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Not only are business plans extremely helpful at helping entrepreneurs know what they need to do to succeed in business. But they can also help entrepreneurs know what they need to do to avoid common pitfalls and failures.
Despite the fact that most entrepreneurs understand that business plans will help them succeed. Many business owners still do not have this important document in their business says part-time CFO.
There could be several reasons behind this. From not knowing what information should go in a business plan. To think they simply do not have enough time in their business to devote to creating one.
And even entrepreneurs that are working in their business twelve hours a day, six days a week or more. Can find the time to write an effective business plan. That will help them succeed.
How this is done says part-time CFO. Is through the use of the business plan template that their accountant has. Because using that, and having for meetings with their accountant. As well as approximately four hours of homework time. Can help an entrepreneur get that business plan to help them succeed.
By understanding, they do not have to spend forty hours on this document kicked. Will make entrepreneurs more likely to set aside the time in order to do this.
However, business owners who are utilizing this for our business plan method. should also devote this time every single year to updating their business plan.
This way, business owners can continue to improve their business plan year-over-year. Updating goals but they reach them and allowing the business plan to reflect the economic circumstances, financial reality of the business. And no goals that the entrepreneur would like to set.
In fact, by spending four hours every year is much better than a business owner spending forty hours on their plan once. The reason why is because the entrepreneur will gain so much knowledge from their experience.
That they will get from running their business. That the future years that they work on their plan. Will be so much better than the hours they spend in their business plan in year one. Especially since many entrepreneurs overestimate what they are going to be able to accomplish in the first year.
Also, by letting their accountant help them. Will ensure that they can end up with accurate cash flow projections, tax, and financial plans. That will ensure that the plan is achievable and realistic.
By understanding that they do not have to spend an extremely long time making a business plan. Will inspire far more business owners to take the time to create one. So that not only will they be more likely to overcome common obstacles. But that they will also be more likely to succeed as well.
Business plans an important tool that every entrepreneur should have according to part-time CFO. They are extremely successful in helping entrepreneurs grow their business. As well as overcome common problems that entrepreneurs face.
In fact, industry Canada did a survey to find out why half of all Canadian entrepreneurs fail. And they found three common reasons why business owners were not succeeding.
23% of all entrepreneurs said that they failed because they could not find or keep staff in their business. 29% of all entrepreneurs said they failed because they ran out of money. And 42% of all entrepreneurs and said they could not sell enough products or services to be viable in business. And that is the reason why they were not successful.
Therefore, part-time CFO says that if entrepreneurs realize that all of these reasons could have been avoided with the creation of a business plan. Should inspire more business owners to set aside the time needed to ensure that they have a business plan made.
Many entrepreneurs make the assumption that if they do not have a business plan before they open the doors to their business. That it is too late for them. In this simply is not true.
No matter when an entrepreneur has opened their business. Whether it is a few months ago, a year ago or several years. Part-time CFO says all entrepreneurs can benefit from creating a business plan.
By using a business plan and the expertise from their accountant. An entrepreneur can complete a great business plan in for meetings, and four hours.
The first meeting will be devoted to the accountant understanding the business owners’ personal circumstances. Such as but bills they have such as a mortgage, car payments and other debt levels. As well as that they have income from other sources.
So that the accountant can figure out how much money the entrepreneur needs to take out of the business. And how soon they need to start drawing that salary. This will allow the accountant to create a tax and financial plan that is realistic. And based on the needs of the entrepreneur.
The second meeting will be devoted to the business owner reviewing those tax and financial plans to ensure they are realistic. And so that they can put their own vision into the template.
Nobody will be able to put in the vision and goals of the business that the entrepreneur has. So by spending about four hours in between meetings on this. Can help ensure that the business owner is putting everything that they want for their business into the template.
The third meeting is going to be reviewing all of the strategic priorities and tasks that the accountant has put into the business plan. Based on the entrepreneur’s goals and vision. To ensure that the business owner is willing to do all of those tasks. In order to help their business succeed.
And finally, the last meeting will be reviewing the entire thing together. To ensure there is no mistakes and nothing overlooked.
This is how easy it is for entrepreneurs to end up with a great business plan. That is going to be significant in helping them not only overcome problems. But succeed in accomplishing all of the goals that they have outlined.
