Part-Time CFO | How Long Should a Great Business Plan Take
Extremely important for entrepreneurs to have a business plan says part-time CFO. Because that’s what’s going to help them know what to do in their business each day. In order to achieve success. In fact, a survey was done by the software company Palo Alto in order to demonstrate how effective business plans were.
At the end of Palo Alto’s study, but the software Manufacturing Company discovered. Was that business owners who actually had a business plan were 50% more likely to grow their business. As well as increase their revenue. Then entrepreneurs who had no plan at all.
And even though many business owners might be sold on the fact that they need a business plan. They may still be hesitant on actually creating one.
One of the reasons why business owners hesitate to create a business plan. Even if they know how helpful they are. Is because they are under a misconception of how much time they should spend creating one.
Many business owners think it’s going to take 20, 30, or 40 hours of their time. And after they work a 12-hour day, six days a week. They don’t want to spend endless evenings and weekends creating a business plan.
However, part-time CFO says that many business owners don’t need to spend that kind of time in order to have an effective plan. And in fact, they really only need to spend four hours creating a business plan. Perhaps more entrepreneurs would put in the necessary work to create one.
If they go to their part-time CFO and use the business plan template that they have. It will take for meetings, plus 4 hours of homework. In order to create an effective business plan for themselves.
In fact, even if an entrepreneur has been running their business for a year, or even several years. And they don’t have a business plan yet. They need to understand that it is literally never too late to create a business plan. And that any business plan is going to help any business succeed.
And in fact, the most successful business plans are going to B updated and revised every single year. To ensure that entrepreneurs have new goals and new financial information in the business plan. So that it’s going to help them succeed every single year.
However, one of the most important things that business owners need to keep in mind. Is no matter how much time they put into creating their plan. Or when they created their plan. They must not put it on a shelf and forget it exists. They need to look at it on a regular basis. So that they know if they are staying on course. And doing what they need to do to ensure that they are going to be successful.
If they’re going to be dedicated to updating and reviewing their business plan. Then they should contact their part-time CFO immediately. To create there for our business plan so that they can succeed.
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Just like Benjamin Franklin said says part-time CFO. If you fail to plan, you are planning to fail. This isn’t just for founding fathers of the United States of America. Business owners should take this advice to heart as well.
If an entrepreneur is trying to run their business. But they don’t have a business plan to follow. They may knot know what they need to do in their business in order to succeed. In fact, they may not even have a formalized idea of what that business success looks like. Because they have not taken the time to write out what that means.
They might have a vague idea that it means a certain amount of revenue being generated in a year. But they don’t know exactly what that number is, or what they need to do in their business to create it.
This is why A business plan is so effective. Because business owners can Define what their goals are, and know what tasks they need to do each day. In order to accomplish those goals.
By contacting their part-time CFO and using their templates. Business owners can end up with an effective business plan in for meetings, and four hours of their time.
The first meeting is going to have the entrepreneur sharing their personal circumstances with their accountant. For example what debts they have such as mortgage, car payments To name a few. And if they have other jobs, family members or spouses that are going to be supporting them. and if they need to take money out of the business right away or not.
By the second meeting, their accountant will have put the financial and tax plan together so that they can show the entrepreneur their business plan templates. For the entrepreneur to put their own Vision into. After the second meeting, the entrepreneur will need to spend about four hours. Entering what’s their idea of success looks like, and what their vision and goals for the business will be.
On the third meeting, the accountant will review the entrepreneur’s vision and goals. To ensure that they understand what the business owner wants to accomplish. So that by meeting for, the accountant will be able to put all of their recommendations on what the entrepreneur needs to do in order to achieve their Vision.
4th meeting will be showing the final plan to the entrepreneur. And ensuring that the entire thing makes sense, is achievable, and truly reflects the entrepreneur’s vision.
This is how for meetings and 4 hours can help entrepreneurs have a great business plan. That is going to help them succeed.
In fact, an entrepreneur who thinks that it’s going to be better for them to be working alone on a business plan for 40 hours is going to end up with a better plan. I May not realize how important it is to spend their time working as effectively as possible. And that there are actually diminishing returns on a 40-hour business plan. That could be spent on helping them increase their business.