Part-time CFO | Spend Four Hours On A Business Plan
It is never too late to have a business plan says part-time CFO. Because no matter when an entrepreneur creates there to plan it is never too late to help them succeed. And while many entrepreneurs think that they need to have a business plan before they even open the doors to their business. There are many merits to creating their business plan after they have been open for a while.
As an entrepreneur works on their business and gains entrepreneurial experience. Part-time CFO says that they learn a lot of information. And a business plan that they create before they even open the doors to their business may not be as effective as a business plan created six months later.
Therefore, no business owner should think that it’s too late for them. Even if they have been operating their business for years. Because it’s going to be able to help them formalize their goals, and come up with a realistic plan on how to get there.
Even though many entrepreneurs are convinced that A business plan is what they need. They may still not to take the time to create one. This is often because they assumed creating a great business plan is going to take them far more time than they have.
This is especially because many entrepreneurs tend to work 12-hour days, six days a week. And I think that A business plan is going to take 10, 20 30 or even 40 hours to create. Luckily, this is not the case. And in fact, a business plan that an entrepreneur has spent 40 hours on. Can have diminishing returns on that kind of Time.
Therefore, part-time CFO says entrepreneurs can end up with an extremely effective business plan and just four hours of work. That’s trying to spend 10 times as much effort, is not going to allow them to end up with a business plan that is 10 times better.
They should contact their accountant and see if they have a business plan template. And then set up a series of meetings that can help them formalize their plan.
One of the most important things that they need to ensure their accountant helps them with. Is the cash flow projections. Even the most seasoned accountants struggle with creating a realistic and accurate cash flow projection.
So in order to end up with a business plan that is realistic. An entrepreneur needs to start with an effective and realistic cash flow projection. By using an accountant’s business plan template, and their cash flow projections. Can help an entrepreneur end up with a great business plan.
The sooner and entrepreneur can create their business plan after opening their business. The sooner they are going to know what their goals are, and know what they have to do every single day in their business to achieve the success that is the reason why they started their business in the first place.
Helping You Make The Choice Needed!
it is extremely important for an entrepreneur not only to understand how important the business plan says part-time CFO. but also, that they understand that they don’t need to work endlessly on a business plan to end up with one that is going to help them.
In fact, in 4 hours with the right business plan templates. Can ensure an entrepreneur ends up with a plan that is realistic and includes objectives that are going to help an entrepreneur succeed.
The first thing they should do, contacts their part-time CFO or their accountant, and ask if they have a business plan template. If they do, in a series of four meetings plus 4 hours. An entrepreneur can have a great business plan.
The first meeting is where the accountant is going to understand the entrepreneurs personal circumstances. Do they have a spouse that is earning income that can support the family, or does the entrepreneur themselves have another job. Or is the entrepreneur going to need to draw an income from their business right away? Because they need to pay for things like their mortgage and car payments for example.
The second meeting will be the entrepreneur reviewing the financial and tax plan that the accountant has come up with. After learning about their personal circumstances. In the second meeting, the accountant or part-time CFO will show the entrepreneur the business plan template. And allow them to put their own vision of the business into the template.
After that meeting, and Entrepreneurship spent approximately 4 hours filling in the vision and mission of their business. So that it can accurately reflect all aspects of their business.
Meeting 3 is going to be where the accountant or part-time CFO reviews the entrepreneur’s vision. And ensure that they understand it. So that they can help make recommendations, and help set goals that are going to be realistic. And will help them accomplish their Vision.
Meeting for is showing the final plan to the business owner. To ensure that it is realistic, that it accurately reflects their vision. And that a business owner feels good about executing it.
This is how in just four meetings and 4 hours. A business owner can end up with an extremely effective business plan. One of the benefits of using an accountant or part-time CFO. Is that the financial and tax plans will be very good. As will the cash flow projections. This is why it is extremely important to hire the right professionals to help.
It is never too late for an entrepreneur to create a business plan. And even if they have been in operation for years. They’re going to be able to benefit from this exercise.
The most important thing to keep in mind however. Is that a business owner is going to need to review the plan on a regular basis. As well as updated regularly. To ensure the business plan reflects the current circumstances of the business. So that can be even more likely to help an entrepreneur succeed.