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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 | Why Business Plans Need To Financial Plans

Business owners often paying too much money on tax, or they work extremely hard without growing their business says Edmonton accounting firms. As Abraham Lincoln once said, ìgive me six hours to chop down a tree and I will spend the first four sharpening the axeî. Business owners should consider creating a business plan with an accompanying financial plan as sharpening the axe in their business. While business plans can help business owners figure out their business goals, and what they need to do in order to get there, the financial plan will ensure that itís possible for a business owner to do so. For every different business owner, there are different needs they have. For example, business owners with a lot of debt need very different needs than a business owner with no debt, and therefore will have very different plans based on those needs.

At Spurrell and Associates, business owners can not only come away with a business plan that will help them understand all of the tasks they need to do in order to become successful, what the accompanying financial plan will ensure that the business owners can withstand the risk associated with doing so. The first thing that they will do at Spurrell and Associates, is work on the financial plan because backs will determine what sort of business plan they will be able to manage says Edmonton accounting firms. They will figure out all of the personal assets and liabilities of the business owner as well as their personal goals and what they need to get out of the business in order to survive.

Once theyíve created the financial plan, a business owner can start working on their business plan. They need to communicate the vision they have for their business, and together withís Burrell Associates, will create a plan based on what they need to do to succeed in their business. What marketing strategies they need, how theyíre going to acquire new clients, but is the pricing structure of their business, what are their recruitment and retention strategies, what schedule does the business owner needs to keep for example. Edmonton accounting firms says that itís extremely important that every single detail is planned out and this business plan, including the business owners daily schedule, so that they know what theyíre doing on a day-to-day basis to help them achieve their goals.

At Spurrell and Associates, creating a financial plan and a business plan is part of their service. They are experts at what they do says Edmontons accounting firms, because they have spent seven years refining their process. They donít start from scratch each time, because they use a template they have created that has proven not only to work extremely efficiently, but it is also duplicatable, so that every business that comes to Spurrell and Associates for plans, will get the same service and the same results. Once they have plans that work for them, they will be able to operate their business knowing that they are set up for success.

Business owners that have business plans are 50% more likely to increase the revenue of their business says Edmonton accounting firms. But if they only have a business plan, that is only 50% of the work. Every business owner has a unique set of personal circumstances that they need to take into consideration when they are creating their business plans. Itís not good enough just to have a business plan that looks great, if a business owner canít accomplish it, it is not going to be effective in helping the business owner grow their businesses. The business plan of the business owner who has no liquid cash is extremely different than the business owner who does for example. By creating financial plans alongside business plans, business owners can end up with not only a business plan that can help them accomplish their goals, but they will also end up with a plan that they know is possible financially, based on their own circumstances.

One of the biggest payoff for the client once they have a financial plan in place in their business, is the belief that they are going to be getting paid, and they have a strategy for that. Edmonton accounting firms says itís extremely important that a business owner addresses how theyíre going to make money from their business right away, and that they can work towards that goal.

The reason why Spurrell and Associates plans are so effective, is because they take into consideration both the business strategy as well as whatís financially possible. Edmontons accounting firms says that they also donít start from scratch every time, they use templates that they have developed themselves, and refined over almost a decade of business plan. The result is an effective, comprehensive business plan that is consistent from business owner to business owner.

Itís also extremely important that the financial plan comes before the business plan says Edmontons accounting firms. Because some business strategies donít end up making sense once the take into consideration the business ownerís personal circumstances. A business owner that needs to earn $5000 a month for salary is going to have an extremely different business plan that a business owner who doesnít need to draw salary at all for the first few years. By understanding the individual needs of each business owner, they can create a business plan that has strategies that will be achievable based on their own circumstances says Edmonton accounting firms.

A business owner can usually get through the entire process within for meetings with Spurrell and Associates, and end up with a great business plan that is supported by their financials. They need to ensure that they update the plan on a regular basis, taking notes of changes in the business, circumstances changes, as they reach their goals and set new ones.