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According to an industry Canada survey, not only are 50% of all small business owners in Canada failing. But the reasons why they are failing are avoidable with the right business plan.
The single most common reason why Canadian businesses are not succeeding. And is affecting 42% of all failed business owners. Is that they are unable to find the customers that they need to divide their products and services.
This could be because they are not marketing their business at all. Thinking that customers would have an easier time finding them. Or thinking that their product and service is so fantastic it will sell itself.
Or, they have a vague idea of what they want their marketing plan to be. But it is not effective. Or that they are not following through with the plan. Whether they do not think they have the time, they are just not consistent with it.
The second most common reason why small business owners in Canada fail. Affects 29% of all small businesses that fail. Is they simply ran out of money in their business.
It could be because they do not have a budget to follow. Or, they do not know what their revenue goals should be. To cover all of their expenses. But they end up not having enough money, and fail.
And third most common reason why small business owners in Canada fail. Is because 23% of them are unable to find or keep staff that they need to work in their business.
The most interesting thing to note of all of these most common reasons for business failure. Is that they can be avoided with the right business plan says Vancouver accountant.
They can create a sales and marketing plan that can be specific enough for entrepreneurs to follow. So that they can be consistent with their marketing efforts. And ensure that the efforts that they put into it are working.
They also can put a budget into their business plan. So that they understand what the revenue should be, and what their pricing should be at as well. So that they can avoid running out of money in their business.
And they can also put their staff recruiting and retention strategies into a business plan. So that they can be a lot more prepared for what will happen when they need to hire staff. And what to do when they need to replace staff.
A business plan is extremely important. Because it can help a business owner know exactly what they are going to do each day in their business says Vancouver accountant. To help them not only avoid the most common obstacles business owners face.
They will also be able to use the plan to help them increase their revenue, and grow their business. And have more success than they ever thought they could.
It is that business owners can do for themselves says Vancouver accountant is create a business plan. That will help them understand what they need to work on each day in their business. In order to succeed.
And while business owners should create a business plan even before they open the doors to their business. A lot of entrepreneurs have not done this, but they need to know it is not too late for them.
Whether they have been in business for several months, or even several years. It is never too late to create a business plan. To help entrepreneurs overcome obstacles. And what they have to do to grow their revenue.
However, if business owners have been in business for several years. There might be three specific reasons why they might want to consider making a plan. If they have not had a plan in their business yet.
One of the most common reasons would be that they need financing says Vancouver accountant. Because most banks and financial institutions will need to see a business plan. In order to consider loaning money to a business.
Another reason that business owners are finding that they are struggling. Perhaps the economy has taken downturn. Or they are starting to run out of money. Or find that how they were finding customers before is no longer working.
Regardless of the reason why business owners are struggling. Creating a business plan with their Vancouver accountant can help them significantly. They can create plans around the most significant obstacles that business owners face.
So that they can be prepared for what they are going to do in certain circumstances. So that they do not have to struggle. And can be more likely to overcome those issues. And grow their business.
And the third reason why business owners should create a business plan. Even if they have not before. Is that they are planning on making major changes to their business. Perhaps they are purchasing new technology, that is going to make their business more efficient.
And they need to know how they are going to train their staff. Or how they are going to get the word out to their customers. There are several things that they can plan for, to ensure that there new purchase can help them instead of hinder them.
They could be adding a new revenue stream, or planning a business growth. Either in the number of products or services that they can create. Or doubling the size of their business. And regardless of what changes they are making. Want to know how to do it in a way that does not put their business in jeopardy.
These are great reasons why business owners should sit down with their Vancouver accountant and create a business plan. So that they can navigate these changes easily. And without causing the revenue to suffer in their business..
