What Should Be in a Business Plan | Part-time CFO
Many entrepreneurs struggle with writing their own business plans as part-time CFO. Which is why so many entrepreneurs simply don’t have one in their business. In fact, the only reason why many entrepreneurs completed the task. Was it was necessary in order for them to get the funding they needed to open their business.
51% of all business owners require outside funding. Which is why they complete a business plan. But these plans are often geared towards to financial institution’s needs. And don’t significantly help an entrepreneur succeed in their business.
Therefore, if an entrepreneur is going to take the effort to create a business plan. They should know what information to put in the business plan. That’s going to help them succeed.
And knowing that, should help all of the other business owners who don’t have a business plan. Create one. So that they can be more likely to succeed in business.
In fact, the failure rate for entrepreneurs and Canada is extremely high at 50%. So any business owners who want to avoid that fate. Should take the time to create a business plan that is effective.
By contacting their part-time CFO or accountant. Business owners can end up with a great business plan. That does not take 40 hours to produce. In fact, after a certain point. It is no longer beneficial for an entrepreneur to spend time on their business plan. Because if they can create a great one and five hours, working 20 hours does not make it five times better.
An entrepreneur is better off at that point working on their business. Been continually trying to refine a business plan. in fact, it is far better for an entrepreneur to spend it for hours every year on their business plan. Then 40 hours just a single time.
The reason why a business owner should work on their business plan each year. Is because not only are they reaching their goals, and new goals need to be made. But the entrepreneur’s circumstances in life are likely to change. The Financial circumstances of the business are likely to change. As well as the economy.
Which is why it’s extremely important for an entrepreneur to work on their business plan every year. But also, not put that business plan on a shelf and forget about it. But use it and refer to it regularly. So that’s the business owner can ensure that they are following the guidelines within the business plan that are going to help them succeed.
They should contact their part-time CFO or accountants. In order to help starts the process. Simply because an accountant is a great place to start because they know how to do a cash flow projection accurately. An accurate cash flow projection is going to be needed for the business plan. Because so much of the other information depends on the accuracy of that’s cash flow projection.
By starting with their accountants. Can help ensure that the business owner is accomplishing what they need first and their business plan. To create an effective one.
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One of the reasons why business owners don’t run out and create a business plan says part-time CFO. Even when they are convinced it’s going to help them succeed. Is because they don’t know what information should go in a business plan.
There are many different templates online. But none of them have all the information that can help an entrepreneur succeed. And in fact his part-time CFO. Many of those plans are specific only to financial institutions. When they are making a decision on whether to give money to a business or not based on their finances.
Not only is it not knowing exactly what should go into a business plan hold entrepreneurs back. But also, because they don’t know how much time it will take. And they are very short on time.
However, part-time CFO says using an accountant business plan template. Can help ensure that an entrepreneur can end up with an extremely well-thought-out business plan. With many different facets to it.
And that this business plan template will only take them a few hours of their time. As long as they can block for hours in their schedule. Business owners can very easily end up with an extremely effective business plan and helping them Succeed in Business.
The first thing that entrepreneurs will notice when they start this business plan template. Is that the first meeting with their accountant is going to be all about them. The accountant is going to want to know every bit of their personal circumstances.
Such as how much money they need to pull out of their business and when they need to start pulling that money out. Perhaps they have another part-time or full-time job. Or, they have a spouse who is bringing in enough money for the family to live off of.
They’re going to find out what their debt servicing is, and their ideas about taking time off, when it might be time to sell the business. Or even have to have plans to buy another business.
The second meeting will be the entrepreneur reviewing the financial and tax planning that’s the accountant came up with. As well as it showing the entrepreneur the business plan template. For them to put their own Vision into the business plan.
Only the entrepreneur knows what goals they have, how big they want to grow their business, or what success looks like to them. But putting all of this into the business plan. The accountant can ensure that all of the recommendations they make will be to keep this goal in mind.
The third meeting is going to be seeing what recommendations the accountant has for the business owner. Such as schedule, a marketing plan, and what strategic priorities and entrepreneur needs to do each day. To bring them closer to achieving the goal that they made.
The fourth meeting is the final meeting, we’re both the entrepreneur and the accountant reviews the entire plan. To ensure that it actually reflects the entrepreneurs’ personal circumstances, mission and vision. And is actually something that the entrepreneur is going to be willing to do on a regular basis. In order to succeed.