Edmonton Accountant | Can Businesses Grow Without A Plan
While it is possible for entrepreneurs to grow their business without having a business plan says Edmonton accountant. This is definitely the exception and not the rule.
In fact, if entrepreneurs are serious about wanting to grow their business and be successful. The single most effective thing that they can do. Is create a business plan for them to follow.
According to the software manufacturing company, Palo Alto. Who did a study in order to find out how effective business plans were. What they discovered, was that entrepreneurs that had business plans. Were 50% more likely to grow the revenue in their business. Over and above entrepreneurs that had no plans at all.
Therefore, business owners who want to ensure that they can not only overcome challenges. But know what they need to do in their business to grow. Should sit down with their Edmonton accountant. In order to create a comprehensive business plan.
This is plans can help business owners know exactly what they need to do in their business. Whether that is tasks that they need to accomplish each day to get closer to their strategic priorities. To knowing what marketing initiatives they needs to be implementing, and when to implement them. In order to succeed.
In fact, it can be very easy for business owners to get sidetracked, or pulled into many different directions. And a lot of the times, they seem to get hold of these directions. By well-meaning people.
They could get distracted by suppliers, customers and even their own employees. So having a business plan can help keep business owners focused. And remembering what is most important for them to focus on each day.
The most effective business plans will also have a scheduling component to them. So that not only does a business owner know what their strategic priorities are. And what their marketing initiatives are. But so that they know exactly what they are doing every hour of every day. They can be extremely effective at their tasks.
When business owners know exactly what they are going to work on the soon as they get into their business. And what tasks they are going to work on next. They can waste very little time, so that they can be as effective as possible with that time.
However, if business owners do not have a business plan when they open the doors to their business. They might not take the time to create one either. This is because business owners are often confused as to how to start one. Or think that it is going to take them dozens of hours. And they do not have that time.
Edmonton accountant says it only takes for meetings, and four hours of homework. For business owner to end up with a very comprehensive business plan. That contains all of the components they needs to help them succeed.
Sooner business owners recognize the fact that they need business plan. The sooner they can set up an appointment, and start putting together all the information their accountant needs. To have this important document that will help them achieve their goals.
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The reason why business plans are used to help entrepreneurs grow says Edmonton accountant. Is so that business owners know exactly what they need to work on. In order to accomplish their strategic priorities, there marketing, and attract new customers they needs.
And while it is not impossible for businesses to grow without a business plan. It is significantly more difficult. And especially the less experience that a business owner has. The harder it is for them to know what they need to do to grow in their business.
In fact, one of the number one complaints that Edmonton accountant gets when business owners meet with them for the first time. Is that they are working exceptionally hard in their business. And I have for months or years. And yet their business just is not growing and they do not know why.
Often, the culprit is they do not have a business plan. And therefore, not only did the not know what tasks they should work on help them succeed. Business owners who do not have a plan often do not have a solidified goal for their business either. Which makes it very difficult to know what they need to do. Or how to define success.
Not only that, but it is very likely that business owners without a business plan. Also do not know how to overcome many common business obstacles. Industry Canada did a survey and found that half of all Canadian entrepreneurs failed.
What they discovered about why these businesses are failing. Is that three common obstacles kept coming up, and were responsible for the vast majority of why entrepreneurs were failing.
23% of all entrepreneurs said the reason why they failed was because they could not find staff or keeps death in their business. 29% failed entrepreneurs said they were not successful because they ran out of money.
And the number one reason why entrepreneurs failed. Affected 42% of the entrepreneurs that were surveyed. In the reason why 42% of failed entrepreneurs were not successful. Is because they could not find enough customers to sell their products and services to.
The best business plans will not only help entrepreneurs grow their business. But will also contain components that can help entrepreneurs overcome these obstacles. From finding and keeping staff, which can be addressed in a business plan.
To running out of money, which can be addressed in the pricing, or financial plan section of the business. And not being able to find enough customers. Can be addressed in the sales and marketing section of the plan, pricing, and differentiating factors just to name a few.
Since business plans are so beneficial for so many different reasons. Edmonton accountant says entrepreneurs that do not have a plan. Not only may not be able to grow their business. But also may not be able to overcome common obstacles. And that will cause them to go will do business. Which is actually extremely avoidable, with the right business plan in place.