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

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Chartered Professional Accountants E Myth

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Part-time CFO | 4 Hour Business Planning

Many entrepreneurs believe that they must spend upwards of three hours on an effective business plan says part-time CFO. However, that is not necessary in order to end up with a great business plan. And if more business owners understood that they could do an effective business plan within four hours. Then perhaps more would do a business plan in their business.

In fact, the three most common reasons why entrepreneurs fail in business. Are obstacles that could be completely avoided if business owners had a plan.

For example, industry Canada says 23% of all business owners that failed say that the reason why they failed was that they could not find or keep staff in their business. 29% of entrepreneurs ran out of money. And 42% fail because they cannot sell enough their product or service to be viable in business.

By having a great business plan, that has financial and tax plans, marketing plans, and objectives of what they need to accomplish. Could help all business owners overcome these reasons for failure.

However, despite the fact that business plans can be so beneficial to entrepreneurs. They still are not creating business plans. Often because they do not think they have the time. Or they do not have the expertise.

This is where part-time CFO says contacting their accountant can be extremely beneficial. To use their business plan template. And in just for meetings and for hours. Not nor can end up with an extremely helpful business plan that will help them succeed.

The reason why four hours is going to be better than not nor spending forty hours. Is because entrepreneurs have not gained experience running their business the first time they create a business plan. And so they tend to not only overestimate what they can accomplish in the first year.

But they do not have enough experience to understand if their goals are achievable. Or what they truly want their business to look like. Therefore, part-time CFO says if they spend four hours each year on updating and refining their business plan. They will learn so much each year. That the business plan is going to end up getting better and better.

Also, doing this for our business planning with their accountant. Is going to ensure that a business owner is reviewing and updating their plan. So that it can continue to be a tool that can help them achieve their goals. Any entrepreneurs who write a forty-hour business plan. Put it on the shelf and never think of it again for as long as they own their business.

And finally, by utilizing an accountant. Can help ensure that not only the financial and tax plans are accurate. But that they will have an accurate and realistic cash flow projection. To base the rest of their business plan off of. So that it can be not only more realistic. But more achievable for an entrepreneur.

When business owners know how much time they need to spend on this task. As well as who can help them create a business plan. Will ensure that business owners can have a great tool that will help them succeed.

Helping You Reach Goals With A Part-time CFO?

In order to help inspire business owners to create business plans, part-time CFO says they should be introduced to the for our business plan.

By utilizing the financial plan from their accountant, business owners can end up with a great business plan. Without feeling like they have to spend more time than they can afford on it.

Especially since business owners can end up with a great plan in four hours. They should do that, and then spend the rest of their time working in their business. To accomplish the goals that were outlined in that business plan.

Part-time CFO says that by using their accountants’ template. Can ensure that business owners are having for meetings, and then having four hours of homework. In order to accomplish their goals and achieve the vision that they have for their business.

The first meeting is for the accountant to understand all of the personal circumstances of the entrepreneur personally. Such as what their debt servicing is like. Including mortgage, car payments, and things like credit card bills and utility bills. If they have any income coming from other sources. do they have any dependents or any other family members that are helping pay for household expenses.

This will help the accountant come up with a realistic tax and financial plan for the business owner. So that they can take the salary that they need out of the business in order to survive. And when they need to start taking that money.

The second meeting is for the entrepreneur to review those tax and financial plans. To ensure that they reflect the entrepreneur’s reality. And then the accountant will present the business plan template in order for the business owner to put their own vision into the business.

Part-time CFO recommends that entrepreneurs block four hours of their time in their business. To devote to doing this task. They should think about what they want their business to look like. Their vision, and the goals that they want for their business.

Meeting three will be the business owner reviewing what the accountant has put into the business plan as objectives and strategic priorities to accomplish. In order to bring their vision and goals to fruition.

The business owner must be looking at these tasks, to see if they are realistic, and that they are willing to do them. In order to grow their business. If things need to be changed or tweaked in order to make a plan that a business owner is willing to do. Then that is what this meeting is all about.

In the fourth meeting is with the business owner and the accountant to do one last review of the plan. To ensure that the plan reflects but the business owner wants to achieve in their business. So that they can start implementing the tasks within it.

And that is how I business owner can get an effective business plan completed in for meetings and for hours. So that they can spend the rest of their time working in their business in order to achieve success.