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

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Edmonton Small Business Accountant | Helping Entrepreneurs Succeed By Using Business Plans

If entrepreneurs do not believe that their business can be helped by a using a business plan, Edmonton small business accountant says that they are mistaken. In fact, businesses that have a business plan are 50% more likely to succeed than those without a plan. In addition to that, there are 3 most common reasons why entrepreneurs fail in Canada. They are unable to find the right market for their product, they run out of money, and the are unable to find the right team. Since 50% of entrepreneurs fail, and these of the reasons why, by creating a business plan, entrepreneurs are often able to avoid falling victim to those common problems.

Typically, when entrepreneurs approach accounting firms to get a business plan done, they are quoted and hourly rates, but not told how many hours it might be to complete. This can be a very difficult scenario for businesses especially if they are new, or if they are struggling. They understand that this is a document that is very necessary, but they do not want to have to pay an extremely large bill. By not knowing if it is going to cost them a few hundred or a few thousand can be a barrier to getting this important document done.

The Edmonton small business accountant at Spurrell and Associates saw this barrier, and how their own clients who did not have business plans also were falling victim to the failure rate of businesses in Canada. Not ones to sit idly by and watch their clients make mistakes that can be avoided, they decided to systematize the business plan process so that they could end up offering this service to their clients for no additional cost.

This point was driven home extremely powerfully, when the Alberta economy started to decline, and a significant number of their clients were struggling. Rather than see their clients fail, they became more determined than ever to create a business plan template that would allow them to create an effective plan very efficiently. They took the approach of creating a business plan template the same way they approached creating tax planning. By making a list of the most common errors and obstacles business owners face and then creating a list of the most effective solutions to those problems, became the structure for their business plan.

Over the years, the refined and honed their business plan template, so that this Edmonton small business accountant has a very effective template that their accountants use to create documents for their clients. By using this template, there able to ensure that everyone of their clients gets the business plan they need, not only to avoid making common mistakes, but also help them grow their business. Not only does this Edmonton small business accountant create these business plans for their clients, they also update them on a yearly basis so that clients can end up with the living document that can help them not just be successful in their first year, but each subsequent year after that.

Edmonton Small Business Accountant | Helping Entrepreneurs Succeed By Using Business Plans

Even though many business owners are aware of how important a business plan is, they often are unaware of how to get help with one. They believe that they have to create one themselves, and they are not efficient or effective in doing that. Or, they are unsure where they need to turn in order to get professional help with their business plan. Or finally, entrepreneurs are aware of where they needs to go, but the cost of a business plan is so cost prohibitive, that even if they truly need the plan made, they do not end up getting it for themselves.

There are 3 different scenarios that businesses face that have them benefiting from getting business plans made. The first scenario according to Edmonton small business accountant are entrepreneurs that are planning on making major changes in their business, such as growing a significant amount. If the growth is more than 20%, that kind of growth is not accidental. Business owners need to know exactly what they should be doing as well as what they should be avoiding in order to ensure they get that level of growth in their business.

The next common scenario that would require an entrepreneur getting a business plan is if they need financing. Whether this is because they are brand-new, and they are getting financing for their new endeavour, or if they have been in business for a while. It might need financing because they are looking to purchase assets in their business that will help them grow, they might be purchasing their building or real estate, or they might even be needing financing so that they can do some leasehold improvements on their space. Regardless of the reason why they need financing, most financial institutions will require a business plan before they grant any funding.

And finally, Edmonton small business accountant says businesses that are struggling can benefit exponentially from getting a business plan. The reason why, is because not only do they need to learn what they should avoid doing, but they also need to know what they should be doing as well to start growing their business. Businesses were struggling can avoid closing their business if they get a business plan in time and follow it.

Business owners often are unable to get the business plans that they required due to cost. And when this Edmonton small business accountant, Spurrell and Associates discovered that, they decided to change how they approached business plans. By systematizing their business plan process, there able to prepare business plans much more efficiently, ensuring that they could offer it to all of their clients for no additional cost. This meant that cost of the document was no longer a barrier to entrepreneurs getting the document they needed to become successful in their business.