Edmonton Accountant | How Long To Write A Great Business Plan
Even though it is best for entrepreneurs to create a business plan before they even open the doors to their business says Edmonton accountant. Many entrepreneurs are operating their business without one.
However, many business owners are also working extremely hard in their business, and are unable to say why their business is not growing the way they expect. The most common reason, is that these entrepreneurs do not have a business plan. Therefore they do not know what they should be doing each day in their business to help their business grow.
However, many entrepreneurs who do not have a plan will not take the time to create one. Partially because they think that is going to take them dozens of hours. And they do not have that time. Especially as many of them are working twelve hour days six days a week.
The good news is that it is not going to take them dozens of hours. All they need to do is set up an appointment with their Edmonton accountant. And in for meetings, and four hours of homework. They can end up with the best business plan for their business.
These meetings will happen once a month, and one month apart. In the first one will be for the business owner to explain all of their personal circumstances to the accountant. From debt servicing and bills they have, to other streams of revenue, dependants and anyone that is bringing money into the household.
This will help an accountant understand the business owners life. So that they can create a tax plan and financial plan based in reality. The second meeting will be showing the entrepreneur that tax plan. And then giving the business owner the business plan template. So that they can put their vision into the business.
Only the entrepreneur will be able to do this. Because only the entrepreneur has the vision, the goals and what they want their business to look like. The third meeting will be for the accountant to see the vision, so that they will be able to create a marketing plan and scheduling around those goals.
The fourth meeting will be for the business owner and the Edmonton accountant to review the final plan. Fixing errors, and ensuring that it reflects the goals of the business owner and their circumstances.
Just for meetings, a business owner can end up with an extremely functional business plan. That not only can help them overcome problems. But help them grow their business as well.
The most important thing that an entrepreneur can do from this point. His ensure that they take that business plan back to their business. And use it. By adhering to the marketing plan in their schedule. Entrepreneurs can ensure that they are able to accomplish all of the strategic priorities outlined in the business plan.
So that they can work hard in their business, but be accomplishing all of their goals, because they are able to work strategically. And on the tasks that they need to. In order to accomplish their objectives.
If You Are Looking To Find An Edmonton Accountant?
Despite the fact that studies have been done to prove how effective business plans are, Edmonton accountant says many entrepreneurs still do not have one in their business.
The software manufacturing company, Palo Alto did a survey. In order to find out how effective business plans were at helping entrepreneurs succeed.
What they discovered, was that entrepreneurs who had a plan in their business. Were 50% more likely to grow the revenue in their business. Over and above entrepreneurs that did not have a plan at all.
However, this does not seem to be enough to convince many business owners to create one before they open the doors to their business. And once business owners are operating their business. They may not feel they have the time to create one.
Another reason why business owners should create a business plan. Is because there are three common reasons why businesses in Canada fail. And having a business plan can help entrepreneurs overcome all of these odds.
According to industry Canada, half of all Canadian entrepreneurs fail within five years. And when asking these failed entrepreneurs why they were unsuccessful. Not three common responses.
23% of all failed entrepreneurs said they were not successful. Because they were unable to find or keeps staff in their business. This is something that could be addressed and overcome in a business plan.
The next statistic says that 29% of failed entrepreneurs said they were unsuccessful. Because they simply ran out of money. Edmonton accountant says business plans can help entrepreneurs overcome this problem through many different components of a business plan.
And finally, the single most common reason why entrepreneurs fail in their business. Is that 42% of failed entrepreneurs said they could not find enough customers to sell their products and services to.
There are several different components of the business plan that can help entrepreneurs overcome this problem.
From understanding who their ideal and likely customers are, to their pricing, differentiating factors as well as sales and marketing plan. Can help business owners significantly overcome this problem. Through several methods.
Therefore, if having a business plan to help them succeed is not enough of a reason. Having a business plan can help them overcome common problems. Might encourage more business owners to contact their Edmonton accountant to create one.
Even if business owners have not been using a business plan despite the fact that they have operated their business for several years. Perhaps needing financing, or making major changes to their business. Will inspire them to contact their accountant, in order to get a business plan created.
It is never too late for business owner to and up creating a business plan. And with the high number of small businesses that fail each year.
Everything that a business owner can do that will help them succeed should be explored. That they can increase their chances of success.