Edmonton Business Consultant | Business Plan Benefits
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People are super successful. People tend to write down their goals. Yeah, I can see the whole why with the two I can be because it’s not line. Hi, thanks for joining us for another episode of ask [inaudible] CPA. Today as the Edmonton business consultant, we’re talking about business plan benefits. Again, as the ever the business consultant, we’re talking about business plan benefits. I Have Tyson here with me from the office. Tyson, how you doing today? I’m good. Okay. Have a great weekend. Excellent. So, and how long have you been here now? Uh, two and a half years. Almost to the day. Two and a half years to the day. Oh Wow. Time flies. Hey. So the, the quote that we have here, it’s a Benjamin Franklin quote, you know, one of the founding fathers of the United States, he says, if you fail to plan, you are planning to fail. And the statistic that we always like to use when it comes to business plan is from Palo Alto. Um, and they see businesses who complete a business plan are 50% more likely to grow their revenue than businesses that don’t complete a business plan.
And the story that we have, we see it over and over is, is the number one problem that we see in businesses is the inability to grow revenues. And when we talked to those struggling business owners, we find that they don’t have a concrete plan to rectify the problem. So Tyson, what do you think the questions that these business owners should be asking first to successful people normally write down their goals. Yeah. For whenever I hear about people that are super successful, people, you know, the, the, the best of the best, the 1%. Um, and they normally, almost to a person say that they’ve written down their goals and some of them have it, have written down very longterm goals. I mean, even even people outside of the business. Do you think of the, the, uh, the, the Jim Carrey story where he said he wrote himself a check for $10 million to be an actor. Contact us now if you need the top Edmonton Business Consultant today!
And, and one day he got 10 paid $10 million, uh, to be an actor. Um, and, and that goes across, you know, industry, the industry people, super successful people tend to write down their goals. Is it easy to lose sight of the big picture when dealing with day to day business? Yeah. So day to day businesses tough. You’re going to have an [inaudible] kind of innumerable amount of problems. Uh, you know, things are going to creep up that you didn’t expect. You know, you can have, you know, problems with uh, customers and problems with staff and problems with suppliers and you know, things are just, you know, you’re going to have problems with whether he knows what he’s talking about. These landscapers now in Edmonton, a lot of them are, are a little bit behind because of the rain, right? Um, so there’s going to be things that are going to creep up all the time.
And when you’re dealing with these day to day issues, it is very, very easy to lose sight of the big picture. And you get too involved in the, that are, you know, important for the minute. And you could become completely disconnected with the things of the big strategic initiatives that are really going to drive the business forward. Okay. Should you establish what sets you apart from your competitors in the flap? Yeah, I think that this is your opportunity to really, you know, just look at, you know, what you’re doing, but look around and look what your competitors are doing. And the business plan is an opportunity to really compare yourself to your competitors. And you have to see, you know, what they do well and really hone in and be honest about what you do well and what, what are the things that you can do that you could outperform them and you can’t be everything to everyone, but you really want to identify what are the things realistically that you can do better than your competition or what are the things that you want to work towards being able to do better than your competition? Check these guys out now if you need the best Edmonton Business Consultant today!
Should you assign specific dates to strategic milestones in the plan? Yeah. Yeah. So here’s the one where, you know, these are things you have your day to day, your repeatable monthly calendar that we always go on a boat. You’ve got to have your repeatable monthly calendar when you do specific items. But there’s going to be some things in the business plan that maybe aren’t there more onetime in nature. You know, if you want to relaunch your website, if you need to, you know, get a new leased space or build on a lease premise or you know, hire additional staff. Um, these things are more, you know, they’re onetime in nature and they’re going to change the entire metrics of the business, the entire financial performance in the business. And there are things that you should actually put on a calendar, not just say you’re going to do them, but say you’re gonna do them by specific dates. Be sure to give us a call now at 780-665-4949 as soon as you can! Also check out spurrell.ca as soon as you can!
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Because often what happens is we have to, you know, spread some of those initiatives out or else they don’t. They don’t really make any sense in real life. So you want to be assigning, you know, specific dates to strategic milestones in the Plat. Okay, well monthly cashflow projections reduce those second most common business risks. Yeah. Second most common business risk is people running out of cash. You know, 29% of all failed entrepreneurs lists running out of cash as one of the primary reasons of, you know, their their business not succeeding. And doing those monthly cashflow projections in a business plan, looking critically of what, what is likely to happen in a conservative fashion, um, that’s really going to reduce the risks that you’re gonna run out of cash because you’re going to be able to make realistic projections of what will happen, what won’t happen and are you going to have enough money to pay things as they come on a month to month basis.But it’s different than planning on an annual basis, on an annual basis. Maybe it makes sense, but at the end of the year you might have the cash to pay. But you know, sometimes your suppliers or employees, they don’t want to wait till the end of the year to get paid. They want to get paid as you go along. So the, the month a month cashflow projections that a business plan are incredibly important. What I am, do you believe one page business canvases are as effective? I don’t, I don’t believe one page business canvases are affected. And I’m not saying that they’re ineffective. They might be a good starting point there. They’re good, you know, better than on the Napkin type, uh, business plan. There’s something, they’re a good starting point. Um, but let’s look at, you know, there’s only so many things that you can put on a canvas. You know, you’re not going to have a monthly cashflow projection looking out 12, 24 36 months. Please give us a call now for the most amazing Edmonton Business Consultant!
That’s not going to happen on a one page business canvas. Um, you know, I, I know they’re, they’re teaching it a lot in educational institutions now, the one page business canvas, but, but you know, what do you think based on, what do you think happens if you hand in a one page business campus canvas to the Royal Bank or Scotia Bank and ask for 1 million bucks, do you think they’re going to lend in 1 million bucks? You’re going to laugh at it. They’re going to laugh at it. Yeah. So I think that’s, that’s forgotten a little bit. So there’s one page business canvases, you know, they’re either, in my view there, they’re just a starting point in mentioning you need to get to a formal business plan. Do you need a business plan to do a plan, have a business degree to do a plan? No, I don’t think so. You know that we need something better than a canvas and we can’t have this one page canvas, but at the same time we also don’t need a business degree. You know, you don’t need an MBA or a B comm in order to do a business plan. It’s a very, um, straight forward and logical step by step process. And in fact, if you’re in the industry, you’re probably more qualified to do the business plan than someone with a business degree who’s not in the industry. You’re just going to have better insight as to, you know, what you’re doing versus what your competitors are doing and what your value proposition. So 100%. You don’t have to think that you know, business. Just because you don’t have a business degree, it doesn’t mean a business plan isn’t for you. It’s something that we can definitely, you know, walk people through. Do you need hours and hours to do a plan? I don’t think you do need hours and hours to do a plan. I think if you do it, um, you know, in an efficient manner.
We always tell people here that you, outside of the meetings that you have at our office, you need about four hours to I think to do a good job on it and to really, you know, put your vision into the business plan. You know, the business plan, it’s not a sales document. A lot of people I see they assembly business plans because they think it’s a sales document and they spent hours and hours putting the logo and the rate on the front page when no one’s ever going to see it other than the business owner. Um, you know, I, I think you need about four hours and I think that time is, you know, um, you can use other time more efficiently, right? Should you really do your business plan every year? I do. You know what? I tell people that four hour business plan and I say, you know, you’re better off spending four hours a year than 40 hours in your first year and never doing it again because there’s just so many things that you’re going to learn as you operate your business each and every year. Please reach out now if you need the most amazing Edmonton Business Consultant services today!
You know, in your five you’re going to know so many more things and you knew in year one and it doesn’t matter how much time you spend on planning in year one, you just won’t see these things coming because you just don’t know it yet. Like, or you just haven’t learned all the ins and outs, all the things that can go wrong, all the little tricks that that will work. So you really should be taking that knowledge that you’ve learned every year and taking another big picture analysis and say, how can I get ahead of my competition? You know, what have I learned and what, what is my strategy to outperform my competition? That’s why I think you should be redoing that business plan each and every year because simply you’re more qualified to do so each and every year. You stick around, right? When you do that place by, I’m sure did you ever do it by yourself? I don’t think business owners should do business plans by themselves. I think they need someone else to look at it. Now, ideally they can hire a CPA firm like us who is familiar with doing a business lab. But even in the absence of that, I think they should get their most financially sophisticated friend to look at it because I think a lot of those projections that they ended up doing, you know, what I always recommend to people is you put your vision into the business plan and you have someone else do the projections and they’re on. Um, because our real estate, there’s that, there tends to be that disconnect in between the vision and what reality is. So I tell people that, you know, you want to put your vision into the business plan and really explain how, you know, what that vision is and exactly how you’re going to execute the top Edmonton Business Consultant today!
You know, specifically at tying numbers to a advertising initiatives, tie, you know, a specific times in the day for, you know, when you’re going to do, uh, various tasks to give us significance of what the capacity is and what the potential is and then have someone else from an objective viewpoint, you know, step back and do realistic projections on those plans and then you can input in after those realistic projections have happened. So I think, you know, uh, doing those projections, they, they tend to be disconnected from reality cause the business owners are in their own little world, the boat, you know, where they’re going to be 10 years from now. Um, so I think that’s what we have for you today. Thanks so much for joining us. As always, you know, please like the like and subscribe buttons. So we continue to deliver you tips on how to beat the odds at business, and as always, please feel free to leave us some comments so we can respond back and use your input for future videos. Just give us a call now at 780-665-4949 or please check out spurrell.ca as soon as you can Thanks very much.