If you have a driving passion for making money and have chosen to veer into the accounting business, you have chosen well. Else, you are well advised to take your passion and your business elsewhere, for the accounting business has always been all about money. And why not, as its very purpose is to assist a client to keep his financial books in order even as it helps both the client and the vendor make even more money!
As with all successful business, your intention to set up a new accounting business starts with a good business plan. The business plan works as the holy-grail for a new setup. It is the plan to invest your time and energy on, if you intend to interest firms to invest in your business. It also helps you clarify within yourself what you seek to do with your business, and how you propose to do it (in detail). With a good business plan, the execution that follows is sure to be well-planned, and hence seamless.
If you are a rookie and have never worked on a business plan before, then this article can help you. Here is how you can go about creating a bookkeeping and tax services business plan:
Executive summary: This has to be the most eye-catching segment of your business plan, as this is perhaps all investors will initially glance through, to determine if your business is worth their time and money. In your executive summary, clearly summarize your business intention, and the “lucrative service” you will provide to your clients. Your investor has to be convinced that your business is indeed useful enough to invest in. A good executive summary can do this for you.
Objectives: Here, you outline your future intentions. You may be setting up a new business, or enhancing your existing business with new services. Explain what you intend to do, through well-defined objectives.
Mission: Why are you involved in the business that you presently are in? Why has the business been set up in the first place? Your “mission” will force you to delve into these fundamental questions, so you have a clear insight on your business.
Keys to success: A good bookkeeping and tax services business plan is empowered by a good mission and vision. These are the WHY’s. Your objectives are the WHAT’s. The keys to success are the HOW’s, and help you define measures to gauge your success (in meeting your objectives).
Services: But off course, you cleverly outline your book keeping and tax services in your business plan. Make them unique while capturing your USP so investors understand while potential clients will chose you over other businesses.
Market analysis: This is perhaps the most important part of your bookkeeping and tax services business plan. You may have the most brilliant business idea ever; but if the current market doesn’t support your plan, no investor worth his salt will vouch for your business. Make your business a lucrative proposition for future investors by capturing positive trends and market analysis in your business plan.
These are the initial elements of your bookkeeping and tax services business plan that will define its quality. If you have these ironed out, you will find that following sections like the execution strategy, financial plan and strategy easily follow and are in line with your business intent. Good luck!