Part-Time CFO | Effective Business Plans in Four Hours
With the number of business owners that fail in Canada, every year says part-time CFO. If many business owners understood that they could do one thing that could exponentially increase their chances of success. They most likely would do this.
In fact, industry Canada statistics show that 15% of Canadian business owners will fail within their first year of business ownership. 30% will fail by Year too. And by five years, half of all entrepreneurs that started will no longer be in business.
There are three main reasons that the industry Canada found was blamed for the reason why business owners were not successful. 23% said they could not find staff for their business which was the reason why they failed. 29% of entrepreneurs said that they ran out of money. And 43%, said that not being able to find enough customers was the reason why they failed. Making it the single most common reason why businesses were not successful.
However, part-time CFO says business owners need to keep in mind that all of these issues can be avoided with a business plan. And in fact, business plans were so successful in helping entrepreneurs succeed. That according to the Palo Alto study. Business owners with a plan or 50% more likely to grow their business and succeed. Then business owners did not have a plan at all.
However, the fact of the matter is entrepreneurs are convinced that how important business plans are. and yet they are still not creating them in their business. Part-time CFO says there could be a number of reasons why not. Including not knowing how to create one. And not having the time.
That’s mine, many great accountants have developed a business plan template. That is going to help entrepreneurs create an extremely effective business plan. In only 4 hours’ worth of work. The reason why it’s important that this is done by an accountant. Is because a business owner’s cash flow projections need to be very accurate. In order to ensure that their business plan can be achievable.
Even the most experienced chartered professional accountant. Struggles with ensuring the class flow projections that they come up with. Are accurate and realistic. And if a business owner does not employ an accountant to do this. They’re cash flow projections Maybe inaccurate. Or even optimistic.
And since the cash flow projections are what is going to be the basis for the rest of the business plan. They need to be accurate says part-time CFO. And within the first meeting with their accountant. The entrepreneur can tell them their personal circumstances. So that together with the cash flow projection. The accountant will be able to come up with a great tax plan and financial plan that the business plan will be based on.
With how important and necessary business plans are to the success of a business. If entrepreneurs knew there was a better way. They would definitely find an accountant that has a great business plan template. So that they can ensure they have this tool for their own business.
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even though many business owners are aware of how good a business plan is it helping them succeed says part-time CFO. Many are under the impression that it’s going to take them 40 hours of work or more to create one. And they don’t have that kind of time. Because most business owners are working 12 hours a day, six days a week. Or even working 80 hours a week. Giving them absolutely no additional time for anything else.
However, with a great business plan template by part-time CFO. Can help ensure that business owners can create an exceptionally effective business plan. In only four meetings, and 4 hours worth of work.
This is how it looks like. The first meeting with their part-time CFO or a will be the business owner explaining their personal circumstances. Explaining what their debt servicing is like if they have any other income or jobs that bring in money. If they have family members that contribute to paying household expenses.
The second meeting will be the accountant showing the entrepreneur the tax plan and financial plan. That is based on all of the unique circumstances that’s the entrepreneur faces in their life. They also will show the business plan templates to the entrepreneur. So that they can put their own Vision into it.
Only the entrepreneur themselves know what they want to accomplish in their business, whether it is a revenue goal, a gross goal, a number of customers served. They should put all of their Visions into the plan. So that the accountant can help make it a reality.
The third meeting will be the business owner reviewing the plan that the accountant has created based on their Vision. By giving them a marketing plan as well as a schedule to follow. Of all of the things that I have to do to bring their vision to reality.
And the final meeting is going to be the business owner and the accountant going over the entire plan to ensure it reflects what the business owner is trying to accomplish. And that they are willing to do all of the things I outlined in the business plan.
The entrepreneur should feel free to take it home, show some family members, friends or colleagues whose opinion they trust. Because the more people looking at a plan. the more people will be able to find if there are any shortcomings with the plan or mistakes.
In fact, people should look at it with the idea of poking holes in the plan. To see if it holds up. Because it is a much better thing to find out if there are any shortcomings with the plan before it’s put into action. Then afterward.
Once a business owner has a plan. They need to ensure that they do not sit back, and not use it. The most effective business plan is one that the entrepreneur uses on a regular basis to ensure all of their objectives are being achieved.