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Accountants & Bookkeepers in Ottawa, Ontario

BUSINESS PLAN

A business plan is a written description of your business’s future. That is all there is to it–a document that describes what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you have written a plan, or at least the germ of a plan.

Business plan can help perform several tasks for those who write and read them. They are used by investment-seeking entrepreneurs to convey their vision to potential investors or get a line of credit. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better.

So, what is included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you will use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even.

Sound impressive? It can be, if put together properly. A good business plan follows generally accepted guidelines for both form and content. There are three primary parts to a business plan:

  • The first is the business concept, where you discuss the industry, your business structure, your product, or service, and how you plan to make your business a success.
  • The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy and so on. Here, you also describe the competition and how you will position yourself to beat it.
  • Finally, the financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses.

WHO NEEDS A BUSINESS PLAN?

About the only person who does not need a business plan is one who is not going into business. You do not need a plan to start a hobby or to moonlight from your regular job. But anybody beginning or extending a venture that will consume significant resources of money, energy, or time, and that is expected to return a profit, should take the time to draft some kind of plan.

CONSTRUCTION COMPANIES

Look no further for experienced and knowledgeable construction accountants who understand how to enhance the financial stability of your company. We understand that you are operating in a competitive environment. We are in tune with the emerging technologies and trends that may affect your bottom line. We leverage these trends so that they benefit your company’s bottom line, rather than dilute your profitability.

We understand that accounting for the construction industry has its unique set of risks, rewards, and challenges. Your company must attempt to balance competitive job costings with the high cost of materials and staff. You want to build exceptional properties, but you also need to protect your bottom line. These hard-to-balance realities are just some of the many reasons that you need an experienced accounting firm. In addition to education and experience, you need to work with accountant who are accessible and client-focused throughout the entire year.

We don’t just see our construction clients once a year. Instead, we build long-lasting, collaborative relationships with company owners. Our dedication to outstanding client service enables us to develop forward-looking financial strategies. Proactive accounting is the key to the financial flexibility that is demanded by your ever-changing workload. You need an accountant who is committed to consistently monitoring your profits and expenses to protect you from unforeseen issues at year-end. By working with us, rather than just hiring a “tax person”, you are positioning your company to be better able to respond to the ebb and flow of seasonal cycles.

We will review your by project cash flows, P&L and estimations and alert you immediately should any financial issues threaten your potential for prosperity. From establishing revenue recognition to appealing taxation audits, we strengthen every aspect of your financial portfolio so that you can focus on building innovation.

Get the tools and the team that you need to establish financial security and move toward a growth-oriented business structure. Contact us today and let us build your better business with proven accounting principles tomorrow.

Serving clients across Ottawa, Arnprior, Chelsea, Casselman, Kemptville, Morrisburg, Smiths Falls, Carleton Place, and the surrounding areas.

Contact WD Accounting Services in Ottawa, Ontario