Edmonton Small Business Accountant | The Importance Of Creating Business Plans

There are several reasons why a business should have a business plan created says Edmonton small business accountant. A comprehensive plan can help ensure that a business knows everything that they need to do in order to not only avoid common mistakes and pitfalls in business, but also know what they should be doing for their specific business to become successful as well. Entrepreneurs that have a business plan are 50% more likely to succeed in their business then entrepreneurs who do not have a business plan at all. With the failure rate of business being at 50% in Canada, everything that business owners can do to ensure their success is important.

There are several reasons why entrepreneurs should have a business plan. If business owners are planning on making major changes in their business says small Edmonton business accountant, they should get a business plan created. The reason why, is because major changes including extreme growth such as 20 to 50% growth does not happen by accident. It takes deliberate action, as well as knowing exactly what to do and when. Therefore, if this is the plan for business, to grow exponentially in a year, they should ensure that they are creating a business plan so that they know exactly the things that they need to do to ensure that growth.

Another reason why entrepreneurs might need to get a business plan created for them is that they need financing. Typically, financial institutions or banks want to see a comprehensive business plan before they loan money. It is very common that is entrepreneurs must submit a business plan along with their loan application. Without this important document, many banks and financial institutions will decline to finance a project for business owner whether it is for purchasing a building, funding major renovations, or purchasing assets to name a few. Therefore, businesses that are requiring financing should ensure that they are getting a business plan created.

The most common reason why businesses need business plans according to Edmonton small business accountant is if they are struggling. Businesses that are struggling are often making mistakes, and if they knew what mistakes they were making and how to avoid making those mistakes they could struggle far less. Also, there are 3 most common reasons why businesses fail in Canada. They either are unable to find the right market for their product, they ran out of money, or they do not have the right team. All of these common reasons for failure can be addressed in a business plan so that entrepreneurs can avoid those errors before they even make them.

With how important a business plan is to all businesses, entrepreneurs should ensure that they are making an appointment with their Edmonton small business accountant to get a great business plan made. It is also important to ensure that once they have a great business plan, that they are going back to their accountant to have updated on a yearly basis so that they can continue their upwards growth and success in business.

Edmonton Small Business Accountant | The Importance Of Creating Business Plans

Many entrepreneurs understand that a business plan is a good idea says Edmonton small business accountant. However, they may not end up getting a plan for a variety of reasons. The first reason may be that while they know a business plan is important, they do not realize that they can get outside help, and do not know how to do it themselves. Another reason business owners might not have a business plan, is because they know it is important, but they do not know which business professional they should talk to about it. And finally, entrepreneurs often know exactly where they can get a business plan from, but they do not proceed because they do not know how much it is going to cost them. Due to all of these barriers, many entrepreneurs do not have business plans and struggle because of it.

1 of the reasons why business owners are not sure how much a business plan is going to cost them according to Edmonton small business accountant, is because most accounting firms charge by the hour. It is hard for the companies to tell them how many hours they are going to work on a business plan for an entrepreneur, and so the entrepreneur ends up not knowing if it is going to cost them only a couple hundred dollars, or several thousand dollars. This certainty of how much it is going to cost them is a barrier to entrepreneurs getting the help they needs.

Businesses that are struggling can get the most help from business plans. Unfortunately, businesses that are struggling are also the least likely to be able to pay for one, especially if they have no idea how much is going to cost them in the end. They want to avoid making their situation worse by ending up with a bill that they cannot pay for. It often seems counterintuitive to incur bills that they do not know they can pay for. Because of this, Edmonton small business accountant’s Spurrell and Associates decided to not charge an hourly fee for their business plans. This way, they could ensure that those businesses that needed the most help could get it, without cost being a barrier.

By systematizing their business plan, this accounting firm is able to create business plans consistently and quickly, while keeping them at an extremely high quality for businesses. This way, they could help those businesses that are struggling the most, to give them the tools that they need.

Regardless of the reason business owner would need a business plan, they should see the Edmonton small business accountant’s Spurrell and Associates in order to find out how they can be helped by getting a great business plan done, and seeing the success of their business as a result of it. There is no reason why businesses should not have the tools they need to help them grow their business and be successful.