Part-time Cfo | Writing A Business Plan In Four Hours
Having a business plan is so important to business says part-time CFO. That many entrepreneurs who are without one may not be as successful as they could. In fact, the software manufacturing company called Palo Alto did a survey in order to find out how true this was.
At the end of their survey, the company found that entrepreneurs that had a business plan in their business. We’re 50% more likely to grow the revenue of their business and succeed. Over and above entrepreneurs that did not have a plan at all.
What was interesting about this survey, is that it didn’t take into consideration the kind of business plan they had. Or how well-written that’s business plan was. But simply by creating one, manage that business owners were more likely to see success.
And although many entrepreneurs understand that a business plan can significantly help them succeed. Many business owners still do not have one in their business.
Part-time CFO says the reason why they don’t have one is very simple. Business owners think that they simply don’t have the time to a great one. Whether this is because they think it’s going to take them 40 or more hours to write a good plan. Or, if they simply think that there are not enough hours in their day. This can be a hurdle to get over.
In fact, many entrepreneurs are working 12-hour days, six days a week. Which is how many hours a business owner should be working. But the fact of the matter is, it doesn’t need to take a lot of time or energy to create an effective business plan that’s going to help entrepreneurs succeed.
In fact, if business owners were told that 4 hours was all that was needed in order to create one of the most effective plans they could have. More business owners would probably find those four hours in their day just so that they could increase their chances of success.
The first key to this is finding a part-time CFO or an accountant that has a business plan template. The reason why they’re going to want to find an accountant or a part-time CFO. Is because they will allow an entrepreneur to receive an accurate cash flow projection.
In fact, if an entrepreneur gets nothing else from their accountant except for a cash flow projection. Their business plan will be much more likely to be realistic. And therefore achievable.
Creating an accurate cash flow projection is difficult even for an experienced chartered professional accountant. Therefore, if the entrepreneur is not an experienced accountant. Chances are very low that they’re going to end up with an accurate cash flow projection. Which will make the rest of their business plan less effective.
By finding an accountant with a business plan templates. Can ensure that the 4 hours and entrepreneur puts into their business planning session. What end up being time well spent. And they will have a business plan that they can use for the next year to help them accomplish their goals.
Where Can We Help You With The Part-time CFO?
One of the reasons why entrepreneurs don’t have a business plan says part-time CFO. Is because often, it is seen as a tool that is only necessary to help an entrepreneur obtain financing.
But the reason it’s necessary to obtain financing. Is because Banks know that having a plan is going to be instrumental in helping an entrepreneur succeed. And if they are going to loan a business any money. They are going to want that business to be more likely to succeed.
In fact, the reason why business plans are so effective. Is not just because they give an entrepreneur a tax plan, a financial plan, marketing plan, and a schedule. But it also is an opportunity for the business owner to Define and formalize all of their goals and the vision they have for their business.
If entrepreneurs don’t take the time to think about what they want their business to look like. It’s going to be hard to find success. Because they will not have already to find what success looks like to them.
For some entrepreneurs, success is a straight Revenue goal. For others, it’s having multiple locations. Or a certain number of employees. Or even a certain amount of customers served per year. It doesn’t really matter what success is to each individual business owner. But being able to Define that is the key to an entrepreneur unlocking the steps for how to achieve those goals.
Therefore, finding a part-time CFO to work with to create a business plan is extremely important. If they have a business plan template. It can be quite easy for an entrepreneur to get an extremely well-functioning business plan in 4 hours and for meetings.
The first meeting will be an aunt telling the accountants their personal circumstances so that they can write a text plan and a financial plan for the business. Based on how much money the entrepreneur needs to take her to the business or not each month.
The second meeting will be reviewing the financial plan, and the business owner putting their own Vision into the plan. Part-time CFO says meeting 3 will be putting recommendations and goals towards those visions and their businesses Mission. So that an entrepreneur can achieve the goals.
And finally, meeting for is when the business owner is going to see the entire plan for the first time. To look it over for mistakes. And to verify that the plan upholds their vision, and is something that they are going to be ready willing and able to do in order to find success in their business.
The business plan needs to be realistic and reflect an entrepreneur who has real-life situations. As well as it needs to be something that an entrepreneur is going to be willing to do. And that it will actually help an entrepreneur reach their goals.