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This is often because an entrepreneur does not know how to get a great business plan made. Because they do not know what things need to go in it. And they also do not know who can help them.
Many accountants have great financing plans. And with just a few meetings. And four hours of entrepreneurs time away from those meetings. His enough to help them end up with a great business plan.
The meetings would look approximately like this says part-time CFO. The first meeting will be for the accountant to understand the entrepreneurs’ personal circumstances. Such as how much debt they have including mortgage and car payments.
They also should find out if they have any other income, dependence, or if they have family members who are driven into the household expenses. This will allow the accountant to figure out a great tax and financial plan. That will be based on the business owner’s own requirements.
The next meeting will be an entrepreneur reviewing those tax and financial plans. To ensure they accurately reflect what the entrepreneur needs to take out of their business. In order to meet all of their financial obligations.
And, the entrepreneurial also get a copy of the business plan template. So that they can enter in their own vision and goals of the business. Part-time CFO recommends that entrepreneurs spend about four hours of time on their own thinking about this. And ensuring that they can truly put an accurate reflection of their vision and goals into the business plan.
The accountant uses this information to create a plan around what they need to do their business each day, what tasks and strategic priorities are needed to ensure that those goals can be achieved.
The third meeting before the entrepreneur to review those plans, to ensure that they accurately reflect what the entrepreneur is trying to accomplish. And that they themselves are willing to do those activities as often as the accountant outlines. So that they will do those things. And reach their goals.
Finally, the fourth meeting be looking at the final plan together. To ensure that there is nothing overlooked are missing. And that there are no mistakes. If this is approved by the accountant and the business owner. Then the entrepreneur can start utilizing it in their business. To help start accomplishing their goals.
And this is how the business owner can use the experts they have their disposal. To end up with a great business plan and just for meetings, and four hours. It is important that a business owner recognizes that they must review this plan on a regular basis.
As well as come back in the next year to their accountant again. To do the same exercise, to update their plan. So it can continue to be used as a tool to help an entrepreneur achieve their goals.
Many business owners think that they have to work on their business plan themselves says part-time CFO. But then get overwhelmed at the information that should go into it. Or, they think it will take them more time than they can afford to give. And do not end up creating one.
This can be a huge mistake. Because not only can entrepreneurs use their business plan to help them grow their business. Such as Palo Alto, the software manufacturing company found out.
They did a survey in order to find out how effective business plans were at helping entrepreneurs succeed. I what they found, was that entrepreneurs that had a business plan are 50% more likely to grow their revenue and grow their business. Then entrepreneurs who had no plan at all.
But even more important than that, business plans can help entrepreneurs overcome common challenges that business owners face. That can be avoided if planned for.
For example, the three most common reasons why Canadian entrepreneurs fail is that they cannot find enough staff to work or stay in their business. They went out of money, and they cannot find enough customers to either products or services.
All of these can be overcome very easily if an entrepreneur plan for it. Making it not just a way that business owners can increase their revenue. But business plans can help entrepreneurs avoid aching mistakes that may cause them to fail.
In fact, business owners may find it more beneficial to work for hours on a business plan. But do that every year. Then tried to spend a huge amount of time in the beginning of their business to get a great business plan. But then never look at it again.
A business plan should be considered a living document says part-time CFO. And the more an entrepreneur is able to review and update it. The better that document is going to be. As goals are achieved, as revenue grows. This can all be reflected in the business plan.
And they can also employ the help of their part-time CFO or accountant to help them with certain aspects of the business plan. Such as the cash flow projections. Even experienced chartered professional accountants have a difficult time with cash flow projections. Ensuring that they are both accurate, and realistic.
If a business owner tried to do this themselves, they would most likely end up with a casual projection that was not only wrong. But also very optimistic. And while optimism is a good trait in entrepreneurs. It is not a good trait in a cash flow projection. Because the rest of the business plan will be dependent on this report.
And if it is not realistic, then the goals that will be based on it would also be not really as well. Meaning that an entrepreneur may have a difficult time accomplishing the goals in the business plan.
By employing help with that, business owners can end up with accurate financial information in their business plan. So that it is more likely to help them succeed.
