The advantages of a great business plan are not easy to perceive at first glance. In our previous blog, we introduced our new business plan template. And this template is free to our webpage visitors and blog readers. We sent you three reasons to utilize it. Likewise, we promised you at least three more details about how you could profit from using the insanely free Gavrilov & Co Accounting and Tax Services Business Plan. Thus, we proceed from our previous blog, with Reason Number 4 for filling out your business plan template, which provides remarkable selling advantages for your company
Reason Number 4: Your Business Plan As a Marketing Advantage.
Grow your customer base by having a plan ready to gain your audience. It’s like a roadmap, compass, and guide to get you to a destination of profit. When you understand your marketing budget and your value propositions, you can zone in on demographic data. Then you can find your customers, your audience.
Your Business Plan includes:
- Your Competition and Market Analysis
- Targeting Data to Find the Right Customers
- Your Value Propositions
And all of these points coincidentally add up to your core pitch. Therefore, your business plan “helps you market your business by deepening your understanding of your entire marketing situation.” These are not the kind of details you can simply keep on a loose leash running around in your mind. This information should be organized, leaving you free to run your business day-to-day.
Additional help can be found when you visit your accountant. Then you can involve him or her in tax-planning and business building advice. Our executive accountants can make this entire process of building your business plan go more smoothly. Plus, we can connect you to cloud-based business software solutions that support your business plan. In short, as you work with us on business and tax planning, we can help you do more. In fact, we can probably help you do more with less–than you ever imagined.
Reason Number 5: Teaching Your Team the Advantages of Setting Objectives and Goals
Our organized business plan will put your team and management in tune with the same company-endorsed goals and objectives. To better understand the advantages of shared goals and objectives, let’s look quickly at the differences between them.
On the one hand, goals establish where you are going as a company and when you plan to arrive there. With goals, your company knows the full purpose behind their activities. For example, do they want to improve customer service? Or are they working to increase your company’s share of the market? Very different goals.
“The more carefully you define your goals, the more likely you are to do the right things and achieve what you wanted to accomplish in the first place.”
On the other hand, Objectives are the specific steps you and your company need to take in order to reach each of your goals. They specify what you must do — and when. We generally advise putting Goals into words. Then, you create objectives often utilizing specific numbers and dates.
Reason 6: The Advantages of the Business Plan as a Communications Tool
One of the most obvious things business planners and advisors love about a solid business plan is that it is a tool for communications. It is not some ivory tower document to make a grade in a business class. It is a thriving, organic, growing map for possible employees and future team members. When you have developed your business plan, you will have a compact document that reveals your brand culture and work ethic to the workforce. It’s a document that can communicate your mission, values, and story in a compact, digestible package.
Reason 7: The Business Plan Can Provide Direction
Let’s go back to basics for a moment. “A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.”
You can house different purposes within your business plan. That is why we provided you with a template to guide you into the specifics of your company. However, you should know that a business plan can serve several different purposes. In our previous blog article, we especially focused on using the Plan to attract investors.
It can also, as you see by the “Reasons,” listed above, it can also serve you well. It can help by enhancing your brand and helping you build a team. Of course, it is good to have this document in place as you begin your business.
But you can also pause to create this platform as you develop a brand, midway through the life of your company. As experts have said repeatedly, “For most entrepreneurs, a business plan is a pivot-point later on in their brand’s development.” This will probably develop “once it’s absolutely necessary to have one.” What if you are a company involved with Gavrilov & Co, for Accounting and Tax Services, and you have no business plan? We believe you will know when the moment is right to build and solidify your plan. We can assist you in discovering the advantages. Then you will also realize we are here to help.
Newsflash: Update from the IRS
Last Friday the IRS revealed proposed new regulations to create new advantages for special tax breaks on capital gains. The rules would provide investors with guidelines for investing in “Opportunity Zone” funds. What is an Opportunity Zone? This term specifies specially designated underdeveloped areas “where the U.S. government is trying to promote investment.” We have about 8,700 opportunity zones. You can find them in the Rust Belt towns. Plus, opportunity zones exist in low-income areas of America’s big cities and in rural areas of the Western United States. You guessed it, there are opportunity zones spread out across the USA from coast to coast.
Treasury Secretary Steven Mnuchin stated that the new IRS proposals could result in a “$100 billion investment opportunity for real estate and businesses in distressed areas.”
Even if you are not declaring much in the way of capital gains, you will be fascinated with the story of this tax break. (And if you have a lot of capital gains to be taxed, you will really be fascinated–since new rules could reduce or eleminate your capital gains taxes. )
Likewise, you’ll be interested in this announcement if you are considering an investment in real estate as a method “to boost returns on low-income housing and commercial real estate projects by investing in riskier neighborhoods.”
However, could there be a darkside to the tax break or investing in opportunity funds ? We will have all the details of this story, the pros and the cons in the next posting of the Gavrilov & Co Accounting and Tax Services Blog. And as always, we sincerely thank you for reading our blog.