learn this even better.
Having a sales plan can also help entrepreneurs understand what their differentiation factors are. Because when they know what is unique about their business. They can attract their ideal and likely customers. Who are looking for those qualities?
And while business owners might have a large number of things that make them different from their competition. Edmonton accountant says choosing two or three to focus on doing extremely well. Can help give them that identity? And that will help them find those customers who value those services.
And the best business plans will have a sales and marketing plan. Even if entrepreneurs have a marketing plan. It typically is not as defined as it should be says Edmonton accountant. Which will produce inconsistent results.
It is not enough for a business owner to know what they are going to do to market their business. But they need to know how much they are willing to spend, what forms of marketing their going to do. And what their deliverables should be. So that they know if there marketing plan is generating the results that they want.
Having a business plan can help ensure that entrepreneurs know what the budget for their business is. So that they can be more responsible when they are spending that money.
Business owners will be able to use their business plan to figure out if the money that they are bringing into their business is enough to cover their expenses. Or how many more customers they need to find in order to reach their next revenue goal.
A great business plan will also have a schedule into it. So that an entrepreneur knows exactly what they need to do in their business each day. So that they can stay focused on the objectives they need. Especially because as an entrepreneur operates there business. It becomes easy to get pulled in many different directions.
This could be from suppliers, customers or even entrepreneurs employees. Pulling their time and attention in many different directions. So by having a schedule. Can help keep business owners focused. So that they can achieve all of their objectives every day.
Whether an entrepreneur is struggling are not. Edmonton accountant says creating a business plan can be very significant. For struggling business owners it can help them overcome their struggles. And business owners that are not struggling. A business plan can help them set goals and reach them, faster than they ever thought they could.
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Business owners need to understand how important a business plan is says Edmonton accountant. Especially when looking at all of the most common reasons why Canadian entrepreneurs fail.
Industry Canada reports that 15% of entrepreneurs fail in their first year of operating their business. 30% of entrepreneurs fail in their second year of business. While half of all Canadian small business owners fail within five years of owning their business.
Industry Canada wanted to find out why Canadian small businesses were failing. And conducted a survey. The results of the survey show that 23% of all entrepreneurs failed because they were unable to find and keep staff in their business.
29% of failed Canadian entrepreneurs said the reason why they failed. Is because they ran out of money in their business. And the number one reason why Canadian businesses failed, is because 42% failed entrepreneurs. Said that they could not find customers to buy their product and services.
Having a business plan can help entrepreneurs overcome each of these three obstacles. But since not being able to find enough customers was the number one reason why entrepreneurs failed. If these entrepreneurs could have created a business plan. They would have been able to overcome this obstacle. And be more likely to succeed.
This is why Edmonton accountant recommends all business owners take the time to create a business plan. So that they can overcome these obstacles. That do not need to cause business owners to fail.
A business owner only needs to spend about four hours of their own time, and for meetings with their Edmonton accountant. In order to end up with an extremely effective business plan.
The first meeting, the business owner will explain their circumstances, including if they have any other revenue streams. What their debt servicing is, and if they have any other income being generated in their family.
The reason why they do this, is so that they count can come up with a tax and financial plan which they will show in meeting two. That takes into consideration the business owners personal circumstances. So that the business owner will be able to earn a living off their business.
Meeting three will be the business owner putting their own vision into the business plan. Only the business owner themselves know what they want to achieve in their business. And what they want their business to look like.
The fourth meeting will before the accountant to show them their business plan, with the recommendations about marketing and scheduling. So that an entrepreneur knows exactly what they need to do in their business. In order to achieve the goals that they have outlined in the plan earlier on.
By creating an effective business plan. Can help ensure that business owners know what they need to do to succeed. And that there is a plan in place to overcome the most common obstacles that business owners face. So that they are going to be more likely to succeed in business.