Take control of your future, partner with Mississauga ON CPA firm on business planning services
CIBC World Markets reports that close to 60% of Canadian business owners aged 55 to 64 haven’t begun to discuss succession or exit plans with their family members or their business partners. It is much the same story for our neighbors to the south; the Business Enterprise Institute reports that only 20% of business owners have a written plan in place. So, it seems that planning is not one of our naturally strong suits as a species. But plans should be front and center, not backburner. Our business planning services in Mississauga, ON at the Miranda Professional Corporation account for a couple of key factors that play into the dire statistics:
- We appreciate that most owners are extremely busy, focusing on the day-to-day tasks and fires that need to be put out. Often, those functions that are so critical to the long-term health of the business are “left to another day.” What often happens is an owner’s hand is forced during a moment of desperation; for instance, the owner has a stroke or another medical condition. Without proper planning in place, this medical emergency can have catastrophic effects not only on the owner’s family but also on the employees (and their families) that depend on the business for their livelihoods.
- Owners often speak about their businesses as if they were their children, and in many ways, these ventures are akin to their progeny. After all, they have invested so much – not just monetary-wise – but in terms of late nights and sweat equity, into the establishment and sustainability of their business. It can be difficult for an owner to separate emotion from practical matters and what needs to be done to assure the business is in good hands, long after the owner may be gone. The emotions that are often tied up in the business get in the way of proper planning, making it way too easy to leave the first step in this process to “tomorrow.”
MPC’s Chartered Professional Accountants take on the time-consuming tasks associated with business planning. So, you can continue to focus on the day-by-day operations of your business. Additionally, we provide an objective resource and an outsider’s perspective, which helps to take the emotional aspects that often cripple business planning out of the equation. You also benefit from MPC’s sophisticated interactive business models, which clearly (textually and graphically) illustrate where you are “at” as an organization right now, and where you are headed. Along the way, we identify opportunities to maximise organisation’s strengths and address organisational weaknesses.
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