Edmonton Accountant | Growing Revenue With A Business Plan
When entrepreneurs have their first meeting with their Edmonton accountant. They often say that despite the fact that they are working extremely hard in their business. They are not growing their business and they do not know why.
Business owners with this complaint, often have this problem because they do not have a business plan in their business.
Palo Alto, the software manufacturing company. Wanted to find out if business plans were helpful for entrepreneurs to have. And if they help them succeed. And if so, how beneficial they were.
The results of their survey showed them that entrepreneurs that had business plans are 50% more likely to grow the revenue in their business. Over entrepreneurs who did not have a plan at all.
Therefore, business owners who are finding it difficult to grow their business. Should work with their Edmonton accountant. To create a business plan.
This way, they will be able to figure out what their business goals are. And what their vision for the business is. And that will allow them to figure out what tasks they need to do in their business each day. To accomplish their strategic priorities.
As well as use the business plan to help keep them focused on those strategic priorities. So that if they get sidetracked, by suppliers, customers or even employees. They can get back on track quickly. And continue working towards their goal.
In addition to that, business owners who have been running their business for several months or even several years. But have not had a business plan yet. Can benefit from creating a business plan.
Ideally, is owners will have a business plan that will help them succeed. If they have been successful in running their business without one. There are three main reasons why they may want to reconsider and create a plan.
The first reason is that they now need financing. Whether it is because they are buying a building to grow their business into. Or they are purchasing an asset that will help them scale up their business.
Most financial institutions and banks. Will require an entrepreneur having a business plan. As one of the things they need to see in order to award the financing. Therefore, entrepreneurs that do not have a plan that need financing. Should contact their Edmonton accountant to create one.
Another reason why business owners may want to create a business plan even if they have not had one so far. Is because they are planning on making major changes to their business. Perhaps they are adding a brand-new revenue stream to their existing business. Such as restaurants who are adding a catering aspect, or a food truck.
Perhaps the major change that the entrepreneurs making to the business is that they are planning a massive business growth, such as doubling their capacity, or planning on doubling their revenue. And therefore, having a business plan can help them achieve those goals. That may be difficult to achieve without a plan.
By creating a business plan, business owners can navigate some of the difficult challenges in the business world. Even if they have been successful in growing their business this far.
Where Can You Go For An Edmonton Accountant?
Business plans can help entrepreneurs grow their business and increase the revenue says Edmonton accountant. However, that is not the only reason why a business owner should create this important and powerful document for their organization.
Business plans can also help entrepreneurs be prepared for a lot of the challenges they will encounter as a business owner. So that they will know exactly what they need to do to overcome those challenges.
But also, by having a business plan, many entrepreneurs can avoid running into those common obstacles in the first place. Whether the problem is not being able to find customers, by having a sales and marketing plan in the first place.
Will make it not even necessary for business owner to overcome that challenge. Because they will not face it in their business at all.
In fact, according to industry Canada. Half of all Canadian entrepreneurs will fail in business. And the reasons why these business owners will fail. Is due to three reasons.
23% of Canadian entrepreneurs say the reason why they failed is because they could not find or keep staff in their organization. 29% of failed entrepreneurs say that they ran out of money.
While 42%, the single largest reason why entrepreneurs fail. Say that they were unable to find customers to buy their products and services.
Since so many Canadian entrepreneurs fail for these three reasons. If entrepreneurs want to overcome these challenges. Or avoid meeting them in the first place. Creating a business plan is incredibly important.
However, many business owners still are not convinced enough to create a business plan. Or they are convinced but feel they lack the time and the expertise to create this important document.
However, their Edmonton accountant will have a business plan template. And working on it together. Can help an entrepreneur have a great business plan in only for meetings, and four hours of time away from those meetings.
Therefore, time and expertise is no longer an excuse for entrepreneurs who want to overcome the odds and succeed in their business. Which is why they should contact their Edmonton accountant immediately for a meeting.
The four meetings will allow the business owner to un explain their personal circumstances to their accountant. Such as debt servicing, such as mortgage and car payments and bills. As well as explain their investments and other revenue streams.
This will allow the accountant to come up with a tax plan and financial plan that is realistic. So that a business owner can focus on defining their goals, and crystallizing it their vision for the business. So that they can end up with a great sales and marketing plan.
That outlines exactly what an entrepreneur needs to do in their business. From what tasks they need to work on each day, to their marketing initiatives. So that they can follow this important blueprint. That will help them be successful in their business.