Part-time CFO | Writing A Business Plan For Success
Despite the fact that many business owners understand that a business plan will help them succeed according to part-time CFO. Many business owners still do not take the initiative to write a plan. According to Palo Alto, the software manufacturing company. Business owners that have a plan are 50% more likely to grow their business. Over and above business owners who have no plan at all.
The reason why business owners do not write a business plan. Even though they know it is going to help them succeed. Is because the do not know where to start. Or think that a business plan is going to take them forty-eight hours of time to create.
Since many business owners are working twelve-hour days, six days a week. They may not feel they have the time in their already busy schedule. But the time towards a business plan.
However, an effective business plan does not need to take more than four hours of time. A great business plan templates from their part-time CFO can help them get the best business plan. In just a few hours of time.
They will meet with their accountant where they will discuss the business owners’ personal circumstances. They want to know things like what their debt servicing is if they have any other income. Or if they have any family members who help pay the bills.
The reason they want to find this information out. If so that they know if the business owner needs to take a salary out of their business. And how soon they need to take that money. Understanding these personal circumstances. Can help ensure that tax planning and financial planning is accurate and achievable.
The second meeting will be the entrepreneur reviewing those tax and financial plans. And then looking at the business plan template. In order to put their own vision of their business into the template.
Business owners are the only ones we’re going to be able to fill this part out. Because they are the only ones that know what they want their business to look like. And what goals they have for their business. This is where they should take four hours of their time. And spend writing their vision out completely.
The third meeting with part-time CFO will be reviewing what they put into the business plan to help them achieve their vision. The business owner should take a look to ensure that what the accountant has written in the plan reflects their vision.
And finally, the fourth meeting will be the accountant and the business owner. Looking over the plan completely. In order to ensure that there is no errors. And that not only is the plan realistic and achievable. It will help the entrepreneur accomplish their vision.
This is so important to the success of the business. That if they have four hours of time. They can end up with an effective business plan. That is going to help them succeed. Especially more than if they have absently no plan at all.
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It is very important that business owners have a business plan according to part-time CFO. The reason why is because of the three most common reasons why Canadian entrepreneurs fail. Our all completely avoidable with a business plan in place.
Industry Canada reports that 50% of all Canadian small business owners fail. And the top three reasons why are because they cannot find the staff to work in their business. They ran out of money, or business owners cannot find the right clients or enough clients in their business.
Since all of these problems can be avoided with the business plan. As well as business plans will make entrepreneurs 50% more likely to succeed. There is no reason why business owners should not take the time to create one.
However, many business owners do not spend time creating a business plan. Is because they do not know where to start. Or what information they should put in a business plan.
They should contact their part-time CFO, in order to see if they have a template that can help them. If the work with their accountant this way. Though being able to create an effective business plan. In just a short amount of time.
Ideally, there will be for meetings spaced one month apart. So through four meetings and four hours on their own. Can help ensure that business owners have a great document that will help them know what they need to do in their business to succeed.
Often, business owners need a business plan in order to secure financing in their business. And they may be waiting on this financing to start their business. Or to buy assets that are going to help them succeed. So often, business owners might be in a rush to get this done.
However, part-time CFO recommends that entrepreneurs keep the meetings spaced out one month for four months. So that the business owner can think about each section of the business plan as it’s completed. To ensure that they are not overlooking something important. Or making mistakes that could cost them.
While the most important thing to remember about this business plan. Is that it does not need to be refined. Many business owners spend a lot of time trying to ensure that it is extremely polished. But they need to ramp are that other than their financial institution. Nobody else is going to read this document.
And in fact, business owners are going to be changing this document every year. To reflect the goals they have achieved, the business’s revenue, and where the business owner wants to take their business next. So it does not need to be extremely polished. It is a working document that will get changed regularly.
By spending the time of four hours each year on the business plan. Can help ensure that entrepreneurs have a great document that not only will help them succeed in business. But can also help them overcome the most common reasons why other businesses fail. So that they can continue to grow their business for many years to come.