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

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Edmonton Accounting Firms | Financial Plans Raise The Effectiveness Of Business Plans

Entrepreneurs that have business plans as a part of their business strategy are 50% more likely to raise the revenue in their business over businesses that donít have any business plans at all says Edmonton accounting firms. However, business owners should see a business plan as a tool they can use in order to grow their business. As Abraham Lincoln said, give me six hours to chop down a tree and I will spend the first four sharpening the axe. The business plan should be considered the axe. How sharp it is increases its effectiveness. By spending time ensuring that a business plan is sound and is as effective as possible can help a business owner not only the likely to increase the revenue of their business, and not just make plans around how to minimize common business mistakes, but become extremely successful in business grow their business efficiently and effectively.

Many business owners donít know where they can go in order to get help with business plans. At Spurrell and Associates, they are able to help business owners create an amazing business plan because their mandate is to help businesses beat the odds and stay in business past five years says Edmonton accounting firms. Their business plans and approach to creating business plans is much different than most other business plans, for several reasons. The first and most important reason says Edmonton accounting firm is because they take the time to find out about the business owner that there are doing the business plan for, in order to create a plan thatís going to work with them and their life. By creating a financial plan first, Spurrell and Associates can create a business plan that is even more effective. They start by looking at the high level financial objectives of the entrepreneur. What are they trying to accomplish? Are they minimizing tax, liquidating assets, funding retirement, purchasing a new house. There are several variables that they must take into consideration. They will also take financial inventory of the business owner they will take note of all of the business ownerís personal assets, their liabilities and debts, what bills need to get paid on a monthly basis and what their renumeration strategy has to be, in other words they need to know how much a business owner needs to get paid.

Once they have that understanding, they can create a financial plan that can help them create a business plan that works for that specific owner. A higher risk business plan will work for a business owner that has no personal tax, and does not need to draw salary from their business tax as opposed to a low risk business plan for a business owner that has several dependence at home, and needs to draw a salary from their business immediately says Edmonton accounting firms. After completely understanding the business owner, they will continue to develop a deep understanding of the business itself, understanding how the business works in order to create cash flow projections and tax strategies for the business.

Paying too much tax, running out of cash, being unable to attract customers and being unable to find the right team are all problems that entrepreneurs face says Edmonton accounting firms. Simply by creating a business plan, business owners can minimize these threats in their business, if not eliminate them completely. However many business owners donít know how to go about getting a business plan started in their business. They may think it is too complicated, time intensive or even expensive and therefore continue to operate their business without a plan.

Business owners should talk to the experts at Spurrell and Associates when it comes to creating a business plan. Not only developing their own system for creating those plans. They have created their own template that they share with business owners to ensure that they donít waste time by starting from scratch each time. Edmonton accounting firms means that this allows Spurrell and Associates to deliver consistent results because there process is duplicatable. Meaning all business owners who get their business plans done this Burrell, come away with a great and effective plan. Not only is it not expensive because Spurrell and Associates donít price their business plans on an hourly basis, which is what other CPAs do and it ends up being too expensive. Spurrell plans is included in a business owners monthly fee when they sign on with the company. That means, itís costing them no additional money in order to get the great advice an amazing plan that can help them grow their business significantly says Edmonton accounting firm. It also doesnít take a lot of time, because the entire planning process from start to finish requires about four meetings with the team. Since these business plans are straightforward because of the template, not time intensive because it only takes four meetings, and inexpensive, there is no reason why business owners should not immediately create business plans in their business.

These plans are also some of the best plans out there, because they take a complete look at the business as a whole as well as the business owner as they creates the plans. Spurrell and Associates creates a financial plan before they even tackle a business plan says Edmonton accounting firms. This approach ensures that all of the most important aspects of the business owners life is taken into account as they work on the business plan. They will understand the business owners finances, taking inventory of the business owners liabilities and debts as well as assets, and taking into consideration how much the business owner needs to get paid from their business on a monthly basis. They will also ask the business owner what they are accomplishing in their personal life, from retirement to paying for college to getting married to selling house, they ensure that they financial plan is in place in order to create a comprehensive business plan.