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Business plans are so incredibly vital to the success of businesses, that entrepreneurs that do not have this document have a more difficult time in business says Edmonton small business accountant. Just like Benjamin Franklin was famous for saying, if you fail to plan, you are planning to fail. Entrepreneurs that have a business plan are 50% more likely to succeed in business then if they do not have one. Therefore, it should be considered 1 of the most important documents that an entrepreneur gets early on in their entrepreneurship, and then maintains that document on a yearly basis.
1 of the reasons why entrepreneurs do not end up either ever getting a business plan, or why they do not keep updating it is that it can cost a significant amount of money. The reason why, is typical accounting firms charge an hourly rate for the service. This can end up being a significant amount of money, and for businesses that are just starting out or businesses that are struggling, this can be an extremely difficult build to pay.
The Edmonton small business accountant at Spurrell and Associates saw this in their own clients. They discovered that their own clients were struggling with typical business problems, and they felt powerless to help them if they did not get a business plan. Therefore, they decided to create a business plan template so that they could systematize the process as effectively as possible. If they were able to create an efficient as well as effective business plan template, they would be able to offer it to all of their clients for the same flat monthly fee. This would ensure that cost did not become a barrier to getting this valuable document created.
The accountants at this Edmonton small business accountant firm started creating the template by listing all of the most common mistakes and obstacles that entrepreneurs will face. They discovered that most businesses will face similar sets of problems and obstacles. They then created a list of business initiatives and solutions that could most commonly alleviate those problems and obstacles. By starting creating the business plan this way, the insured that the accountants that were creating the business plan for their clients could come up with great solutions for the easier problems, so that they had more critical thinking skills left to devote the more difficult problems.
It took them several years of developing, refining and honing this business plan template. But coupled with the use of this template with their accountants, there able to make efficient and effective business plans a lot easier then if they were starting each 1 by scratch every time. Therefore, they became able to offer every single 1 of their clients a business plan, not just once, but updated every single year so that their clients could utilize the plan not only to avoid problems in their business, but to become successful as well. By following this important documents, entrepreneurs not only are able to avoid problems, but stay in business longer so that they could also use the business plan to help them grow as well.
Many entrepreneurs are aware of the high failure rate of entrepreneurs in Canada says Edmonton small business accountant. According to industry Canada, 15% of businesses fail in their first year, 30% fail in year 2, and by the time businesses are around for 5 years, only half have made it. However, these statistics could be drastically changed if every single entrepreneur had a business plan to follow. Businesses that have plans are 50% more likely to succeed.
1 of the biggest barriers that entrepreneurs often have to getting a business plan is cost. Edmonton small business accountant says that templates can offer a great solution to help business professionals creates plans for entrepreneurs. However, many professionals are resistant to using templates for a variety of reasons. They often believe that since they have gone to school for several years, it is their personal expertise that their clients are paying for, and that using a template would be a disservice. They also believe that creating a template is far too difficult to do. However, Edmonton small business accountant argues that if templates and checklists can be created for emergency room doctors and pilots, the same thing can be created for entrepreneurs as well.
Edmonton small business accountant says that templates that are created by professionals can simply help them perform at a higher level. His templates are not designed to help entrepreneurs do the project themselves. When a professional creates a great template, then uses that template themselves, they can simply work to a higher level and if they did not have that template themselves. The reason why, is because it allows the professional to consider all options and scenarios without having to commit them to memory, or having to instantly recall them. By not having to memorize these options, gives them more time as well as more brainpower to commit to solving some more difficult and unique problems that a business owner might have.
Another reason why business professionals may not want to use templates is because they want to avoid a cookie-cutter approach to business plans. However, Edmonton small business accountant says that creating a template does not mean that a professional will not customize options for their clients. Templates rarely improve what a business professional already knows, and once they are aware of the customers unique circumstances, or if they are in an extremely unique business or in a niche market, the accountant can make the necessary adjustments.
Business owners should not confuse a business plan template made by an Edmonton small business accountant with one that they can get free on the Internet. By going to a business professional who has all the tools of their disposal can only ensure that business owners are getting the tools that they need. These are the tools they need In their business to help them become successful.
