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

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Edmonton Business Consultant | Plan to Succeed

The favourite quote of Edmonton business consultant is by Palo Alto that says businesses that complete a business plan are 50% more likely to grow their revenue. One of the biggest mistakes that business owners make business today is that they do not have a plan in place. Not having a plan in place is like planning to fail. Common business problems can be avoided very easily by having a comprehensive business plan that address those issues. By spending some time building a business plan you can recognize these pain points and make plans on how to avoid them. Don’t think that you will be able to consider all of the variables in your business plan, just on how to avoid the most common issues.

Business owners start their business and make the mistake of thinking that anyone is a perfect customer for them and this isn’t true unfortunately. Spent some time in your business can figuring out who your best customer is, how they shop, and how to market to them. Knowing your customer base and how to find them is the first key. How to keep them as a customer once you have them is the next. You know who your customers are and how to keep them you’ll be ahead of those who haven’t figured that out yet.

Another common mistake business owners make when they open their business is they don’t know how to attract the right team, and they don’t know how to keep them. Edmonton business consultant advises spending some time on your HR strategy in your business plan will go a long way in helping you attract and retain great team members. With the right team in place they will help you drive your goals and your business forward.

The third mistake businesses make is that they run out of cash. Even successful businesses without a plan in place can run into cash problems. Ensure that your business plan has cash flow projections, and that you’re regularly reviewing your plans to see where you’ve been so you can plan for the future. Edmonton business consultant advises business owners to have conservative cash flow projection in their business plan. Conservative projections are favoured because it’s easier to change your plan and your projections are low then when they are high.

It’s never too late to put a business plan in place if you don’t have one, says Edmonton business consultant. Spent about four hours creating a plan to address these common pain points. Once you have a plan in place, set some time aside to be sure that you are reviewing it regularly, about four hours throughout the year. Adjust your plan as needed, your business plan should be a living document and not something that sits on the shelf.

By having a plan in place and through regular reviews of it you’re more likely to grow your business than without one. And more likely to be more successful than those businesses who don’t have a plan at all.

Edmonton business consultant | plan to succeed

What sets successful businesses apart from their competitors asks Edmonton business consultant? Businesses that have a business plan are not only setting themselves up for success, they are 50% more likely to grow their revenue than businesses without a business plan. The great business plan in place business owners can avoid three most common pain points there likely to face is entrepreneurs. It’s not possible to predict all future problems a business may face, but planning for the three most common issues will help businesses avoid them.

Business owners who do not have a business plan in place are likely to run into cash flow problems. By not having cash flow projections means not being able to see whether businesses come from or where their business is going. In your business plan make sure you include cash flow projections so you can avoid the cash crunch in your business. Edmonton business consultant recommends conservative cash flow projections in your business plan. It’s easier plan conservatively, and readjust your plan when you achieve those goals.

Another pain point business owners have in their business is they open their business thinking that every person is there best customer. Even if every person can be your customer, not every person will be. In your business plan, figure out who your best customer is so you can make plans on how to find them. Once you know who your best customer is and how to find them the next step is making sure you have a plan in place on how to keep them. Customer retention strategy in your business plan is key to your success.

The third most common issue businesses face is not having an HR strategy. They don’t know best practices for hiring their team, and they have no strategies for how to keep them. Edmonton business consultant says that spending time figuring out company culture, and what team you want to have in your business will help you hire the right team for your business. A great HR strategy also includes employee retention to make sure that you’re keeping your best people on staff. Without the right team, your business has less likely chance to succeed.

With these three issues addressed ahead of time you’ll be more prepared and if you didn’t plan at all. Remember but Benjamin Franklin, one of the founding fathers of the United States as famously said quotes if you fail to plan, you’re planning to failî. The great business plan doesn’t have to have hundreds of hours behind it, it’s far better to spend about four hours creating a plan that will actually use, then when you’ve spent hundreds of hours on and it sits on a shelf. Regular reviews of your business plan will help you stay on track, and then 10 business consultant recommends four hours throughout the year to review and adjust your business plan as needed.