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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Accountant | How Are Business Plans Beneficial

One of the reasons why entrepreneurs do not have a business plan according to Edmonton accountant. Is because they are unaware of all of the different ways that they are beneficial. In fact, many entrepreneurs are under the impression. That if they do not need to obtain financing. They do not need to have a business plan at all.

This is a very dangerous assumption for entrepreneurs to make. Because not only are business plans beneficial in helping entrepreneurs obtain financing. They help business owners outline their goals, and know exactly what they need to work on each day to achieve those goals.

But they also will be helpful in understanding exactly what they need to do to grow their revenue. As well as helping entrepreneurs avoid common problems that many business owners face. That cause them significant troubles. Or cause them to go out of business.

In fact, an extremely large number of business owners fail in Canada every year. With the failure rate topping at 50%. When industry Canada survey to find out why, found some truly surprising results.

There were three main reasons why 50% of entrepreneurs were failing in business. Starting with 23% of entrepreneurs said they failed because they were not able to find or keeps staff in their business. 29% of business owners said that they failed because they simply ran out of money.

And the single most common reason why entrepreneurs in Canada failed. And affected 42% of small businesses. Was because they were unable to find enough customers to sell their products and services to.

The most important thing for business owners to take note of. Is that all of these obstacles can easily be overcome. If business owners have a business plan.

Edmonton accountant says business owners do not even need to plan to avoid those issues. Because with the great business plan, they will already be actively avoiding these. Whether they know it or not.

Therefore, simply by creating a business plan. Can make entrepreneurs that much more likely to succeed in business. Then if they had no business plan at all.

In fact, Palo Alto, the software manufacturing company. Did a survey in order to find out if business plans were effective at helping entrepreneurs succeed. And if they were, by how much were they helpful.

What they discovered, was that entrepreneurs that actually had plans in their business. Were 50% more likely to grow the revenue in their business. Over entrepreneurs that had no plans at all.

Therefore, not only can business owners avoid significant challenges by having a business plan. But they will be able to grow their revenue over and above their competition. Just by having this important document.

Regardless of when entrepreneur opens the doors to their business says Edmonton accountant. Whether they have not opened the doors yet. Or if they have been operating their business for many years. It is never the wrong time for business owners to create a business plan. In order to help them succeed.

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Business plans can be significant in helping entrepreneurs succeed according to Edmonton accountant. Because they can help a business owner understand exactly what they need to work on. In order to accomplish their goals.

In addition to that, having a business plan can help an entrepreneur and define their idea of success. Many business owners end up working extremely hard for months or even years. Without growing their business. And when looking at why you with their Edmonton accountant.

They end up realizing that they do not know what their idea of success is. So it has been hard for them to figure out what they need to work on each day in their business to be successful.

Do some entrepreneurs, success means getting to a specific revenue goal. It might mean helping a specific number of clients. Success could mean growing to a certain number of employees. However, without defining their idea of success. Can make it very difficult for an entrepreneur to know what they need to do in order to succeed.

And whether an entrepreneur has a business plan in their business or not. Three main reasons can cause them to want to create a business plan. So that they can be more likely to succeed in the future.

The first reason is an entrepreneur might be planning to make major changes to their business within the next two years. And want a business plan to help them navigate the challenges surrounding that. And know what they need to do in order to achieve those changes.

Perhaps they are doubling their capacity, and want to get as many customers as they can as quickly as possible. Perhaps they are planning on doubling their revenue within two years, and need to know exactly what they should do in their business to accomplish that.

Business owners might be introducing a brand-new revenue stream to their organization says Edmonton accountant. And want to know how to do that as seamlessly as possible. Such as a restaurant adding a catering service or a food truck. Or a massage therapist adding a chiropractic service to their organization.

The second reason why business owners might want to create a business plan. When they have not had one before. Is because they now need financing. Perhaps they are buying a building that is going to help them grow their business. They might need to purchase and assets. That will be beneficial to them growing their business.

Regardless of the reason why they need financing, most financial institutions require a business plan. In order to achieve that financing. Requiring an entrepreneur to get a business plan if they have never had one before.

And finally, the last reason why business owners might need a business plan. Even if they have never had one before. Is because no matter how long an entrepreneur has been in business. They are not immune to the most common obstacles entrepreneurs face.

From not being able to find or keeps staff, the running out of money, and not being able to find customers. All of those can be overcome with the right business plan.