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

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Edmonton Accountant | What Is Important

Unfortunately, the statistics are not good in terms of small business success year-over-year, says Edmonton accountant. When some happening is clients have huge goal setting out, but haven’t sold anything within the first year. These are the times where they can to get dejected and wonder what they have done wrong and what the gotten themselves into in terms of their life goal in life savings.

As mentioned, the statistics show that 15% of businesses fail within the first year, 30 in the second year, and 50% of businesses fail within five years of inception. The statistics are not great, in terms of success, says Edmonton accountant. What Edmonton accountant must do is they must focus on the minimum viable product. The minimum viable product is the minimum or least amount of capital and the least amount of time where they can spend before they absolutely need to start selling to clients.

A lot of people will come to entrepreneurs and ask if they should be doing any market research. True, however market research can be a little bit difficult for entrepreneurs, especially entrepreneurs. As well, they don’t often have any money at the very beginning to do any marketing of any kind. The quicker you can get to the minimum viable product, the least amount of capital expenses and the least amount of time and money will come out of your life, and your expenses.

Often times as well when you start a brand-new business you don’t even know the variables yet of that business. Give yourself a lot of time, at least potentially six months, to learn all the very you and the idiosyncrasies of your small business. Understand your business partner, make sure that your charter professional accountant and you are on the same page in terms of how you want your business to be run, etc. As well, make sure that you understand and can appreciate where your coworkers are coming from and make sure that they understand their worth and their value within your company. You need to be continually improving your business, your service, and your product. The market is often very volatile and can fluctuate at a moments notice. Often times business owners think about it the wrong way. We should think about always improving the product every day. The idiom of “set it and forget it” should not enter into an entrepreneurs mind and is quite impossible to sustain when you are a small business owner. You have to continually improve to make it relevant to the changing needs of the customers. In fact, until you start getting customers within your doors, and start selling your product or your service, you won’t know what works and what won’t.

Consider two very important documents in order to sustain customers immediately. One document is the one sheet. This one sheet is just one simple letter-size piece of paper that will include all of the positives and all the benefits to your company.

Edmonton accountant says that you should have two particular documents that are very important when you are attempting to seek sales as quickly as you possibly can. One is a one sheet. This one sheet is a letter-size piece of paper that you will write down all the benefits of your company. There may be 30 benefits to your company. Make sure that you are putting the top three benefits on the top of the page so that during presentations you are making sure that you are telling those to your customers first and foremost. Those cannot be forgotten. As those the most part that benefits of your company.

The next piece of paper that you should have is a document a contract. It is on this contract what you are trying to sell to your client, what the client is going to purchase, how much the purchases, and one of the terms. Make sure that you are walking through the sales process with your client and make sure that you are walking through the terms of the contract as well with your client.

In order to get clients you don’t necessarily need money nowadays. We live in wonderful technological age where we can spend relatively little or nothing at all in order to reach out to customers. This includes social media such as Facebook, LinkedIn, Instagram, and Twitter, etc. You may be able to engage with customers on the social media platforms.

As well, Edmonton accountant states that you should be going after the smaller clients first, especially if you are a new small business owner. This will allow you to hone your presentation skills where there is little money at stake. What you don’t want to do is go after the big business conglomerates first with a presentation that has not been proven. Make sure that if you are going to make mistakes in your presentation that you may come when not a lot of money is on the line. That way you can hone your presentation skills and you can make sure that once you are very versed and skilled at giving presentations, then you can attack and potentially get the big money from the big business conglomerates.

Once you engage on social media for free, Edmonton accountant says you need to make an appointment. It is paramount to make sure that you in fact get that appointment! Even an online appointment via Google zoom is just fine.

Make sure as well that you are taking your time and garnering a relationship with those small business owners via social media before you jump. Give them time to adjust to you and your processes and your product and service so that they may be able to understand and figure out where it will fit into their business. Make sure quite frankly they like you first.

As well, be prepared that all customers at the beginning will say no.