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There are several reasons why business plans are very important to entrepreneurs according to Edmonton small business accountant. Not only are entrepreneurs that have a business plan 50% more likely to grow their business, there also more likely to avoid problems. Industry Canada says that half of all entrepreneurs will fail by year 5 in their business and there are 3 main reasons why these businesses fail. They either are unable to find a market for their product, they run out of money, or they are unable to find the right team. All of these problems can be avoided with a business plan.
Businesses generally benefits from getting business plans with 3 main scenarios. When they are struggling says Edmonton small business accountant. This could be when they are first opening their business, or if they have had a business for a long time and they have encountered problems. These business owners need to learn not only what they need to do, it also what to avoid doing. The next business that can benefit from a business plan are businesses who need financing. Businesses generally require a business plan before their financial institution will loan the money, whether they are expanding their business, purchasing a building or buying an asset to help them grow their business. And finally, businesses that are making major changes such as wanting to grow 20 to 50% in their business. That kind of growth does not happen by accident, it needs to be deliberate. Therefore, entrepreneurs that are planning this should get a business plan so that they know what they need to do.
The biggest problem with business plans, is that most accounting firms charge an hourly rate. This means the businesses that need it the most, the ones that are brand-new or the ones that are struggling are less likely to be able to afford it. Not only are they least likely to be able to afforded, but since most accounting firms charge an hourly rate, they do not know how much it is going to be at the beginning, aching difficult for them to commit to the process.
The Edmonton small business accountant at Spurrell and Associates saw this, and became concerned with the process. It did not make sense to them that the ones that need for the most the ones that could afford at the least. Therefore the set out to change that. They decided that if they could systematize the business plan process, they would be able to offer it to all of their clients for no additional cost. That way, price would not be a barrier for those entrepreneurs who needed it the most.
By ensuring that the businesses that need the most help can get it, and sure that businesses could remain business longer, and then use that same business plan to plan their eventual growth. This Edmonton small business accountant wanted to change how many entrepreneurs can succeed in business, and is succeeding in their mission.
Many entrepreneurs understand how important a business plan is says Edmonton small business accountant. However, if they are unable to get that document created, they are 50% less likely to grow their business. By going to Spurrell and Associates, entrepreneurs can get this document that they need without price being a barrier. They are able to offer this because they have systematize the business planning process, by creating a business plan template. They do not offer this templates to clients for them to fill out on their own, but to work through the templates with their accountants and the business owners to create the document.
Many professionals, not just accountants resist creating templates like these, because they believe that it is too complex of a problem to template, and as well they believe that it is their own expertise that clients are paying for. However, Edmonton small business accountant not only believes that templates can help accountants perform at a higher level, there is actually no job too complex that cannot be helped with a template or a checklist.
For example, pilots have a checklist that they must follow before they take off or land any plane. In case of an in the air emergency, pilots also have a checklist of what to follow to bring the plane safely back to earth. In the case of emergency room doctors, they discovered that after these highly trained professionals started using checklists in the ER, they started saving more lives. Therefore, if doctors and pilots can improve their work with a template in a checklist, so can other business professionals as well as entrepreneurs.
Entrepreneurs should rest assured that a template does not mean that it is not going to be completely customized for their needs. Templates simply improve what the accountant that they are using can already do. By making the easy to answer questions automated, it frees up the accountants brainpower and skills to offer completely customized options for the more difficult problems, especially useful if an entrepreneur is in an extremely unique or niche market. Therefore, entrepreneurs that truly need a business plan, but are worried about how they are going to be able to afforded, should go to the Edmonton small business accountant at Spurrell and Associates, and get the business plan that they need to succeed.
1 of the most important aspects of creating this template, is that since the accountants do not have to start business plans from scratch with every single client, and several processes are automated, it makes the business plan process much faster, which allows them to be able to do it at no additional cost, other than their flat monthly fee. Therefore, entrepreneurs that want business plan should contact the professionals at Spurrell and Associates in order to find out how they can benefit from working with their accountant and their customized business plan templates.
