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

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Edmonton Accountant | This Is Important

Edmonton accountant states that CB insights reviewed essays from failed entrepreneurs. Most of these failed entrepreneurs have listed multiple reasons for failure. However there are top three reasons why most businesses have dissolved. 42% of entrepreneurs who failed report no market for their services or product as one of the reasons for their failure. You must ask yourself if these 42% of business owners have in fact done any marketing or reached out to the prospective clients that can buy and are interested in their product. Did they just wait for people to walk through their door or were they proactive and reached out to business owners in order to make a presentation?

29% of entrepreneurs who failed report running out of cash as one of the reasons for failure. This is often true as the fact that most small business owners will have already sunk their life savings into their small business and need to retain money as soon as possible in order to keep their small business, and in fact their personal home and life afloat.

Next, 23% of entrepreneurs, state Edmonton accountant, who failed reported not having the right team is one of the reasons for failure. This can in fact be very difficult and you have to reach out to the same community that your business is involved in in order to retain people that believe in your product and believe in your small business. If they believe in a small business, they will work very hard for you. As well, make sure that you are very positive in your day-to-day, and you should be the hardest working person in your company.

Edmonton accountant asks what is the least amount of capital and the least amount of time that you can put forth before you actually need to start retaining some revenue within your business? You need to decide that it is in fact very important to get on the marketing strategy immediately when you open or decide to open your small business. You likely have a lot of time at the very beginning as you will not be servicing a lot of customers at the very beginning. This is the perfect time with which to learn your business back and forth. This is also a wonderful time with which to engage in your own marketing strategy using social media, phone, networking groups, etc.

Make sure that as well you are learning about your business left right and centre. At the very beginning you won’t know all the variables yet so you need to be continually learning. Once you feel comfortable enough that you know one of about your business you will be able to put forth a strong presentation in order to procure businesses and revenue.

It is foolhardy to think that you have the perfect business right off the bat. You need to constantly improve. You need to make it relevant to the needs of the customers and the needs of the changing industry. Until you actually start selling the product you won’t know what works and what doesn’t work from within your company.

Edmonton accountant says to become educated in and focus on the minimum viable product.

You must establish what the small businesses needs are. Find out, prior to the presentation what is important to them? Learn more about them and their small business. You may decide to give a little introduction about yourself and your own business. In order to get them talking and making them feel more comfortable. Consider thinking about what the benefits to the product are in terms of the importance for them and their small businesses as wellt.

Once you have the needs in hand, you can now perfect your presentation towards what they are looking for and the benefits to their business. Consider your one sheet. A one sheet is a single letter piece of paper that allows you to write down all of the benefits of your business to that prospective client. Do not write down benefits that may not be of importance to them. Simply write down everything that is paramount and crucial to that specific business. Use the top two or three reasons that you think would be most important to that business and put in the top of the page so that you do not forget to disclose that information the client.

Make sure that you are learning more about them so that they may be able to be a little bit more open with you and you guys may be able to work together in tandem for a long period of time.

What often happens is people don’t ask for the sale, says Edmonton accountant. They are very shy and don’t come out and just ask. They do not present a solution to the person and the business that they are presenting to. This is potentially a very missed opportunity. They don’t present the pros to the business.

Consider that it is almost expected that a customer will at the very beginning say no. If this happens, it will in fact allow you to refine your product for the next customer the next presentation. You’ll get hopefully feedback. If you don’t in fact get feedback, ask for it. That way you will be better prepared for the next presentation, and you can update one sheet so that it will be better for the next time.

Continue to reach out by phone, networking events, direct messaging on social media, erect phone sales, etc. in fact, says Edmonton accountant, even call your likely buyers in the ones that are in the same industry as you. If they do not buy from you they may be able to give you a reference with which you can focus your next phone call on.

We live in a wonderful world where technology is at the touch of our fingers. Make sure that you use social media often and to your advantage.