Some entrepreneurs are hesitant to create a business plan simply because of the time and energy it requires. Standard business plans include the following sections:
- Executive Summary
- Company Description
- Descriptions of Products and/or Services
- Market Analysis
- Marketing Plan
- Operating Plan
- Management Summary
- A 3 to 5-year Financial Plan
- An Exit Strategy
- Appendices and Exhibits
Reading through the list alone may be enough to cause a panic attack. However, there are countless reasons to draft a plan for your business, and this week, Entrepreneur.com shares three:
1. It helps you determine how much money you’ll need. With all that analysis of products, services, operational strategies and financial and marketing plans, you’ll have a good idea of how much money your business will require. And if it’s an accounting practice you want to launch, studies show that financial industries require minimal startup costs.
2. It keeps the mission in focus. Often business owners become disenchanted with self-employment after losing sight of their vision. A business plan revolves around your mission and allows you to ensure that the mission is always central to the operation and management of your practice.
3. It helps business owners size up the competition. Performing a market analysis is crucial to your business’s success. This portion of the plan requires you to meet your target market and see what they need and how much they’re willing to pay for it. You’ll also discover the services your competitors are offering, how much they’re charging for them and the ways in which they’re marketing those services. In this case, information is definitely power.
A business plan helps you articulate all the necessary details of your business, planning for its success. You’ve heard the old maxim, “if you fail to plan, you plan to fail.” Perhaps you’ve spent hours dreaming about your business, imagining your achievements, and talking with friends and family about your goals, but without a business plan you haven’t given yourself the opportunity to truly plan all the necessary details and build a foundation for your success. So invest the time in creating a solid business plan! Learn more in parts one and two of Universal’s series on Writing a Successful Business Plan.
The Universal Practice Builder (UPB) Program
If you feel uncomfortable composing the marketing portion of your business plan, allow Universal to help. The Universal Practice Builder Program is designed to train you how to promote your practice in order to experience significant growth and profitability. Imagine all that you could learn from our experience training thousands of individuals like you!
This program offers the following:
- $30,000 in new annualized billings in only 12 months
- Tactical goal planning and setting
- The generation of 15 to 25 qualified leads per month
- Phone marketing instruction and training
- Training in the benefits of newsletters and websites
- 12 proven marketing strategies
- Financing options
Acquire marketing knowhow that will enhance your profitability—two birds, one stone. The Universal Practice Builder Program will teach you not only how to understand your clients’ unique needs, but how to satisfy them. Call 1-877-833-7909 to become the premier contract accountant in your area!
DeBaise, Colleen. “3 Reasons Why You Need a Business Plan.” 28 May 2013 Entrpreneur.com