Paving the road to success with a business plan

Paving the road to success with a business plan

Business planning and consulting can improve the decision-making process for management team and employees, and help grow a company. Recognizing this importance, the team at Miranda Professional Corporation works with organizations to develop plans that can increase their success. Our team has proudly served businesses in Ontario for more than 25 years. Because we are often asked, “Why should I prepare a business plan?” we provide this helpful explanation.

Why prepare a business plan? It is important to go through a process of quantifying the qualitative factors of your business. Writing down assumptions and challenging their relevance to the business, brings clarity and realism to day-to-day operations. Identifying key indices for the business, and recognizing existing weaknesses sets the groundwork for success. The process highlights issues which may have not been considered, providing the opportunity to mitigate them ahead of time. Plans may be prepared for either budgetary or cost control purposes, and/or for financing operations to support business expansion (capital investments and market penetration). This is essential for success at varying stages of the business life cycle, from start-ups to mature companies. Business plans are critical to the survival of any business venture and highly recommended, particularly prior to the commencement of a new business. The benefits of a business plan Among the benefits of a business plan are:

• Creating an environment for communication and development. By performing a SWOT (strengths, weaknesses, opportunities, and threats) analysis, there is an opportunity to avoid and minimize issues.
• Adding foresight to the business by creating an opportunity to “walk through” and visualize operations.
• Enhancing the credibility of business objectives when presenting the business proposition to potential investors. A well-thought out business plan shows initial commitment to the business development process – resources, organization, and readiness, and conveys a message for appreciating other people’s time in the financing process.

Miranda Professional Corporation, practice registered with Chartered Professional Accountants of Ontario, provides a variety of services to help businesses thrive. We have worked with companies ranging from small to mid-size in the Greater Toronto Area. To learn more about our business planning and consulting services, call our team at +1 855-839-4969.