How to write a business plan for your bookkeeping business

How To Write a Business Plan for Bookkeeping Business

Whether you want to start a small bookkeeping business or a compete with the large international firms, the first place to start is with a business plan for your bookkeeping business. Why is a business plan for a bookkeeping business the most important first step to start? There are multiple reasons:

First, having a bookkeeping business plan will help you do just that, develop a plan for your future business that will act as a roadmap and keep you on target with your goals. This will convey to potential bank lenders, business investors, family and friends, or partners what your vision is for the company and how you intend to operate against the competition. In addition, it will help you design how your company will grow, why it will grow, and indicate how successful it may become when operating.

However, the business plan can be just as important after your bookkeeping business is in operation. By developing a business plan, you can gauge your success over the term of the plan, which is typically 5 years. An example of a milestone in the plan would be if you expect that your company will earn $1 million by the end of year 4 of operations, but if total revenues are below that mark, you have a starting point to find out why you missed your projections. The flip side it true as well. If you beat your expectations, you can investigate why your expectations were low and then optimize the reasons the bookkeeping business is beating the business plan’s expectations.

A business plan must include a few of following sections:

• Executive Summary

  • A front loaded summary of the entire document

• Problem

  • Talk about the pain in your industry

• Solution and Vision

  • How does your serivce/product save people from this pain?

• Total Addressable Market

  • What is the market outlook for your industry?

• Target Market

  • Who will you be targeting?

• Marketing Plan

  • How will you comprehensively get the word out?

• Sales Plan

  • Will you have paid media? Sales reps?

• Company Overview

  • What experience do you provide? What structure did you form your business as?

• Hiring Plan

  • Who will you hire? When? Why?

• Traction

  • If you have any progress, talk about the good stuff here!

• SWOT Analysis

  • List your strengths, weaknesses, opportunities, and threats.

• Current Alternatives

  • Everyone has competition, talk about it here and follow it with how you’re unique

• Asking Amount

At Powell Finance Group, we help businesses like yours by writing and forecasting a holistic plan with 5-year forecasts, and the process is very simple.

First, we will start with you defining your vision of the bookkeeping business. We do this through answering questions like: What goals do you want to achieve with your bookkeeping business? What market will you serve? What services are being sought in that market and who is your ideal client? These questions and others can help in defining your bookkeeping business plan as well as your company vision.

Then, once the vision and business strategy is developed, we can help you build items such as marketing strategies, such as how you can get the most marketing for your services in the most cost-effective manner.

Finally, we help you develop financial projections for your bookkeeping business. Including Profit and Loss, Cash Flow, and Balance Sheet Forecasts. These financial projections will be realistic goals of what the bookkeeping business can do over the course of the business plan within realistic researched data.

Developing a business plan for your bookkeeping business can be overwhelming, that’s why our team’s resources and experience can help you simplify and speed up the process. Don’t hesitate to contact us today for help.