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E-Myth – “Why most small businesses don’t work & what to do about it”

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Virtual CFO | Including Your Target Market in the Business Plan


It’s extremely important for business owners to have business plans so that they know how they’re going to grow their business as virtual CFO. Palo Alto, CA software company sounds with their survey, that’s when business owners have business plans, they are 50% more likely to grow the business and increase their revenue then entrepreneurs who did not have a business plan at all. Therefore, this is proving the quotes from Benjamin Franklin, who is the Founding Father of the United States of America, if you fail to plan, you are planning to fail. Therefore, not only do business owners need to have a business plan to increase their chances of success. They also need to include their target market in this business plan, because it affects so many things including their marketing plan, their pricing, and even their projections.

When business owners have a business plan, the executive summary will be the beginning section of their plan, which includes a brief synopsis of the entire planet self. Virtual CFO says business owners needs to ensure that their executive summary is while brief, is as detailed as possible. The reason why, is because this is often the only part of a business plan that Bankers, financing companies, and high-level investors look at before they decide if a business owner I can get a loan, get financing, or if they will invest in their company. Therefore, better and more information is included in this executive summary, the better.

When business owners are thinking about their target market, they often make the mistake, of thinking far too large. They often think that they need to go after a target market with as many people as possible in order to be successful. And while this often makes sense in their heads, virtual CFO says it’s not true. In fact, business owners will have a much better response to their marketing if they Market to a smaller area more often. Therefore, instead of trying to Target their entire city. Business owners should focus on one geographical location of that City, and ideally, the geographical location in which their business is. The reason why is because it is going to be a lot easier to get their marketing in front of those people more often then a larger audience.

The reason why it’s important to get their advertising and front of people repeatedly is that all customers, even when they are ready to make a purchasing decision their business will need to see an advertisement from a business or be reached out in any way by the business an average of 4.3 times before they will take action on it. The good news is, no matter how entrepreneur advertisers, this average is true. Therefore, if a business owner sends out flyers, but also has Google AdWords, in addition to their ad retargeting software, and they have gone door-knocking door-to-door. Virtual CFO says all of those counts towards the four point three times and can help an entrepreneur gain their business.

Virtual CFO | Including Your Target Market in the Business Plan

It’s extremely important for business owners to not only understand who their target market is says virtual CFO, but include those Target markets in their business plan. The reason why is because who the target market of the business is Will influence many aspects of the business plan, including the marketing plan, the pricing, and even the projections of the business will be influenced by who the target market of the business is. Not only do business owners need to understand who their ideal unlikely customers are so that they can more effectively market to them. But they also need to choose an area and the size of the Market that they are going to be able to advertise too easily.

One of those snakes that business owners typically make, is that they choose a target market that is very large. They think by advertising to as many people as they possibly can at the same time, that they’re going to be able to increase their revenue exponentially. And while this sounds good in theory says virtual CFO it doesn’t actually work. The reason why is because business owners need to understand how customers think. In fact, customers need to see or hear from an entrepreneur or their business an average of 4.3 times before they take action on it. Luckily, this can include any of the ways that an entrepreneur is marketing. So if they see an online ad, get retargeted by another ad, see a flyer that an entrepreneur sends out, as well as get a personal phone call from the business owner, these all count towards the 4.3 times they need to hear from a business.

Therefore, a business owner will have a better opportunity to generate revenue for their business if they Marcus to a smaller area more times, then if they were marketing to a large area once. They will be able to generate even more results with a smaller area, which can help them grow their revenue to gradually increase the size of their area says virtual CFO. When business owners understand this, they can create a marketing plan that is more likely to actually work, and help them grow their business.

The sooner a business owner is able to do this, the sooner they’re going to be able to grow their revenue, and just like Peter Drucker, the author of 39 different business books has said, nothing happens in business until somebody sells something. By increasing the chances of selling something sooner, business owners can not only grow their revenue but overcome the single most significant obstacle that entrepreneurs in Canada face, not being able to find customers to buy their products or services. In fact, industry Canada says that out of the 50% of entrepreneurs that sell, 42% of them say that not being able to find customers for their business is the reason why they fail. Therefore, if business owners are serious about staying in business and succeeding says virtual CFO, they need to come up with a great marketing plan that includes their target market.