Part-time CFO | is a four hour business plan possible
Just like Benjamin Franklin, one of the founding fathers of the United States of America said if you fail to plan you are planning to fail, and that is especially true when it comes to business owners.
If business owners do not have a business plan. They may not know which tasks they need to work on every day in their business to grow their revenue or increase the number of customers they have.
Business owners may not know what marketing initiatives they should take on in order to grow their business. And they may not even know how to avoid common obstacles. That might contribute to their downfall.
Therefore, it is extremely important that business owners take the time to create a business plan. However, even despite knowing all this. Many business owners still do not set aside the time they need to write a business plan in their business.
Some entrepreneurs think it is too late for them. That you need to have a business plan soon as one opens the doors to their business. And they have already been in operation for several months or even years. And that it is too late.
Part-time CFO says this is absolutely not too late. And in fact, business plans created by entrepreneurs who have had a few months or years of experience. Can end up being better than the business plan made by an entrepreneur with no experience yet.
The experience that a business owner gains from running their business can help ensure that the business plans are more realistic. And that their goals are more achievable. This is because most business owners tend to overestimate what they are going to be able to accomplish in the first year of their business.
Another reason why business owners do not create a business plan. Is because they already work a very busy twelve-hour day. They are often working six days a week. And they do not have time to devote to a business plan.
Part-time CFO says they might assume they need to spend two hours a day for a month. Or that they have to work five hours a week for two months in order to accomplish a great business plan and that is not the case.
In fact, business owners should understand that they can have a great business plan in for meetings with an accountant. And for hours of their own time working outside of those meetings. By doing this, business owners cannot only demystify business plans. Because they will be following the direction from their accountant.
But also, any entrepreneur should be able to time block for meetings and for hours. In order to and up with a tool that not only can help them succeed. But that can help them avoid disaster as well says part time CFO.
By understanding that it is not going to take them a significant amount of time. As well as understanding that they can get the help they need from their accountant. Can inspire business owners to start this important task. So that they can be more likely to succeed.
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There are many reasons why an entrepreneur might not create a business plan says part-time CFO. From not knowing what information should be put into it. To not know if they have enough time to put towards this task.
However, if they contact their accountant. They should be able to end up with a great business plan. By using their business plan template. As well as having the expertise to help them with things like cash flow projections, tax plans, and financial plans.
A business owner should expect for meetings in order to complete their business plan. The first meeting according to part-time CFO will before the entrepreneur to explain their personal circumstances to the accountant. So that they can end up with the financial and tax plan that is realistic and achievable.
They should explain things such as debt servicing, including mortgage and car payments. And if they have income from other sources. Or even if they have family members who contribute to the bills as well.
The second meeting will be for the entrepreneur to review the financial and tax plan the count has come up with. And then to look at the business plan template so that they can start putting their vision and goals into the template. Because only they know what they want their business to look like.
Part-time CFO recommends that an entrepreneur takes about four hours out of their schedule and time block it. In order to accomplish this. It will give them enough time to think critically about all aspects of their business. Without expecting an entrepreneur to put a significant amount of time into it.
Their third meeting will be for the entrepreneur to review the plan. Since the accountant will of put in all of the strategic priorities and tasks. A business owner needs to look at that plan critically. Because in order to reach their goals. But they must be willing to do all of the things that have been planned out for them.
They might need to revise their goals so that their task list might be more achievable. So this meeting will be for ensuring that all of the strategic priorities that are outlined will be ones that business owners are comfortable with.
The last meeting is where the business owner and the accountant will review the plan one last time. In order to fix any mistakes. And ensure that nothing has been overlooked. Once everybody has approved the plan. That is when the business owner can take it back to their business. And start implementing the strategies within.
By spending the time creating this business plan. And then every year after that. Can help an entrepreneur have a great is this plan each year. That will allow them to accomplish their goals, and grow their business.